I have thought for a long time. Five years to be exact. Since my first visit to Phoenix, Arizona in 2010 I wanted to sell the old Philadelphia homestead and move Southwest. Due to a recent life altering circumstance I am able to do so. The question is when. Not only when, but how. Orrrrr, you can search for a job long distance with the hopes that you can interview via Skype. With the need these days to be super "Tech" savvy it might impress an interviewer provided that they are just as Tech savvy. Through the internet you can scope out potential areas to set-up your new life. There are real estate sights like Zillow and Trulia that give you some up to-date listings as well as Foreclosures. You can never tell where you will find your best deal. You can also communicate with rental community complexes via email. However, I'm not sure if I can totally commit just yet to make the big move.
I am contemplating baby steps. The house is going to go up on the block for sale, first. For the next step, I have started my search for a short-term lease apartment in the area where I work. Another idea is to seek a job with a company in this area that has locations in Phoenix. Get that job and transfer in a year or so. Not a shabby plan provided all the stars line up and Venus is in Aquarius' house or some horseshit like that. Fate and Karma.
Of the short-term lease apartment concept. I mentioned this to a few people. I was puzzled by some of their reactions to the areas I am searching.
"You know that's a very expensive area!"
"You know you're not going to find the rent cheaper than what you are paying now for your mortgage."
"You know if you move there, the rest of Philadelphia is only going to follow you." (OK, this one I made up.)
Well, duuhhhh!!! If I want to pay less, I would move into a rat infested and crime ridden neighborhood.
I'm not sure what they're thinking. Are they saying because my rent is going to be more or as much as my mortgage that I should just stay where I am? Stay in a neighborhood on the cusp of decline? Lose more of my investment than I already have? Am I supposed to save money or pay less by living in a less than savory neighborhood? Or move to Croydon? For those of you who don't know the area. You don't want to live in Croydon. Ever. It's the town that Bristol makes fun of. And they shouldn't throw so many stones around their glass houses too.
I don't see the point in buying another home and making a 15 or 30 year mortgage commitment in the hopes that the property will appreciate enough for me to sell and make a huge profit when I retire. I'm looking to retire in 10 to 12 years. I'm not likely to profit from my present endeavor. I didn't with my prior home. With that one I, at least, broke even. I think real estate these days is a bad investment. One cause for the decline in my neighborhood are renters. Fah-king renters. These real estate pricks from NYC and NJ come into town and buy up properties. Throw a few repairs in and list them as family-friendly rentals. There are plenty of renter candidates, because of the nature of Philadelphia. Most Philadelphians are blue collar and either can't afford or don't want the responsibility (and aggravation) of property upkeep. (I recently have come to that realization. I spent over $50k to upgrade this property. I will not be seeing that money any time soon.) The renters in my neighborhood have little class, couth, pride or anything that resembles integrity and respectability.
I won't have enough money to put down to avoid a monthly PMI, which is the mortgage lenders way of saying, "You don't have 20% or more invested and we don't trust you enough to believe you won't default even if you have a 750 credit score." I guess if you looked at all those Yuppie types who bought half million and million dollar homes with ARMs that blew up on them a few years back that would give banks reason enough to be cautious. If I was to take a 10 to 15 year mortgage without putting down at least 20% I would be looking at a mortgage where at least for the first 5 to 7 years I would be "house poor" or would require a second income. I hardly have the stamina these days for the one job I have let alone take on a part-time/semi full-time second job.
Another reason I don't want to own a home is when I go and you know what I mean by go I have no one to leave it. We all know that I will outlive all my relatives because the truly wicked live forever. As it is, I can't take it with me and do we really want my ghost roaming the halls of some poor bastards' home. You know I'll probably spend all my time watching them doing the nasty and laughing at them at the top of my ghastly, ghostly lungs.
But seriously, if I had invested all the money I spent fixing this house, I would have received a higher rate of return than I will receive even if I sell the house for the price I want.
I have been at my present home 10 years, basically one-third of my mortgage's life. The house has not appreciated much if at all. This past horrendous winter made up my mind to get out. To quote Danny Glover as Murtaugh in Lethal Weapon, "I'm getting to old for this shit." I no longer can sling snow and ice. My garage is behind my home facing an alley that no one is willing to pay to plow or help dig out. I hate snow. I can deal with cold but not Alaska cold. The decision is made. Get out. Cut my loses and move on.
I started this spring with replanting the front yard and touching up the interior paint. This week I will be contacting a Realtor for a free appraisal. Even if I don't like what I hear I'm going to power on. List the house for the price I want and cross my fingers.
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