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Old 03-20-2011, 07:14 PM
 
1,090 posts, read 3,159,681 times
Reputation: 735

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So here's the deal. We rent a small basement apartment from my husband's parents. It's in Woodside (pretty decent area if you ask me..Queens) and they include all utilities. We just bum internet and TV off them. Of course none of it's top of the line, but I rather not waste extra money. Water and electricity is included, but I am courteous about my usage. The apartment doesn't have a full kitchen, but I'm ok with that. It's a 2 bedroom, but really more like a one bedroom since we use small bedroom as a living room as there is no actual common area in the apartment. I'm not sure if anyone can envision this.

There is a trade off. Great family, but his parents will pretty much just walk through the front door when they need something. We do the same thing to them, so I cannot be a hypocrite..but I always felt so weird about having it done to us as we are a childless couple (as of yet) and what if we're walking around naked or uhm..ya know? LOL They still have teenagers in their home, so I always had this thought that I wouldn't walk in on them in any compromising situations...but whatever. The privacy part is kind of a drag and they kids don't know what noise control is..I heard them at all times of the day/night being loud. That's the worst of it though and his family is nice.

We are in our mid-20s and finishing up college. Our place lacks all upgrades, but I keep it clean. Am I crazy to feel lucky for being able to rent it for $800 a month with modest utility usage included? My biggest question is, with the rate of inflation and taking real estate into consideration, should I feel bad that I am not already a homeowner and be rushing into it? I know once we have 2 kids we will probably need to move, but am I doing the right thing (financially) staying put? I'm no economist or math genius, so I guess I am asking if the rate of inflation/real estate vs. what we save staying here is worth it. We can realistically save about $1,000 a month just from renting this place vs. a typical 1 bedroom in the area...which goes for $1,400 average PLUS utilities..after internet, TV, water, and electricity (among other things) I would say it's easy to hit about $1,800/month.

What would you do? I feel like I should be rushing to own a home already...or is it the right move to just keep saving like there's no tomorrow and stay put? I cannot see them asking for more on rent unless the cost of electricity and water go up dramatically.
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Old 03-20-2011, 09:16 PM
 
Location: London
1,583 posts, read 3,666,615 times
Reputation: 1335
Do whatever feels right to you. You don't have kids yet, you sound like you're comfortable with your living situation minus the mentioned trade-off, and you're saving money. Plus you're paying rent and keeping up your own place...it's not like you're the irresponsible adult slackers who live in mom's basement for free.
Don't worry about what you're "supposed" to have at your age. There's no time limit. I'm sure a lot of people would be envious of your living situation!
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Old 03-20-2011, 09:36 PM
 
33,363 posts, read 46,784,531 times
Reputation: 14039
You are lucky. Make do with what you have now and it will pay off in the end.
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Old 03-21-2011, 01:37 AM
 
1,687 posts, read 1,272,733 times
Reputation: 2731
What would I do if I had a 2bed apartment in NYC for $800/month, utilities included? I would thank God -everyday-. Thread Closed (or at least at should be...)
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Old 03-21-2011, 07:43 AM
 
Location: The United States of Amnesia
1,355 posts, read 1,911,555 times
Reputation: 686
Quote:
Originally Posted by pinkybumpkin View Post
So here's the deal. We rent a small basement apartment from my husband's parents. It's in Woodside (pretty decent area if you ask me..Queens) and they include all utilities. We just bum internet and TV off them. Of course none of it's top of the line, but I rather not waste extra money. Water and electricity is included, but I am courteous about my usage. The apartment doesn't have a full kitchen, but I'm ok with that. It's a 2 bedroom, but really more like a one bedroom since we use small bedroom as a living room as there is no actual common area in the apartment. I'm not sure if anyone can envision this.

There is a trade off. Great family, but his parents will pretty much just walk through the front door when they need something. We do the same thing to them, so I cannot be a hypocrite..but I always felt so weird about having it done to us as we are a childless couple (as of yet) and what if we're walking around naked or uhm..ya know? LOL They still have teenagers in their home, so I always had this thought that I wouldn't walk in on them in any compromising situations...but whatever. The privacy part is kind of a drag and they kids don't know what noise control is..I heard them at all times of the day/night being loud. That's the worst of it though and his family is nice.

We are in our mid-20s and finishing up college. Our place lacks all upgrades, but I keep it clean. Am I crazy to feel lucky for being able to rent it for $800 a month with modest utility usage included? My biggest question is, with the rate of inflation and taking real estate into consideration, should I feel bad that I am not already a homeowner and be rushing into it? I know once we have 2 kids we will probably need to move, but am I doing the right thing (financially) staying put? I'm no economist or math genius, so I guess I am asking if the rate of inflation/real estate vs. what we save staying here is worth it. We can realistically save about $1,000 a month just from renting this place vs. a typical 1 bedroom in the area...which goes for $1,400 average PLUS utilities..after internet, TV, water, and electricity (among other things) I would say it's easy to hit about $1,800/month.

What would you do? I feel like I should be rushing to own a home already...or is it the right move to just keep saving like there's no tomorrow and stay put? I cannot see them asking for more on rent unless the cost of electricity and water go up dramatically.
Stay there until you finish college and get a nice paying job. In the meantime, you can save up for a house or a condo or a co-op. It's a nice area and you're paying $800. You can tell them about the privacy issue if it bother you that much and you could propably work something out.
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Old 03-21-2011, 08:23 AM
 
1,090 posts, read 3,159,681 times
Reputation: 735
Ok you guys..LOL @ Rage..just wanted to see if this was financially sound! I'm thinking that the rate that I am saving at exceeds inflation and real estate increases..and it's pretty much set. I'm not pretentious, so I just make do. I guess I was just seeking advice from the uhm...less naive?
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