Wednesday, April 20, 2011

Decisions, Decisions

My new lease just came in the mail. Of course, the rent is higher, but I have a decision to make. To stay or go.

I've been out of college for a while and I want to stop slumming it and really live in a NICE place. Nice meaning:

- Everything I already have now (updated kitchen, walk-in closet, good property management company, cheap/reasonable cost of living, safe neighborhood, access to public transportation) PLUS
- A doorman (so I can stop getting all my packages sent to work)
- Stainless steel appliances
- In-unit laundry
- A location within walking distance to my gym OR an in-house fitness facility

But I have to keep 2011's goal in mind. It is to pay off my credit cards (not to move into a nicer apartment/condo). I mentioned in a money post that I might not let myself move until my CCs are paid off. Well they aren't and almost doesn't count, so I think I'm going to stay.

Negatives about staying
- The rent is higher for the upcoming year.
- I still have to walk 6 blocks or take the CTA to my gym which makes working out consistently a real chore.
- My new neighborhood is more like frat town than I expected. I miss the busy, but free of drunkards on a Friday night neighborhood I came from.
- My new neighborhood is slightly more difficult to get to by car (I just prefer to be on a street with an expressway stop).
- I am REALLY over going up and down the stairs to do laundry. Like beyond over it.
- I am still not a fan of entertaining here (though I have had guests and they always seem to like how I've made use of the space).

Positives about staying
- It's going to be a cold winter and everything is included here (heat, electric, gas).
- I do not have to incur additional costs like: moving company, new furniture to update a new space, fees to disconnect and reconnect the cable/internet, etc.
- I do not have to take a day off work (or several) to move.
- Once I pay my CC off, I can check my credit score, start stacking paper and prepare to BUY a really nice place instead of rent.
- I am learning so much about money and discipline, which I think will prepare me well to be home owner.


South Loop Social Light said...

This is really about whether you're sacrificing for the time being so you can position yourself to buy, or if you plan on renting for a while. If your goal is to own then of course you want to be in the most cost-effective place possible that you can be comfortable in. If you plan on renting for the next few years then you really do want to be comfortable. It sounds like you've been doing well at work so why pay more in rent if you're not getting all you want out of your apartment - - reward yourself with a new place! You deserve it.

You just need to weigh the pros and cons of what means the most to you. I would rather get a rental that somewhere comparable in price in a non-frat like neighborhood. I could sacrifice on the in-unit washer/dryer (though nothing beats it...) but transportation and neighborhood are everything!!

Good luck with your search.

South Loop Social Light said...


Anonymous said...

I vote for you to stay in your current apartment, if your goal is to save money, even though the rent will increase. I say so because you won't incur extra costs like moving, etc. and one you're finished paying off your CC, you'll be in a better position to save money. In the beginning of the year I moved into a cheaper place, and ended up paying off every single one of my bills by March even though I had given myself until June. Now, the $300+ a month I saved goes straight savings. Its a beautiful feeling.