Can I afford to leave my x boyfriend?
We own a house together, he was laid off from work a year ago and hasn’t found anything long term that pays more than I pay him to work for my company(Every company seems to be taking advantage and paying less, laying off people and then hiring others at half of what was being paid before- We are talking min. wage where once it paid say 15/hr) so I pay for everything and since I hired him to work for my company so he makes enough to cover his basics(car,gas,food). He has honestly helped me out a ton by working for me! He doesn’t want to sell the house because of how much the area is growing but he can’t afford it. I don’t want to sell because of how great an investment its been and its in such a great area and at the rate i’ve been paying it off it’ll be 12-15 more years till its paid off. I’ve decided to continue paying for the house AND get myself an apartment. There’s also another reason for keeping the house I’m listing later in this.
SO I need to move out and rent an apartment and save my sanity! Is this really possible? Here is what I make after taxes $ 3,200. I plan on renting out a bedroom in the house to help pay my x’s part.
Here are my current bills that I can think off: Is there anything I’m missing?
Mortgage $ 800
Electricity/Water $ 230 month
Cable/ Phone/internet $ 120 month
Clothing $ 200 month
Food $ 300/month
Household/Vacation budget $ 290/month
Pets $ 80/month
Car expenses $ 100 month
Credit card -About 200-$ 300/month paid in full every month
Extra payments on mortgage $ 400 monthly
So that’s $ 2,820 in expenses
I could rent the extra bedroom with a bathroom for $ 400-500 a month and basically pay for my x’s share of the mortgage.
I know I can completely cut out my credit card expenses as its all extra stuff and nothing I need, I can cut out clothing right now or cut it in half easy, I can cut out the extra mortgage payments, I can remove $ 200 I put aside a month from the vacation fund so no big vacation for the year. Plus adding in $ 400-500 for renting out the room…
Should I do it and just move out? How much apartment can I really afford? That is my main question!
Apartments in the nice area near our house run from $ 600-1100 for one bedrooms, or in the area 8-10 miles from here they run $ 400-750 for a one bedroom but its a less desirable area. Can I really afford to be paying for another place or will I have to sell my home? (I was the original owner and when I refinanced I did something stupid and let him get on the title and now he wants half of what the house sells for even though he has only paid about 9 months of mortgage total on the home.If I did that I would end up having to come up with alot of money to “Pay him off”) It’s alot more money than he ever put in the house(About 30x’s more)That’s why I figure let the house keep on going up in value since its been real good about that and then I can pay him off by giving him “free rent” for 24 months total and I can still continue paying the mortgage. He’s agreed to settle for 24/months of free rent for payback..and he wonders why I broke up with him and I’ve got plenty of reasons! This isn’t even the tippy top of the ice burg We’ve already signed a contract saying the house goes back to my name after the payback period.
I know he’s getting a deal of a lifetime and I’ve been though so much crap with him that I just don’t even care anymore. I just love my home and don’t want to give it up. Spending money on the apartment and just moving out will help me get back to normal. Its been a long 6 years of dating this guy. I have just poured way to much in this home with improvements and just paying off the loan that I really don’t want to let it go. I am young 24 so it isn’t the end of the world 🙂 ya know. Lesson learned