Economics 101
Posted on November 12, 2007
Filed Under Personal |
I’ve spoken to my parents, and crunched some numbers, and come to the conclusion that I can’t really afford to buy a condo right now.
Technically, I can afford it, but I’ll have essentially no money left for socializing, and nothing to cover my ass in case of emergency.
Because of certain costs associated with property ownership, it looks like it will still be cheaper for me to rent, even after my rent goes up in January.
Still, my rent is going to be very expensive. It’s going to be nearly $1000. Because of this, I’m looking for cheaper places to rent.
I could get a roommate to move in with me here, but I do not play well with others. I would like to avoid a roommate if at all possible. So, I’m looking at one bedroom apartments.
The way rental rates are these days, I’ll probably only be saving $100-200 by moving into a one bedroom, but that’s an extra $100-200 in my pocket every month.
I’ve actually found an ad for a place, that I’m going to go take a look at tomorrow night, that is $825 a month. It has a balcony, and a dishwasher.
I don’t know what the square footage is, but the guy on the phone claims that it’s larger than the average one bedroom suite, which looks to be true, from the picture in the ad (although, as we all know, photos can be deceiving).
The place has also been newly renovated, which what I understand, so that’s nice.
It is owned and operated by the same management company that runs the building I currently live in, so I know it’s run by a good company (even if they do like to gouge their tenants on the price of rent).
It’s not as central as I tend to like, but it’s not too bad. It’s on 106 Ave and 87 Street, which isn’t a bad area.
Anyway, I guess I’ll look at that apartment tomorrow, and let you all know what I thought of it after I’ve seen it.
Update: Out of curiosity, I drove by the place a few minutes ago, and it looks pretty good from the outside. Of course, that doesn’t say much about the inside, but it does look like it’s a good building.
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$100-$200 a month, put in a savings account, adds up pretty quickly. Moving into a one bedroom might be the difference between going on a whirl-wind European vacation and staying home and drinking beer instead.
I agree. I actually just opened a high interest online savings account the other day, so that helps it add up even quicker.
Most likely, I will move into a 1-bedroom. I’ll probably wait until the New Year, just so I’m not trying to deal with moving apartments over the holidays, but I will very likely be moving in January or February.