(Closed) What would you do…apartment rental dilema

posted 5 years ago in Home
  • poll: What would you do? Live cheaply or comfortably?

    Rent the cheap place, the year of sacrifice will be worth it in the long run

    Rent the nicer place, you can afford it and it won't make your timeline longer

    obligatory 'other' option

  • Post # 16
    Member
    2703 posts
    Sugar bee
    • Wedding: September 2012

    I’d go with the cheaper place (assuming it’s clean and in a safe area).  The cost of buying a house adds up quick (down payment, closing costs, new furniture, updates and repairs, moving costs, etc.) and the more money you have stashed away the better.  Plus you never know how long it will actually take to find the right house for you.  You could find it in a week or it could take you 6 months! So depending on when you find your house, you might end up in a situation where you have to pay a mortgage AND rent and it would be much easier to manage that if you live in the cheaper place.

    Post # 17
    Member
    245 posts
    Helper bee

    cheaper and save all the way! it’s only 18 months, think of all the extra money you’ll have for a nicer house and/or nicer decorating of your own place. if you go for the smaller place, definitely make sure you save the difference so you really feel the benefit when you’re looking for your own place in terms of having more ready cash.

    Post # 18
    Member
    609 posts
    Busy bee
    • Wedding: February 2016

    Tough call.

    Personally I would tough it out to the save the money. Life is very unpredictable, when I have the opportunity to save $$ without much extra effort I am keen to take advantage. 

    Post # 19
    Member
    687 posts
    Busy bee
    • Wedding: September 2017

    How much time do you spend in your apartment? I think that makes a big difference. If you work part time from home, for example, then living somewhere nicer might help your overall quality of life. If you only spend a few waking hours a day at home, I’d err on the side of living cheaper!

    Post # 21
    Member
    3212 posts
    Sugar bee
    • Wedding: September 2016

    I’m having a really similar dilemma right now! I’d keep in mind that “I have too much saved up for my new house” is a phrase said by no one, ever. 

    I’d go for somewhere safe, somewhere not too inconvenient, and keep in mind that hidden costs can pop up in apartments, too – when utilities are included you can sometimes bring the total cost down. Even if it isn’t the nicest place, it isn’t permanent! 

    Post # 22
    Member
    5870 posts
    Bee Keeper
    • Wedding: April 2013

    View original reply
    MsGinkgo:  I personally always choose the cheap option.  I have my certain items that are important to me (for example, walkable location, good commute, outdoor space, etc) and then I find the cheapest place I can within that range!  

    I believe in keeping fixed costs as low as possible to make saving easy.  So figure out what it’ll take to make you satisfied and then spend the minimum.  If you were buying a place it would be different (in that case I’d say buy wahta you’ll be happy with for at least 10 years!) but for a rental, go minimal and rent just what you need for right now.

    Post # 24
    Member
    640 posts
    Busy bee

    When you say you don’t want to live like students, do you mean the apartment itself is not that nice or the area itself has a lot of students?

    The reason I ask is because I live in a large city right by a university with a lot of nearby apartments that rent to students. However, my landlord will NOT rent to college students. So while I have friends with nicer places (and are paying for it) my place isn’t awful by any means, it’s fine for now and I like knowing that I’m saving up.

    18 months really isn’t that long so I personally would go for the cheaper place.

    Post # 25
    Member
    720 posts
    Busy bee

    Depends on how crappy the crappy apartments are.  If you’re just giving up extras like in room laundry, granite counter tops, trendy area etc, then yeah cheaper all the way.  If you’re going to be in an unsafe area or if the place is a huge dump with big problems (aka insulation so poor you can hear your upstairs neighbr’s cell phone vibrate and any step they take sounds like the ceiling is caving in…been there, no amount of money is worth it), then for me the extra 5-8k I’d save wouldn’t be worth a year+ of being miserable.  Remember to add in transportation costs too (for instance if the expensive apartments are in walking distance to work and the crappy ones are 20 miles out, the crappy apartments might cost more than you think in terms of extra gas).

    Also depends on what your income is vs what you’ll be saving.  If you’re making 40k, an extra 8k is a lot of money and I’d be more inclined to pick the crappy apartment.  If you’re making 100k, 8k is still good money but not as critical as it was when you were making 40k.  

    Post # 26
    Member
    2120 posts
    Buzzing bee
    • Wedding: October 2015

    Honestly, I’d live in the nicer place. Where I live really affects my mood. I’ve lived in a shitty apartment, and it was depressing.

    Post # 27
    Member
    2859 posts
    Sugar bee

     

    i’d clear up any debt I had before taking on the  expense of a  house.

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