Post # 1
Hi everyone! I need some advice. My fiance and I are getting married in four months. We’ve been together for five years and have been living together for two of those years. We are still living in our first apartment. We got an amazingly cheap deal through close friends and love the neighborhood where we live and our landlords are wonderful people. My issue is that I feel like we have outgrown the space. It’s an attic apartment with sloped ceilings and all our furniture/things are from ikea or are miss-matched items from local garage sales or hand-me-downs from our parents. I am looking forward to our upcomming wedding and bridal shower and I don’t even know where we would put our nice gifts (if and when we get them). I just really want to have a brand new start in a new space once we get married and would love a little space to entertain guests. The cramped-ness (is that a word?) of the apartment makes me miserable. I know that are a lot of sensible reasons to stay. Renting anywhere else would cost almost double what we are paying now, but I think we can manage it because we are both making a lot more money now than we were when we started renting here.
tl;dr: I want to move into a larger apartment once FI and I get married, but rent is too cheap where we are now. What should we do?
Please vote and comment with an explanation of your vote. Any personal advice is welcome.
Post # 2
I dont know how much you’re spending on your wedding, but I personally think it would be more beneficial to stay where you are and save money for a downpayment on a place you can own, instead of spending all this money on a wedding and then spending twice on rent…which ultimately gets you nowhere.
Post # 3
If owning your own home is one of your goals then I for sure recommend staying where you’re at, saving the difference, and being able to put a down payment on a home in the next few years.
Post # 4
- Wedding: November 2013 - St. Augustine Beach, FL
I agree with PP to stay where you are for now and save up money for a downpayment on a house or condo in another year or two. Another year or two of low rent payments in a small space in the grand scheme of life is worth it imo.
Post # 6
What are your long term goals? Are you happy to spend double the rent and take longer to achieve those goals? Or, would you rather keep living a modest lifestyle to accomplish those goals sooner?
Only the two of you can decide your priorities.
Post # 7
It depends on if you have a saving’s goal. Say you want to buy a house in a year? Staying there and aggressively saving will go a long way towards having a nice down payment. (you can always store wedding gifts at a family member’s house or storage unit). If you say, live in Manhattan, and don’t plan to buy a house and plan to rent said apartment for many years, then move. Whichever place you choose to live, you obviously want to be smart and make sure you can still live comfortably financially and contribute to whatever saving’s goals you have.
Post # 8
The answer to your question depends mainly on 1) Your financial situation, and 2) Your financial goals.
There is nothing wrong to moving to a larger space if you can afford it and it is in line with your other goals. There is also nothing wrong with saving the milestone of moving to the bigger space for later (it can be fun to spread the excitement out).
In general, I would suggest not spending more than 30% of your take-home income on housing. The decision to buy or rent is more complicated than that, but often if you don’t plan to stay in a space for more than 6 years, you are better off renting. That said, numbers vary widely depending on many factors (region, interest rates, down payment, etc) so you need to run the numbers to make a decision.
Post # 9
If paying double for a bigger place is going to slow down your ability to save for a down payment (assuming that’s important to you) then nope, nope, nope, I would not go anywhere.
Don’t forget to add moving expenses, and even potential increases in your commute. Especially if you don’t get paid time off, you’re not only spending time and money on the actual move, but taking time away from earning money as well. IME, moving day neverrrrr falls on a weekend haha.
And if one of the only things you don’t like about your place is the size, I wouldn’t risk having an awful landlord, or a mold problem, or terrible neighbours for space.
Post # 10
I have the exact same issue! We currently share 500 square foot two room apartment. It is literally one wall away from being a studio. The kitchen and living room are in one half, and the bedroom bathroom and only closet are the other half.
My rent here though is probably $400 cheaper than a standard one bedroom in my area. Everytime I think about upgrading my apt I also have to make myself remember how I want a nice wedding and a nicer house the year after that.
If you plan on buying soon, obviously stay put and try not to put any money into new furniture that fits your apartment, you might not like it in your home. However if buying is not possible for a few more years I recommend staying put, but maybe invest a little bit of money and time into refreshing the space. Do a serious serious purge of old items, clothes, furniture, and clutter. Painto the walls a new color, get new linens, replace some worn pieces of furniture with new ones that match the overall decor. I find that even simply rearranging my furniture helps.
Also check out apartment therapy. They have a ton of great ideas for living in small spacEs.
Post # 11
I would say it’s worth it to stay where you are and save more money. It would be worth it to be able to save for a downpayment on a house/condo. I was going to say maybe upgrade some furniture but if you do plan to move to a bigger house in a couple of years, you should wait to get some good stuff then. Patience is hard but does pay off!
Post # 14
We stayed in our tiny apartment. We’re now under contract for our house! I cannot wait to get out of this little place. Good luck.
Post # 15
My husband and I were recently in the same situation. I graduated and got a much better paying job, and we wanted to get out of our tiny place. We decided since we arein a rent controlled building, we are going to stay where we are to get debt paid off, then save up for a down payment for a house. We decided since we were going to stay for a few years we would get some nicer furniture to make it more tolerable. We are happy with our decision to stay. We should have all of our debt paid off in one year, and have a down payment a year or two after that. if we had moved to a more expensive place it would take so much longer to get to our goals.
Post # 16
Some minor furniture upgrades can do a lot, I would do that!
Post # 17
stephee: That’s what I was thinking.
We spoke about it last night and have agreed to buy a new couch and maybe a rug and bed linens. After the wedding we will focus on saving so that we can buy a condo. Hopefully we will be ready to buy by summer 2015. The thread definitely helped me see that saving up to buy is worth the wait.
Post # 18
My SO and I are in a similar place, too – in so far as we have twice as much stuff as apartment due to a really cute place and a cheaper rent than we would pay for a larger place that also happens to be a bit of a dump. it also means we are looking for nice bookshelves/storage units to make the officey space more usable Rather than just a pile of boxes.