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to buy or not to buy

i've had the same rent price for 5+ years and a month-to-month rental agreement since month thirteen. one of my landlords showed up on saturday at 9am[!], letting me know that due to the other landlord's personal health problems, they really have to sell their rental buildings. which is understandable, and makes me sad because they are really good landlords, and good people. he continued, saying that in order to make the buildings marketable, they need to raise everyone's rent to a certain price. granted, the price quoted is the same price i saw in the paper when my new neighbors moved in a few months ago. but it's still a sudden eighty dollar jump for me, with little warning. all of my reasons for staying [good landlords, rolling lease, low rent] may evaporate in a few weeks.
acknowledging the inconvenience and surprise of this, he stated that everyone under a month-to-month agreement that signs the new one year lease will have july's rent waived. i don't exactly want to be locked in here for a year, but my choices are limited given this small time frame. and the free month in rent is tempting, as that would offset over five months' worth of the rent increase. i've been scanning the real estate ads in the paper every week for several months, but i am not ready to be buying a house, and most certainly not within the month or two. even though i admit to driving around my town this afternoon, scoping out houses. and even touring one right around the corner. and being tempted.
so unless someone hands me the title to a house out of the clear blue sky, it looks like i'll likely be at my current address for another year, saving up for a down payment.
Posted on Sunday, June 10, 2007 at 10:52PM by Registered Commentermdog | Comments13 Comments

Reader Comments (13)

negotiate with them. ask for a 6month or 8 month?

Jun 11, 2007 at 01:43AM | Unregistered Commenterrachel

If yo do sign something while in a year lease, it might be easy to find a subletter.

Jun 11, 2007 at 08:56AM | Unregistered Commentersuper des

rachel - thought about that, but i'd be worse off if i don't end up buying [would lose the bonus rent, and would probably have to sign a full year with new landlords for $__?__ rent].

but, now i have a goal. [kt will be so proud].

Jun 11, 2007 at 08:58AM | Registered Commentermdog

des - also thought about that, but no subletting, as defined by lease.

Jun 11, 2007 at 09:06AM | Registered Commentermdog

mdog: did your landlord give you at least 30 days notice on the rent increase? By law, he has to do so. My landlord once tried to raise the rent with about a week's notice, and I called him on it.

Too bad your great rental situation is evaporating. I hope you find a good solution.

Jun 11, 2007 at 10:27AM | Unregistered CommenterJennifer

i'm aware. but if i call them on it, i lose july's free rent [which they certainly aren't required to do]. that's what is complicating my process.

Jun 11, 2007 at 10:36AM | Registered Commentermdog

You can move in with me, Laura and Lydia. :P

Jun 11, 2007 at 10:50AM | Unregistered Commenterpaul

i thought about that, too. :)

Jun 11, 2007 at 10:58AM | Registered Commentermdog

You could buy the house across the street from us at action on Saturday, June 30. You might could get it cheap, eh?

Jun 11, 2007 at 05:59PM | Unregistered CommenterPatrick

A free month's rent is pretty cool, but even more so, how exciting to be looking at houses to buy! The market will probably stay flat for another year, so this is a really, really good time for you.
That's awesome and I admire women who buy their own homes so much.

Jun 11, 2007 at 06:47PM | Unregistered CommenterTB

Your apartment is cool. Don't buy a house too fast. Besides, it takes at least 30 days to close on a house. I love living in a house, but take your time.

Jun 11, 2007 at 07:21PM | Unregistered CommenterJen

you're going to ROCK that house, girl.

Jun 13, 2007 at 12:48AM | Unregistered Commenterrachel

Or you could have a cheap rental 2 blocks over that is a monthly rental - and still good landlords :) ... AND the paint job from the previous renters was fantastic. I don't think our place is rented yet - oooh, and it has very fun neighbors.

Jun 13, 2007 at 06:59PM | Unregistered CommenterHeather C

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