My friend is getting a house next year and I am moving in. His dad is buying the house, it is on the market for $265,000. He is quoting me $600 a month to live there with cable, internet, utilites, house insurance etc all included and most the furniture except for my room. I was just wondering if that sounded reasonible, because me and my mom thought it was a little high, but i don't know ANYTHING about that kinda stuff. Any opinions?

 

It depends on a lot of things. Will you have your own bathroom, garage access? How much would it cost you to get an apartment? How much is his mortgage going to be? That sound pretty reasonable to me, but i don't know all the details that will come into play between you too.

I stayed in a house with a friend for a while and paid 500$ a month. Had my bedroom, own bathroom, and another room all upstairs which was like my own living room. Plus we had the main living room downstairs.

Its always better living in a house, and even if you get your own apartment you going to be paying more than 600$ for everything. Like i said, sounds like a good deal to me but that all depends on what you want as far as your living space, rent, roommates etc.

 

Well - what is the normal rent for the area? 600 dollars is a steal in California but is on the expensive side in Oregon. Look at the surrounding area and find similar places for rent.

 

ok here are a few more details, i will have my own room, and share a bathroom with someone else. it is 1900-2000 sq feet for the whole place, and it is a townhouse by the way. I don't know how much similar places are for rent, it is in wilmington nc. My main comparison is living on campus in a new on campus apartment for about $500 a month with everything included. It is a 4 person apartment but only 1200 sq feet. The town house is literally right next door to campus though and just as convenient as living in an apartment.

 

ok so i found a similar place in the same complex. It is a brand new 3 bed room and a bonus room 2 car garage 2 bath for sale for 269k or rent for 1375 a month. So it is similar to the house I am looking at and a similar price to buy but it is only 1375 a month, but when you add utilities insurance etc i don't see how it could be so much?

BTW the house we are looking at is 1 car garage between 4 of us, so we would probably rotate or something.

here is the similar house:
http://www.wilmingtonrent.com/index....4&search_page=
and here is one of the houses we are looking at:
http://kaybaker.seacoastrealty.com/i...&fromresults=1

 

Yea 600$ a month is kind of steep if there will be 4 of you living there. I was under the impression it was just you and the guys who's dad was buying the house. If you and the other two pay 600$ a month to live there then i'm sure the owner is living for free. It should be fair. He, or his dad, we be getting the equity through you guys paying rent. I'd sit down with all the potential residents and dudes dad and figure out and even way for all you to contribute evenly so its win-win situation for everybody.

 

A little clarification, my friends dad is buying the house, and his son, me and 2 of our friends are gonna be living there. So they would be getting 1800 a month total comming in. I might have to ask for a total break down with the mortgage etc.
It is also right next to a heavily growing university, so the houses value should be going wayy up by the time they sell it.

 

A break down of what?

 

estimated costs of utilties etc and how they are doing the mortgage

 

i talked to my friend and his dad came up with an estimate of $440 a month each plus insurance, utilties, cable/internet, property tax etc. Doesn't that sound high for the rent?

 

Nothing personal, but it's none of your f'in business what the mortgage is. You're a renter.

If you think $600 is too much...move on.

 

You are renting a room in a house. Who owns the house really makes no difference. You need to base your decision on whether the rental cost and arrangements are fair.

 

not really if you think about it like this, cable/internet will be like 25 bucks a person (100/4 general estimate depending what package you get)

utilities total will prob be 100 per person (waste, water, electricity, gas, etc). so thats 440 + 125 = 565. then you add in property tax and insurance (and i have no idea for an estimate on those..) but i think its about right

when i was at school at KU (apartment mind you) it was about 525 a month for everything total. so i donno if UNC is more expensive or cheaper or what, but i have a feeling its more expensive than KS housing haha being in the midwest

it might be a *tad* on the expensive side (25-35 bucks or so) but i dont know property values or taxes out there. if you can do better, threaten to go elsewhere or have them price match you. the people who buy the property will probably make a little money off you in the end assuming campus proximity houses appreciate pretty good in value and the fact that they know all the expenses flat out and they might not be giving you "break even" pricing for them just to be able to pay everything off each month from their standpoint. they might charge you a little more for a cushion.

 

^^
And fair is only comparing advantages/disadvantages for your situation. If it's cheaper for a dorm apartment that includes food but you still prefer the friends place then so be it. How much rent they ask is up o the owner. Accepting or not is up to you.

If you decide to move in I certainly recommend a rental agreement and a condition check list to protect everyone.

 

Personally, I dont think $600 with everything included is too bad. $440 is even better. But I live in Jersey, so I think anything less than $1000 is a deal.

 

You (and your Mother) have already decided it's too much, and that the owner may be trying to screw you by making a profit.

No point in getting your panties in anymore of a twist, go somewhere else.

 

He tried to explain it how he got the number like this:

"take the asking price and apply it to a 15 yr fixed interest rate (which my dad is doing) and do it like that, it comes out to be 1993 a month divided by 4 = 498.25"

I don't know jack about housing/intrests etc cause i have never had to deal with them. This kid is DEF. not the best person I know with money so I am super skeptical

For those of you who are saying accept it or move on, I understand where you are comming from and i am thinking about that. He is sort of getting the place so that I can move in there but i told him i wasn't sure.

Also i found out my roomate is moving in the same subdevelopment and he is putting 4 people in a 3 bedroom + bonus room house and it is gonna 400 a month with everything included and he is doing a 9 month lease during the school year. So i might just look into renting a place.

 

^^^

Sounds like a plan.

 

I need to raise my brothers rent