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November 4, 2009 6:12 PM Subscribe
Surprise! I'm a new renter. I wasn't expecting the opportunity, but a house is up for rent on the block where I work and they informally accepted my bid. With a deadline. What now?
posted by Phyltre to work & money (21 answers total) 1 user marked this as a favorite
I've been casually pursuing my own place for awhile now but didn't think I made enough for it to be feasible, so I wasn't really taking it particularly seriously...until this week, when a coworker's friend offered a house for rent for $650/month (the upper end of my budget.) Two bedrooms, 1.5 baths, small but cute and definitely in the right location; it's on the same block as my office, pulling a 40-minute commute out of my day. Multi-part question:
I now have until December 1st to come up with the $650 deposit and $650 for the first month, not to mention the cost of getting the utilities back on. If I don't hit that deadline, the house goes back on the market and will probably get rented out to someone else for more. The monthly costs including utilities are well within my budget, but this larger initial cost will be a heck of a pill to swallow. I don't have any credit to speak of, but my fiancee will be helping out with around $400. She will be moving in after our wedding in six months, which will make the budget much less tight. I have two paychecks, $800 each, before the 1st. (I gave numbers so it's clear how close the first month will be. Ironically, this opportunity came days after my one yearly party, Halloween, which I spent way too much money on given I had no idea I might be moving out. Not to mention the worn out tires I just replaced!)
I think if I just flat out declare a moratorium on all non-prior-obligation spending, we can do it--get over the initial financial hump, when monthly cost of living will be manageable again. Then slowly trickle in appliances and furniture.
I would love some advice from first-time renters or anyone who's hit a similar situation with all the challenge ostensibly up front. I've lived on campus at college but of course this will be quite different. I've got a bed, a desk, a TV, various small electronics, a car, a closet full of clothes, and not much else. Given my situation, tell me what I should be doing and where it will be easy to trip up. Obviously I would have prepared for this if I had thought there would even be a possibility of it happening, this really hit out of the blue.
I still do a little retail work on the weekends for a big-box, so I can afford the appliances with employee discount. Everything else--well, I'm hoping you can help me put together a plan. I'm not willing to let this opportunity slip past me, and I really don't have anything to lose if it doesn't work out--I could just move back to the family land out here in the country.