Tiny Apartment

posted 3 years ago in Home
  • poll: What should we do after our wedding?
    Stay at your apartment and save money. : (14 votes)
    36 %
    Stay at your apartment and upgrade the furniture. : (7 votes)
    18 %
    Rent a larger apartment. : (1 votes)
    3 %
    Stay in your apartment and buy a condo/home. : (17 votes)
    44 %
  • Post # 2
    Member
    2052 posts
    Buzzing bee

    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
    Member
    1883 posts
    Buzzing bee
    • Wedding: March 2012

    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
    Member
    9137 posts
    Buzzing Beekeeper
    • 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
    Member
    42472 posts
    Honey Beekeeper
    • Wedding: November 1999

    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
    Member
    5697 posts
    Bee Keeper
    • Wedding: August 2012

    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
    Member
    5199 posts
    Bee Keeper
    • Wedding: April 2013

    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
    Member
    1016 posts
    Bumble bee
    • Wedding: August 2014

    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
    Member
    282 posts
    Helper bee

    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
    Member
    2494 posts
    Buzzing bee
    • Wedding: June 2012

    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
    Member
    2720 posts
    Sugar bee

    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
    Member
    373 posts
    Helper bee
    • Wedding: January 2015

    futuremrsdeemac:  

    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
    Member
    1103 posts
    Bumble bee
    • Wedding: July 2014

    Some minor furniture upgrades can do a lot, I would do that!

    Post # 18
    Member
    3044 posts
    Sugar bee
    • Wedding: September 2016

    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.

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