I have been going apartment hunting the last couple of weekends and am finding out that I'm spending way too much time stressing out about every little thing. But then, if I don't stress over every little thing, there is no way I can afford an apartment. The sad part is that even after I own an apartment, I'd still have to rent out the extra room to make the monthly payments. So far, I estimate that I can only save $50 to $100 per month. I'm still keeping the same contributions to 457k plan. Although, I plan to change the contribution amount from $300 to $200 per month to the roth ira (Or I might even have to hold off on the monthly roth ira contributions for the next few months until I can get more projects to do on the side). Of course, all of this will occurr only IF I end up purchasing an apartment.
Note: My definition of an apartment is the same as what other southern californians call a condo.
If anyone's reading this, here's a "fun" question: Which one would you rather have....a condo with an attached parking garage, or a detached parking garage, or just have a carport and a parking space? The latter would be the cheapest in price.
I live in a rented apartment that has attached garages and all I can say is I have become very spoiled. When I do decide to purchase something down the road, a garage will be on my list of "must haves." It is so nice to just jump in the car and pull out of the garage and not have to worry about cleaning off snow or scraping ice. Plus, the garage also doubles as extra storage space!
ReplyDeleteI am a single woman who would absolutely vote for an attached garage. When I come home from work late at night in the dark, it is a very secure feeling to pull in to the garage and have the garage door closed before I even have to get out of my car. And, the fact I don't have to walk outside in the rain is pretty cool as well! :)
ReplyDeleteIf cash is tight and the area around your apartment is safe, definitely go for street parking or a detached carport. You will get a little bit of exercise on top of saving significant money.
ReplyDeleteCheck with your auto insurance company if you have comprehensive insurance. Sometimes there are discounts possible if you park in an enclosed space because thefts and random damage are less likely.
In the northeast I'd LOVE to have a garage, but if I was looking in Calif, I'd probably go for the cheaper option. In warmer climates garages are really only needed if you have too much stuff to store inside the house (so get rid of the extra stuff ::grin::) or if you work on your car otherwise it seems not worth the price (again..in a climate like CA)
ReplyDeleteYou should do whatever will help you get into your own apartment faster. If you can afford the carport option sooner than an attached garage, do that. Unless you feel like you'd be unsatisfied and immediately dreaming about trading up. If that's the case, save harder and hold out for the attached garage.
ReplyDeleteBTW, Poe, nice blog. I'll be back to visit.
ReplyDeleteI prefer an attached garage, there are two types, attached to the unit with direct entry and attached to the unit(bldg) but you still must exit the garage and walk to your front door. My old condo had an attached garage, to the bldg, but I had to exit and go upstairs to my unit, still better than walking across a parking lot IMO. If you have a nice car , a garage is a must, if you drive a beater or inexpensive car its not that big of a deal, save money and just by a car alarm and cover.
ReplyDeleteThanks so much for all the feedback!
ReplyDeleteI am going to look for condos with detached garage since overall, it seems like what people will be looking to buy if I ever need to resell. It'd be more of a compromise between an attached garage condo and a carport condo. I can't afford the attached garage condos, so detached garage condos might be the middle of the road.
Thanks for all the points of views, all of which are greatly appreciated!
I think thats the wrong question to be asking.
ReplyDeleteYou should be asking whether its worth buying a condo right now or not.
I sold my condo last august in san diego and i'm very very glad i did. its dropped 40k since then. I'm renting it back for $100 over my mortgage while managing to pull out a sizable sum of money. My landlady's 10% downpayment has disappeared and she several hundred bucks negative every month on a 3/1 ARM.
if you need more convincing check out my blog and search for california or home prices.
You people disgust me.
ReplyDelete