Post # 1
DH and I are planning a move to get us closer to both our home towns. We’re currently looking for jobs (and I’m impatiently waiting to hear back about an interview…). In the meantime we’re scoping out the housing situation and working out what our budget will be when we move – what we can afford if only one of us is working for a period of time etc.
A big reason we’re moving back is that being in Toronto (where we are now) is just so freaking expensive and we can’t imagine raising a family here. One of our big goals is to buy a house – SOON. We need to get our savings account in good shape to do that.
So…do we find a really nice place in the new city, way nicer than what we live in now, basically a 2 bedroom condo with in suite laundry and all the nice finishes. A real grown up apartment. OR do we pay about half the amount and live in something that’s more ‘student digs’ and pay off our debt and amp up our savings. Either way we should be able to be in a house within about 18 months, having bigger savings will just either mean a larger downpayment or more money for renovations.
We’re in our early 30’s and really don’t want to live like students but we’re trying to decide if the sacrifice for a year will be worth it or not. So…would you live somewhere that you might not be as happy for a year to ultimately reach your goals faster or would you spend a little more to live comfortably somewhere you’re proud of?
Post # 2
Isn’t there something in between, like a respectable one-bedroom apartment that may not have the nicest finishes, but is still a step up from student-level?
Post # 3
As someone who lives in a downtown condo in Toronto I sympathize…the cost of rent is crazy here! We have decided on raising a family here and don’t get me started on child care costs!
Personally, if it’s in your means I’d splurge for a nicer place. Depending on where you’re moving I’d factor in how much time you actually spend home. For example in TO where winters can be brutal we spend a lot of time at home so it’s important to like spending time in your home. If you’re moving somwhere warmer or you know you’ll spend a significant amount of time outdoors or out in general I might sacrifice on the rental a bit more.
Post # 4
Lol, well, DH and I live in a 332 sq ft apartment so that we can save more for retirement and our future down payment. But we’re frugal and I hate throwing away money on rent. I feel like only you can decide what your priorities are!
Post # 5
So far I haven’t found anything. Everything seems to be either $750-900 or $1450-1600. We’re not in the city yet and I’ve been searching online. I’m still finding new places so it’s possible I’m missing something. Something in the middle would be ideal.
We’re moving to Halifax/Dartmouth, warmer winters but WAY more snow than Toronto. The condos we’re looking at in Halifax would be $3000 a month in Toronto easily. We’re in Mississauga right now paying just shy of $1400 a month for about 850sq ft which for the GTA is pretty reasonable (as you know). We’re in an ‘adult’ building here because we were sick of living like students and I don’t know if we want to go back to that.
Post # 6
OMG…there’s no way. DH and I would kill each other living somewhere that small! I’m really torn right now on which way we should go. One of the big reasons we’re moving is to save money and get that house sooner but at the same time I don’t want us to hate where we’re living and end up spending a ton of money just to get out of the apartment as much as possible (which has been a problem in places we lived before).
Post # 7
I would live in the cheaper place and pay the debt off – my Fiance I’m sure would want to live in the nicer place and not save as much. Depends on what your priorities are
Post # 8
I know nothing about Halifax, but my sister lived there for a few years, and rented from this management company: http://peppermintproperties.ca/availability.php?type=Residential
It looks like they have a couple of mid-range one-bedrooms at the moment.
Post # 9
I would keep looking. I couldn’t stand to be around students, be worried about noise, constant moving in & out, never know what neighbors you will have, etc. Granted it always easier looking when you are there.
We went through something similar when we moved a couple years ago. We ended up simply getting what we could afford & get approved for in the time limit we had. We also ended up with an hour+ drive to work. Now we live 2 min away.
You will find something perfect, just keep looking!!! Good luck, bee!
Post # 10
I would (and have) rent the cheaper place. Save the money for your own house instead of throwing it away on rent especially because you’re so close to buying. 18 months will fly by!
Post # 11
Don’t forget to look at sublets or long term executive rentals. Many times you can find a better place for less money.
Post # 12
I would rent the cheaper place. Ramp those savings up and give yourself the best start possible.
Post # 13
If it is going to be 18 months either way I would just suck it up for 18 months rather than potentially pay double the rent! Think of it as an investment in your future. Short term pain for long term gain. Having a bigger deposit, paying off debt or having a savings cushion is a better investment in you than paying off someone else’s expensive mortgage!
Post # 14
I go for the cheaper place if you can’t find an in between option it’s only 18 months and will have a big impact on your future
Post # 15
thanks! I hadn’t found that company yet!
When we started looking at moving we were totally okay with the cheaper place. Then last night I saw what we could get for what we’re paying here and I started doubting. Living in the cheaper place that we don’t like as much might also keep us on track with our savings more. If we’re too comfortable in our rental there’s the chance of getting stuck there I guess.