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  • November 6, 2006 at 2:38 PM #7852
    jawbone_shack
    Participant

    Well, I feel like a dead man and am severely depressed. I was down to the wire for me, and I just signed a year lease for a new place where I’ll be paying 100’s more in rent. It was either that, or have my wife go crazy sticking it out in our 600 square foot place with 5 cats and a dog. Staying here was not really an option any more. I tried everything. I even went around with a realtor looking for something I could afford, it was all total crap and all the talk of prices dropping. So I lose a ton of money/savings in rent or money on a dump I can barely afford. Which would have been better? In a year, I’m back in the same boat…sign another lease, move out of the state, or maybe there is something I can afford. This bubble is costing more than the financial toll on the average person, what about the physical and emotional toll. It’s probably unquantifiable.

    November 6, 2006 at 4:00 PM #39327
    kev374
    Participant

    I’m in the same boat, I hate my little rental apartment but I can’t find anything I like enough to make a 30 year commitment so I have to renew my lease for another year albeit at a 10% rent increase 🙁 I know that this is the absolute WORST time to buy a home because we’re at the absolute peak. We all have to just be PATIENT, it’s hard when we’ve been waiting so long for this circus to end but I’m very optimistic there is hope on the horizon 😀

    November 6, 2006 at 4:01 PM #39328
    waiting hawk
    Participant

    It will make you feel better to do the math on renting money to “own” one of these places.

    My website tracking Inland Empire

    November 6, 2006 at 6:58 PM #39340
    PerryChase
    Participant

    If you’re willing to pay in rent what you’d pay in mortgage interest on a house you like, then you can have a nice place to live in. You could actually afford to rent a nicer place than your could buy.

    For example, in La Jolla, you can rent a house for $3000/month. That only buys you a house Mira Mesa. So why not rent and enjoy the lifestyle?

    November 6, 2006 at 9:25 PM #39353
    Anonymous
    Guest

    JS and KEV, rent is not a waste, it’s the cost for a service.

    You pay for the service of eating a meal out, you pay for the service of using a hotel room overnight, and you pay for the service of having a place to live.

    You can choose to overpay for the service of a ‘roof over your head’ by buying, now, or you can pay a fair price for that service by renting, now.

    Get a comfortable rental. Our landlord just agreed to let us pull up the carpet in our rental home (we have a 2 year lease, now), which my wife has done, and we’ll get the lovely wood floors sanded, stained, and sealed. I reseeded the front lawn, and took down a bunch of overgrown bushes in the backyard. The house is perfectly comfortable and presentable, now. If I bought this home, my monthly PITI would be 3X my rent, easily.

    November 6, 2006 at 9:33 PM #39357
    PerryChase
    Participant

    jg put it perfectly well. Rent is not a waste. I love the service of a “roof over your head” analogy. Either way you have to pay for it. So might as well find something that you’d enjoy.

    November 6, 2006 at 10:35 PM #39362
    jawbone_shack
    Participant

    Wow. Thank you so much guys. I can’t thank you enough. You’ve made me feel better about the desicion, tough as it was. It’s really so much more money for me and I just don’t see the light at the end of the tunnel. I would have found my way out of this city in the next few months if it was not for my wife who I love more than anything. She just does not want to go because of her mom who is in ill health.

    So now I’m renting another place in SD. I always hoped that my next move would finally be to a home of my own. I guess a lot of us are in the same boat. I can’t tell you how much I appreciate the comfort I have felt from your responses. I guess it is the right decision for now.

    Kev374, I’m really sorry you had to rent again too at an increase, it’s terrible…you wouldn’t be on this board if you were not looking for a home of your own one day too. I appreciate what you had to say.

    Thanks so far everyone.

    November 6, 2006 at 10:37 PM #39363
    jawbone_shack
    Participant

    p.s. you guys are great

    November 7, 2006 at 6:57 AM #39376
    mixxalot
    Participant

    Well I just renewed my lease for my 1 bedroom in Point Loma after client let me go from the Ventura project. I still have same rent as from a year ago so thats a benefit. The leasing office did jack rents up for new tenants as they pay $1200 a month for a 1 bedroom and I pay $1089 from 2005 so could be worse. I do not see any condos or homes that rent for $1000 a month in San Diego unless they are in the ghetto or hood.

    Scott

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