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Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
When I think luxury I think modern, that’s it. Luxury is used to frivolously when it comes to apartments, it’s a joke. The main concern with cheaper apartments isn’t if the amenities are good, it’s whether or not you’re ok being around questionable people. Cheaper rent usually means more shady neighbors.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by Slim_
Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
Any thoughts?
I just rented an apartment downtown that's $300/month more than the apartment I was renting uptown, but am selling my car, which will save me $550/month ($400/month car payment, $150/month insurance), and am already using public transportation. I'd rather live somewhere nice
Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
Any thoughts?
It depends on a lot of factors IMO.
If you are the type to spend quite a lot of your leisure time around your immediate surroundings and will be getting a lot of use out of the amenities, then probably yes. If you tend to go elsewhere or travel a lot, then no. If you are like me and work all of the flippin' time, then save your money and live where ever as long as it is safe
What other plans do you have for the $3600-$6000? You don't have to answer me on that, but it's something to think about. If you plan to eventually save up for a house to buy, take the extra expense of the luxury apartment into account because saving might be a bit more of a challenge I use my money to travel when I can and yeah, saving for a house.
You are right about the cheap-looking countertops, vertical blinds, and the white appliances, lol. I think that those are universal in most rentals country-wide. Even though it is an apartment you can improve the look of it by adding nice decor which is what we have done with the townhouse.
Alternatively, you can also look into renting a house in a nice area. We went that route before and rented a condo in the state we were living in at the time and it worked out very well for us. We had the freedom to landscape it the way we wanted and the streets in the area were all landscaped nicely. We also had great neighbors.
I did go w/ a luxury townhome when my company transferred me to the Louisville, KY area some years back. It was $1120 a month and had real marble counters, etc. I liked it okay but I personally didn't think it was worth the money I was paying. I am probably different though because I grew up blue collar and love gritty neighborhoods/cities that have a mix of people. The luxury townhouse had nearby shopping and even shuttle service to shopping. The thing I do miss is the two-car garage...I could sure use that up here in NW Pennsylvania.
Good luck w/ your apartment decision and hopefully some of this has helped.
When renting, I go with the cheapest place I can tolerate living in.
Quote:
Originally Posted by Thomasaz
When I think luxury I think modern, that’s it. Luxury is used to frivolously when it comes to apartments, it’s a joke. The main concern with cheaper apartments isn’t if the amenities are good, it’s whether or not you’re ok being around questionable people. Cheaper rent usually means more shady neighbors.
Absolutely. It's usually the shady neighbors that are the biggest problem for me. Of course if you have sewage backing up into your apartment, or there are other sources of disturbance, that's a problem too. Other things that are a no-go for me are moldy showers, nappy worn out carpeting, pet smells, cigarette smells, and not enough windows. As far as granite countertops, wood floors, high end cabinets and stainless steel appliances go, I'd rather save my money and get those things when I can afford to buy.
Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
Any thoughts?
Personally, what I've found is newer apartments built within the last decade are termed "luxury" apartments. But what's great about newer apartments is energy efficiency. An older apartment might rent for less, but once you factor in the cost of electricity especially in the summer time, it's kind of a no brainer at that point.
I say this with personal experience, I ditched my "luxury" apartment that rented a 1 bedroom for $970/mo for a 1 bedroom that rents out for $825/mo. Sounds good on paper, but the power bill for the more expensive apartment in the summer tops out at $100 while the one I'm in right now tops out at $350! No joke. It was the worst decision I've ever made so I'm moving soon.
But in terms of your extra $300-500 a month, it depends on what "luxury" you're talking about. There are some apartments termed luxury that is only $100-200 more than an older apartment. So just look for some nice, but cheaper options and you should be fine.
Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
Any thoughts?
Frankly the luxury apartments are ridiculous. But my standards aren't that high.
I pretty much could not care less about what the inside of the apartment looks like or the amenities the complex offers me, what I care about is if it's in a good location in town. Does the area have high crime? Is the area close to night life? Will I have an obscene commute? Are there good grocery stores near by? Am I close to a gym, good places to eat? Do I get good phone and internet service in this part of town?
It seems you cannot have a good location and also not have a ""luxury"" apartment these days. If I could have a crap apartment but less than a mile from the north part of Mill Avenue (where all the bars and light rail is) I'd take it in a heartbeat. Give me an apartment with stained carpet if it means getting into a nice area.
I was recently apartment hunting in north Phoenix and I was looking at either ~$900/month for a two bedroom apartment or a minimum of $1100/month for a two bedroom apartment. And the differences between those were drastic. I'm talking the ones under a 1000 or less were ghetto apartments in higher crime zip codes while the ones for a minimum of approximately 1150 or so were in average, middle class areas (not areas I would consider ""luxury"" mind you). At that point 200-300 more a month is worth it.
So normally I would say that much more a month is NOT worth it but given my recent experiences, I might be inclined to say it is, if you get to be in a better location. However if the location is pretty much the exact same, in the sense that you don't get to be closer to good amenities or less crime or something, then it is not worth it. But most of the time those seem to go hand in hand, which is why I am saying do the luxury apartment if you can afford it but also provides better access to those amenities. Obviously a luxury apartment with no location advantage is not worth it.
In Phoenix it's cheaper to buy. I saw this first hand myself. An apartment in Midtown would've been ~$300/month cheaper (again, same exact apartment, and including the HOA fee here) if you bought instead of rented. Downside? You have to have the down payment. If you qualify for a really good FHA you might be able to get away with a low down payment but that still raises your mortgage rate.
Renting in general sucks. I can't wait until I'm able to buy my own place one day.
Is it worth an extra $300- $500/month to live in a nicer apartment? Any Opinions?
When I made the decision to relocate to Phoenix I was convinced I wanted to start out here cheaper. But it's nice having granite and stainless steel. And it's also nice having neighbors with higher levels of education, more palm tree lined avenues, more upscale shopping/restaurants, etc. But $500/month adds up to $6,000/yr. That is a substantial amount of money (at least for me.) But dam, it's nice to come home to luxury.
I was wondering if anyone else has been down this road, and what their thoughts are on it.
I've been apartment shopping and have pretty much decided on the E. Side -- out Tempe way. But I'm dragging my feet on cheap counter tops, vertical blinds, white appliances, streets outside the property lacking landscaping. The property was luxury 10 yrs. ago and the initial construction was good. And it is professionally managed and maintained and has had some updating done. But it's hard to go backwards once you get used to certain life style.
When I think about I could do with an extra $3,600 - $6,000 a year? I get excited about that.
Any thoughts?
You answered your own question. You like coming home to luxury and being around professional people. Can't have champagne taste on a beer budget - HOWEVER,
If you're planning on staying in town for a couple+ years I would highly recommend you find a condo in a nice area with amenities that needs work and buy it! Put your money towards your equity and building your own wealth! but that's just me- I'm too cheap to pay high rent!
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I use my money to travel when I can and yeah, saving for a house. 
and had real marble counters, etc. I liked it okay but I personally didn't think it was worth the money I was paying. I am probably different though because I grew up blue collar and love gritty neighborhoods/cities that have a mix of people. The luxury townhouse had nearby shopping and even shuttle service to shopping. The thing I do miss is the two-car garage...I could sure use that up here in NW Pennsylvania. 
