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Old 07-04-2016, 08:10 PM
 
Location: Seattle,WA
1,708 posts, read 1,794,449 times
Reputation: 519

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I posted a few times on this site about whether my apartment rent in Northgate Seattle would go up or not. Well on July 1st I got my lease renewal paperwork and my rent did not go up for next year. As a matter of fact my landlord is offering a free carpet cleaning if I sign another 1 year lease.

My rent is $1200 per month for a 1 bedroom 1 bath apartment with utilities included and a washer/dryer inside the unit.

My question is would I be foolish signing another lease for another year rather than buying a condo. The truth is currently I'm not ready to purchase a condo now. In August 2017 I will be more likely to purchase a condo in Northgate Seattle.
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Old 07-04-2016, 08:27 PM
 
Location: Washington State desert
4,098 posts, read 2,460,885 times
Reputation: 2642
Not sure where you actually are in Northgate, but I rented just northwest of the Mall on the other side of I-5 in the late 80's. ($450 a month back then for a nicer 1-BR!).

Free utilities is something I am unfamiliar with. But if indeed that is included, you are doing pretty well at $1200.

I don't know enough about your situation to recommend a condo over renting. If you can afford to pay mostly cash, or even a large cash downpayment it would probably make sense. Of course, there is no guarantee that your condo will continue to appreciate, while rent will stay within what the market will support.
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Old 07-04-2016, 08:33 PM
 
Location: Independent Republic of Ballard
5,632 posts, read 3,899,686 times
Reputation: 3354
Just renew the lease, since you're rent hasn't gone up. If you do find a condo you like in the next six months, for instance, just negotiate a buyout on the lease - consider it part of the cost buying.
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Old 07-04-2016, 10:56 PM
 
1,051 posts, read 615,911 times
Reputation: 552
Crazy Donkey, I like your posts.
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Old 07-04-2016, 11:21 PM
 
2,157 posts, read 1,018,150 times
Reputation: 1841
finding a new tenant takes time and money.
If you leave at the end of the month, the landlord still has to make the apartment look good enough for the next tenant. The landlord will also have to screen applicants and hopes your replacement is as good or better than you. In the meantime, no rent is collected. There may be some recovery in the cleaning from the deposit. You are a known commodity maybe not a big money maker but certainly not a loser.

You on the otherhand still have find a place to live with higher rent. Probably higher 1st and last plus cleaning deposit which you probably won't get back.
+1 Crazy Donkey
YMMV
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Old 07-04-2016, 11:49 PM
 
Location: Seattle,WA
1,708 posts, read 1,794,449 times
Reputation: 519
There is a 98% chance that I'm going to renew my apartment lease.
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Old 08-03-2016, 12:51 AM
 
Location: Seattle,WA
1,708 posts, read 1,794,449 times
Reputation: 519
I renwed my apartment lease for another year the will end August 1st 2017
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