Anyone a realtor?

[GINA]

Long story short, I need to move due to a new job. Doesn't have to be ASAP, but probably within the next month or so. This will be the first time (technically) moving out on my own -- college doesn't count The job is 50 miles away from where I currently live. I figure I'll rent first, maybe buy later. I was always told renting is useless since you're just throwing your money away, but I don't think it's smart to buy right away. I do have some questions, though.

- I have no credit. Zero. I've been trying for months to get a CC, but nobody will give me one since I have no credit. I can't get one from a gas station, from dept stores...nowhere. They all require some kind of history, which I don't have, and I can't get it without a card! I know it could potentially be a problem when I buy, but what about renting?

- Costs. There's obviously rent, insurance, utilities, food, furnishings, deposits...anything else? How can I determine how much I should comfortably spend on rent with my current salary without blindly guesstimating?

- Should I get a realtor to find a place (apt/townhouse/condo/whatever) or should I just do it myself? I wouldn't mind spending a little $$ to make things easier, but is it worth it?

I'm planning on starting my job before moving so I can get to know the different areas, figure out where the traffic is and isn't, talk to folks out there to sorta get an idea of things. It's really exciting, but a tad overwhelming. I wanna get prepared now while I have a little time off...not to mention I have nothing else to do

[kaiser]

the realtor doesn't cost you anything, it costs the sellers.

you should look into a securred credit card or a high rate card just to get your credit started, thats what i did after college.

[DannyRandomState]

As far as the area goes. The best way to find out about an area you are thinking about moving to is to drive around there at night time. A realtor will only tell you so much.

The credit card? What about getting one through your bank?

Hi Gina!

[sourmash]

I'm not a realtor, but am familiar with the realty business. My wife used to work for the largest commercial realestate firm in Atlanta and we are in our 5th house in 7 years...so we know some of the ins and outs.

These are just my opinions so take them as that...

Your credit history, or lack there of, can be problematic but as a first time home buyer there are options out there that may fit. You'd really have to contact a mortgage company or mortgage broker to find out if you could get a loan based on your current situation. They'll have to run a credit report, which will get recorded on your credit report, but really isn't that big of a deal. You should be able to get some kind of credit card, everyone gets these offers in the mail...and if you don't you certainly will after you buy a place.

If you rent or buy, ask the rental office/sales agent to provide you with the average monthly utility bills for the place and a list of the utility companies. This is a typical question, relatively easy to answer, and it should give you an idea of how the place could fit in your monthly budget. You can call the utility companies and figure out what "up front" costs they require and if you get that back when you cancel services. Sometimes with a good credit history and a record of ontime payments from your previous utility companies, they will wave the deposits...although that might not be possible in your case.

Find a realtor that specializes in the type of place you are looking for...i.e. Condo/Townhouse/Loft specialist. These people will know the hot areas, the best deals, and how things compare in different areas. You can call local offices and simply ask for someone who is very familiar with those markets. You, as the buyer, will not have to pay real estate commisions...so get a buyers agent (especially in a new city) to show you what's what. I know some larger cities (like Atlanta) have companies that specialize in finding the right apartment for you (something like "apartment finders") so use that type of service if you can.

Lastly, I would recommend renting to begin with...and buy later. Get familiar with the areas you are interested in and figure out if they are located in an area you would like to live. Also figure out where the grocery, movies, post office...etc. is in relation to different places and find the right fit for you and your lifestyle. In the mean time you can be getting things in order to purchase a place.

Most apartment rentals have clauses that let you out of the lease if you are purchasing a house/condo/townhouse...etc., so that's not as big of a deal as you may think. Some utility companies may also transfer your service from an apt. to a house without additional deposits or charges.

Purchasing a place will allow you to claim the mortgage interest and property taxes as a tax deduction. In many cases it is just as cheap...and maybe cheaper to own a place as it is to rent, but you are responsible for the upkeep.
Watch out (with condos/townhouses/lofts)for high association fees when you look at multi-dwellings as they can sneak up on you and suprise you if you don't ask up front what they are. A $250 per month association fee means you can't afford $250/month more of a house.

Good luck...I know how excited you must be.

[GINA]

Thanks for the tips! I have tried to get a card from my bank, they're still "processing". Last resort will be the secured CC, I know I can get one of those because I have an offer sitting on my table

I've heard about the driving-during-night tip, I will definitely do that. Some places really turn once the sun goes down. If I'm not comfortable driving down the street, there's no way I'd want to live there. (Hi Danny!)

sourmash, that's one helluva post. Thanks for the help Right now I'm just browsing through apartmentguide.com looking for ideas and areas. I'll probably drive up there sometime this week to get an idea of where everything is and how far it will be from the office

[sourmash]

You're welcome...hope some of it helped. I love giving free advice.

[dnyed]

Good luck to you, Gina. I know you'll find the right place, and get your credit going.

[Smileybug]

That sounds really awesome Gina...I'm sure you're really excited about it I know when I finally moved into the house in Raleigh this summer it was a big relief to finally be out of my parents house! Me and the bf are renting from a friend of his dad's so we didn't have to do any of the searching for a realtor or anything but my parents just bought a house last August so I understand the stress. I'm in the same boat as you...I have no credit history. So don't worry, you're not alone!

Where are you going to be moving to?

[GINA]

The job is in Hunt Valley, just north of Baltimore. Hunt Valley is mostly businesses, not a lot of places to live, so I'm eyeballing Owings Mills, Baltimore (the good areas ), Reisterstown...basically western Baltimore County.

Cockeysville has a lot of apts, but I'll be damned if I'm living in a city with that name

[FlwrPwer]

Actually sourmash, I just had to get out of my lease and sign a new one and the lease specifically stated that it can not be terminated due to the buying of a new house. Both of them. They look at these things as being in your control and if you signed a year long binding lease, you should plan buying around that.

Thats another thing Gina. Read the lease carefully. A lot of it is mumbo jumbo, for example, my new lease reads that I will not put a waterbed on the roof. I dont even have roof access, but apparently some moron somewhere tried it, so they put it in the lease. But the lease will also tell you the penalty for getting out early. And some of these penalties are rough. I brought my dad with me to sign this lease and we took a half hour going through the ins and outs of it.

Oh, and I wouldnt live in town called that either

[LadybugEwa]

Originally Posted by FlwrPwer

Oh, and I wouldnt live in town called that either

See, I WOULD live in a town with that name.
And when people asked me where I lived, I'd answer loudly putting emphasis on the first syllable and when they look at me funny I'd act all surprised at THEIR dirty minds!

[FineExampl]

I highly doubt that you'd get turned down for a rental for having NO credit, but maybe if you have bad credit. For my lease the owner never ran my credit. He could have and often does as my landlord is a moneybags type.

[GINA]

Originally Posted by LadybugEwa

See, I WOULD live in a town with that name.
And when people asked me where I lived, I'd answer loudly putting emphasis on the first syllable and when they look at me funny I'd act all surprised at THEIR dirty minds!

haha you dirty

I'm surprised the org let me type the name of the city

[Smileybug]

Bill used to live in Cockysville! He just told everyone he lived near Baltimore

[GINA]

Sweet, maybe he can help me find some good areas then

[Smileybug]

He lived there for a few years when he was younger...moved in the middle of 7th grade so I don't know. But I'll tell him to get his butt on here and post up if he knows of anything

[from Margaritaville...]

If you want a snapshot of a neighborhood, go the the local grocery stores. Take a look at the type of cars in the parking lot, then go inside and "size-up" the clientele as you wander about. It's usually pretty accurate...

[callisto9]

i would definitely rent first! owning a home is a lot more time, effort and money than i thought, but still worth it. i did over a year's worth of research before buying my first home.

as far as how much you should spent on rent, it really depends on your takehome pay. i never base anything off gross income, as everyone has different taxes and deductions.

here are all the bills i pay each month: mortage, trash/sewer/recycling, water, cable, cell phone, internet, car insurance, gas, groceries, student loan gas & electric and i'm paying off a credit card. i figured up all my stuff in a spreadsheet so i'd know EXACTLY what all my monthly bills are and what i'd have left over after my paycheck. now, i like to live comfortably, so having $200/month left over after all my bills wasn't going to cut it for me. in fact, it likely wouldn't cut it for anyone. granted, i don't put anything into savings (mistake, i know), but i have about $670 left a month after bills and i still live paycheck to paycheck. but i have a cheap house payment and a roomie/boyfriend, so that really helps.

i'd really suggest adding all this stuff up so you can get an idea of what you'll have left over at the end of the month. oh, and always figure things like food and gas into your monthly budget - they add up!

buying a house is great, but i didn't realize how many plusses there were to renting until i bought my first house. yeah, you have equity, but renting is always cheaper, i don't care what anyone says. and with renting you don't have to worry about maintenance. or property taxes. or mowing the lawn.

good luck on the new job.

[Lnzbug]

For your credit thing try getting a department store card. I don't know if you have one out there but Kohl's or Carson Pirie Scott might just be all you need. Then after you've had that a few months paying on time etc... get a Visa or MC. I would try to buy if you could. Why pay someone elses mortgage? Good luck!

[sourmash]

Originally Posted by GINA

The job is in Hunt Valley, just north of Baltimore. Hunt Valley is mostly businesses, not a lot of places to live, so I'm eyeballing Owings Mills, Baltimore (the good areas ), Reisterstown...basically western Baltimore County.

Cockeysville has a lot of apts, but I'll be damned if I'm living in a city with that name

Owings Mills....cool that's where Motorweek is based. I love that show.