We had to put our house on the market because we got behind on our payments and could no longer afford it due to my husband's overtime hours being cut. We have a buyer but it's a short sale so we have no money coming back to us. Closing date is at the end of February. We are going back to renting. We found a very nice duplex in the area we want to be in which is very close to our current house. It's expensive ($1,500/mo.), but we went for it because it will be cheaper than our house and we will only have to pay for lights They take care of everything else including lawn work. We based what we could afford on my husband getting a promotion at his job. His boss already told him last month that he is getting this but they are having to fire the guy that is in the position right now. We thought for sure my husband would be in this position by now, but it keeps taking longer because of all the "red tape" that goes into firing someone. Now we find out that they may have to go through the motions of interviewing people even though they already know they are giving the position to my husband. Who knows how long this will take. We are supposed to be moving into this place in two weeks. Based on my husband's salary right now, I just don't see how we will afford it. And to be completely honest, after the promotion it's not like we will be living large. We can afford the monthly rent but won't have a whole lot to put towards savings and debt. We went for it, though, because we wanted to stay in this area and not have to move out to the suburbs. I stay at home with our 7 year old and I homeschool. Public school is totally not an option where we live. The school district is close to losing their school accreditation because they are so bad. We have gotten rid of everything we possibly can, including home phone and netflix. I currently am enrolled in school to be a health coach, but that is costing $200 a month so I am going to have to drop out of that. We live in a semi-suburbia neighborhood that is very close the city, and that is also where this new duplex will be. This is where our life is, including friends, family, hubby's work and where we shop for local and organic food (which is just not in the suburbs around here. No Trader Joe's or Whole Foods out there.) I just don't know if we should call up the landlord and confess that we don't think we can afford this place, even though we gave a $1,400 deposit and signed a lease. I would feel so bad for them. They are super cool people that actually live a few houses down from the duplex. We have already "connected" with them.
We just found out today that my friend's house (out in the burbs) is for rent for only $900 a month. It's 3 bed 2 bath, which is more than enough for me and my hubby and daughter, but it is in the suburbs in a very boring (and a bit run down) neighborhood. Her house is nice but not updated and completely not my style.
I'm desperate for opinions. I think we may be too far into this duplex to even contemplate doing anything different, but I'm so stressed out and anxious and needing advice. My husband feels stressed too and is not sure what to do.