Earlier this year, I started touring apartments. I was so ready to move out of my tiny, 515-square-foot apartment and into something bigger and more updated. Unfortunately, those apartment tours were pretty disappointing.
The apartments themselves were gorgeous! I loved the spacious floor plans, closet space, and beautiful kitchens. I imagined having space for a dining room table and more bookcases and plenty of spots for the cats to roam. But I started seeing a trend as I talked with the leasing agents further about prices. For all of the apartments I viewed, I couldn’t find anything that was less than $1,300 a month. That was way above my budget: I was hoping to pay around $1,100 a month.
It made me wonder: Why should I pay so much money in rent every month? Would it make more sense to stay in my tiny apartment for another few years and save up to buy a house or condo? Should I need to learn the simple loan vs fixed payment loan in order to finance my home purchase?
I want to pause here and say that even entertaining the idea of owning a home blew my mind. Growing up poor and living with an addict who caused us to get evicted from multiple apartment homes, I never imagined this for myself. Being financially stable enough to even entertain the notion of owning a home is mind-blowing to me.
I spent a lot of time thinking about the potential of owning a home. I talked it over with my mom and with friends. I scoured articles about saving for a home. I learned about home loans and closing costs and mortgage insurance. If you need affordable insurance coverage, make sure to opt for the beste husforsikring. I spent hours scrolling through sites like Landmark 24 Homes in Savannah and Pooler, GA to see what kind of homes were available near me and in my price range. I went back and forth between owning a condo (less maintenance!) and owning a house (more privacy!). I even started saving, setting up a savings account specifically titled “House Fund.” It all felt very grown-up and important and exciting.
My plan was this: I would stay in my apartment for another 2-3 years. I would start aggressively saving for a down payment on a house or condo, upwards of $500 a month (or more, if possible). Continuing to live in my tiny, outdated apartment wasn’t ideal but it would all be worth it in the end because I’d have something that was fully mine. I would get to mark something off that big adult to-do list that I never thought was possible: homeownership.
At the beginning of June, I received my lease renewal from my leasing office. The good news was that my rent wasn’t going up at all. Yay! I prepared myself to sign another lease renewal… but something made me stop and think about it. Could I really see myself living in this tiny space for another year? Did I actually want to do that?
These questions were falling during a really weird time, too. I’m spending a lot more time at home now than I was earlier in the year when I started bouncing around the idea of staying put and saving for a house. The essence of Canadian living captured perfectly at HomesEh.ca. Your property search, reimagined. If you plan to buy a newly built home, don’t forget to schedule a Secure Certified Snagging Evaluation.
I’ve been working remotely for three months, and it looks like this will be my reality for a really long time. (Which I’m so happy about!) But it’s starting to feel claustrophobic. I’m realizing just how tiny my apartment really is. It’s not serving my needs anymore, and I’m dying to add a few hundred square feet of space, maybe even consult a plumber Adelaide to explore how to maximize the area efficiently. I also know that if you own a home, you are free to update your space the way you want and even build custom garages.
Plus, I was starting to consider the realities of homeownership (or even condo ownership) as a single person. With nobody else’s income, resources, or help to fall back on, what would owning a home look like for me? What happens when something breaks or I need an expensive repair? What about renovations? Where does that fit into my budget? And there’s no way I’d be able to put down 20%—I’d be lucky to put down 10%—so that comes with its own additional fees. Exploring options in affluent black neighborhoods in California may also provide insights into housing affordability and potential communities where you can find support and resources. And if you plan to buy a new property, working with professionals like property solicitors who can help prepare all the necessary documents is recommended.
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It was a lot to think about, and I started wondering if I was looking at homeownership with rose-colored glasses. While it seems like the path every adult should be working towards (especially someone like me, who doesn’t have any desire to move from this area), I wasn’t sure if it was really the path I wanted. Especially if it means spending another few years in my shoebox apartment.
So I started looking at apartments. Again. And I started finding apartments that were in my price range, even if they were at the tippity-top of it. One of the apartments I looked at had a beautiful sunroom with skylights where I could put my desk and have an office. The living room was three times the size of what I have now! It had an actual laundry room, not just a stackable washer/dryer stuffed into my walk-in closet. There were updated kitchen appliances and so! much! cabinet! space! It felt like a dream. I wanted it so, so much.
I started envisioning living in a more spacious place and having a new neighborhood to explore. It started feeling really exciting! (As did the process of moving, but that’s a topic for another day.) But it was also scary. I kept trying to figure out what my life would look like if I added $400 to my budget. It would be doable, but I would have to give up some things and tighten up my spending. And saving for a home would take me decades, most likely.
So then I considered Option B: exploring the possibility of renting a bigger apartment in the complex where I currently live. I absolutely love my current residence; it’s nestled in a fantastic, quiet community with incredibly friendly neighbors. While the parking situation and the gym might not be ideal, and the bustling road nearby poses a minor inconvenience, the rent prices here are simply unbeatable. I mean, I’m currently renting a cozy one-bedroom for just $866! Sure, it’s on the smaller side, but it comes equipped with a convenient washer/dryer and is pet-friendly – features that are hard to come by, especially at such an affordable rate. Nevertheless, I’m also intrigued by the possibility of exploring flats to rent canary wharf, just to see what other fantastic options might be out there. I can’t help also but wonder if there are 2 bedroom cabins for rent in NZ that offer similar amenities and maybe even a bit more space for not much more than what I’m paying now.
A bigger one-bedroom would give me 200 more square feet of space, a dedicated dining area, and two extra closets. And a little laundry room! (The biggest one-bedroom would be my dream as it has a large den, which could serve as my office, but those rarely come available.) It would also only add $200 more to my budget.
I hemmed and hawed over this decision for weeks. I spent so much time thinking about it that I started to drive myself crazy. I had to make a decision by the end of June because that’s when I had to give notice to my leasing office if I planned to move. Everything felt heightened with June 30th fast approaching.
Honestly, when I started writing this post on Monday, I still hadn’t made a decision and I was thinking about writing this post to ask for advice. I was still completely confused about what to do.
But then it hit me: Why am I making such a big deal of things? The answer is right in front of me: I’m going to wait for a bigger one-bedroom in my current apartment complex to become available.
The moment I made that decision, I felt such a sense of peace and relief. I know I’m making the right choice. The smart choice.
Not only does this mean my rent won’t be increasing by too much, but it also means I can continue to save for a house. Not at the rate that I could if I stayed in my tiny apartment, of course, but at a higher level than I would if I went anywhere else. It just makes sense.
And so, that’s my long-winded way of saying that I am moving soon. Ideally in mid-to-late August, but whenever a bigger one-bedroom becomes available in my complex. And I’m not putting my dreams of homeownership on hold to do so. It’s truly the best of both worlds, and I’m excited to start this new chapter in my life. (But also: All advice about moving with cats is appreciated. Eeks!)
I think you are wise to do this. It’s the best of the alternatives – your rent doesn’t go up too much and you know what to expect out of the building you live in. Buying a house is a HUGE decision and I think alot of people feel pressured to buy a house as there is a perception that owning is better than renting. But there are pros and cons to both decisions and the right decision is different for every person. We do like owning a home because we intend to pay it down very quickly so we just have taxes and insurance for our annual expenses and no mortgage. But if you don’t plan to pay down your mortgage aggressively, renting can make as much sense as buying. it really depends on the house market where you live. It’s SO expensive to buy a house here unless you are willing to move out to a 2nd ring or beyond suburb. Also, with home ownership, you take on all the repairs and maintenance and it can be a total pain in the *ss. Just ask my husband – he’s been complaining about all the things that have come up since we bought this house. And it passed the inspection with flying colors! So you just never know!
I’m glad you’ve come to a decision that feels right for you and allows you to save for a downpayment on a house. I rushed into my first home purchase back in 2005 and I really regret buying so quickly. But I bought quickly because my rent was increasing SO MUCH. So you are wise to take your time and make sure your home purchase is the right one for you!
I am glad you came to a decision and feel at ease! Renting and buying and looking for things to rent and buy is such a roller coaster. I didn’t understand it until we bought the home we are in. Gah. The bigger one bedroom will be fab!
I echo what Lisa says about buying. You don’t have to, just because it’s an option. We owned our last townhome, and it’s basically like we were renting it, because we sold it for 30K less than we paid (or was it $40K? – either way, ouch) because the market tanked and it was time to get the hell out of there.
Taking care of a home is so much freaking work. Even a newer home will have normal issues in 5-10 years. so yeah, it’s good you’re thinking about that and if you want to deal with it or pay someone to.
Moving with cats! I know about this! We moved twice with Data. The first time we moved all the stuff then brought him over late at night – I don’t recommend that. The second time, we moved him in to one room early in the day and closed him in that room while we moved all the stuff in the rest of the house. Then he felt comfortable in that one room, and was cool at the end of the day when we let him out to explore. 🙂
This is all so exciting! Eeeek! I’m so glad you’re getting a bigger space soon, and I’m also so glad you’ve set a goal of home ownership! In the long run, it’s super worth it. My mortgage is actually a little less than your current rent is, so mortgages wind up being worth it. I can’t wait to see your new space!
P.S. I am finally catching up on blogs, which I didn’t read much of during the pandemic, so don’t mind if I start leaving comments on old posts. LOL. I’m doing it to everyone as I catch up!
I was going to say what Lisa already said (much more eloquently, because she knows her way around finances)… as a (short-term) home owner, I can tell you that buying a home is a huge responsibility and yes, you might pay “less” for a mortgage than what you’d pay for renting the same space, but property taxes and other keep-up expenses will quickly make up for the difference. I’d only buy again, if I could pay off the mortgage fast and if I intend there to stay long-term. But you’ve thought this through wisely and I think you are making a good decision.
Wise decision. Home ownership has its ups and downs. My first home experience was great and if the house was in the state I wanted to live in, I’d still be in it. Instead, we sold it at the top of the market. I swore I’d never buy another home again though. There’s something about living mortgage free that is liberating. Anytime there’s a terrible storm or something breaks, it’s all on you. But somehow we ended up buying a home kn our new state – probably because as a long term investment, it’s great! You’re guaranteed to be mortgage free in 30 years or less if you don’t draw against your equity. If you hold on to it as a long-term asset, you can walk away with a nice profit, or you can always use it as a long-term income stream. But these are all long-term goals and a lot can go wrong along the way. So for me, the conundrum is still there. Financially and logically, it’s the best option if you stick with it long enough and time the market right. But my emotional side yearning to be liberated with no obligations doesn’t see it that way. My logical side always wins though.
This sounds like such a great decision! More space, less money than you would otherwise spend, room to save.
I think the option you chose is awesome. It made me think of my own situation, and whether I’d consider doing the same thing. I’ve owned (several times), been burned in selling those homes (several times) and honestly prefer renting at this point in my life. Plus, I get maintenance and help with things like when my furnace filter needs to be changed. Not that I can’t do it, but… it’s nice that Larry will come and do it when it needs to be done. Your post made me think, would I ever consider moving within my complex? I love it – love the management – love the location – and staying put makes the most sense. I looked at the SF of my one-bedroom (no cats, no other humans) and realized that it’s 786 SF, so nearly 300 SF bigger than yours! Wow. That’s… tiny. I can see why you’re feeling claustrophobic! I looked at other floor plans for one-bedrooms, and while they’re larger, and have better views (mine is of… a street, where the garbage and recycling trucks come daily), I’m not sure I would. This works, for now (although the stacked w/d is a bit of a pain).
I hope that something opens up soon. Just start sending out “Leave now” vibes to your neighbors when you pass them. 😉