Roof Over My Head or Travel?

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There are only two things I’ve been able to think about since I’ve been back: where can I go next year and how can I buy a home next year AND still take a trip?

I just signed a year lease on my apartment, which I love. Really enjoy the area. I can walk to shops and restaurants however, traffic is getting worse every year and rent is just getting ridiculous. I read an article several weeks ago regarding apartment rent in Charlotte. It stated that Charlotte renters pay nearly 27% or more of their monthly income on housing. That’s hard to sustain, especially with the potential of it going up every lease renewal. And another article said Charlotte rent prices are among the fastest growing in the US. Yeah for me. And let me tell you, they are building apartment complexes left and right around here.

When I sold my house three years ago, I broke even – after 15 years of ownership – and that was doing well after the previous years. I was unhappy where I was and just decided to bite the bullet. My original intent was to buy a condo or townhouse. But, after several deals on my house went south, and ones I liked not appraising, I decided to just rent for a while. I soon discovered though, I would be paying almost twice as much in rent a month as I was paying in mortgage, especially if I stayed right in Charlotte. Reluctantly, once my house sold, I moved up the road about 15 miles to Huntersville . Rent is cheaper (not by much…) and as I said, love the area…… but I HATE the traffic. With no traffic, it would take me about 20 minutes Traffic-jamto get to work, with traffic, 40 minutes and that’s if there are no accidents HAHAHA…. I realize compared to some places this might not be much. The problem is traffic is multiplying quickly and our roads can’t handle it. I read in the Charlotte Business Journal that data suggests Charlotte’s 2010 population of nearly 1.87 million will grow to 2.74 million by 2030. And they think a toll road is the answer…. But that’s a subject for an entirely different post…..

So, if I want to continue traveling, something has to give. Luckily, my car is paid for but it’s a vicious cycle of paying rent while trying to save up for a 20% down payment on a home. Not easy. I jokingly asked my mom if I could move in with her. She looked at me like I had ten heads and said NO! That really wouldn’t work anyway. Love my mother dearly, but we would drive each other crazy. You know what they say about older people having no filter when they talk? Well, that holds true for her… Again… a subject for an entirely different post…

I have until after the first of the year to figure this out… Crazy apartment complex requires a 60 day notice… or was it 90.. Anyway, it’s plenty of time for deals to fall through! Then there’s the “where do I want to move” question? Do I want a townhouse or a one-level? Would I be ok with downsizing again? (I went from a 3 bedroom, 2 baths with garage house to a 2 bedroom, 2 baths apartment – no garage). Would the money saved be worth it or would I go nutz with two cats in a smaller place? Will I be able to do another Europe trip if I buy or will I have to scale it down…maybe a cruise? They’re pretty affordable…or nothing at all – that would be a real bummer. I’ve been poking around on realtor.com. Of course one I love is up for sale…but can’t do anything about it now… Just have to hope there’s something I love when the time comes and that interest rates are still low. Too bad I can’t lock in now. HA

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2 responses »

  1. We are on the same trajectory. My lease is up in October. I have news for you, though. If you have great credit, you can buy without 20% down. I’ve been pre-approved by my credit union for a condo with only 5% down. I’m stoked. I’m hoping to find something in the next 3 weeks so I can exit here at the end of October.

    Charlotte is actually a place where I’ve been looking for employment. I can’t get an interview to save my life. But, I can’t just relocate on my own. It must be a hopping place.

    Good luck in your housing search!

    Like

    • I know I don’t have to put 20% down, it’s just the craziness of the situation. My lease wasn’t actually up until the end of August, but with the notice policy I had to make a decision several months ago… And at that time, I was planning my trip.
      Yep Charlotte is definitely growing and does have a lot to offer.

      Liked by 1 person

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