So, I live in this very small apartment. A studio, in fact, with the smallest kitchen in the city and a breakfast nook that I have converted to a walk-in closet, because while I can eat breakfast anywhere, my clothes deserve the royal treatment. I love it, though. It is cozy and suits me. I need to step up my interior decorating game, but hey. There are worse problems.
The location of my apartment is stellar. Sure, shit gets a little crazy in the weekend and sometimes I am annoyed to walk out to a sidewalk adorned with vomit and pizza crusts, but that is life in the big city. I adore that I can walk to work and I love my local bar and the easy access to half a dozen bus lines.
Turns out my building is being sold. If my tenant’s association has its way, we will all pool resources and buy this building. Don’t ask me details; real estate is not an area of expertise, but the fliers constantly making their way under my door tell me we have a decent shot at buying this building. I could purchase this place for a fairly decent price. Well, more than fairly decent. For this neighborhood, it would be an unheard of price.
But I would own a studio. I would own a studio that doesn’t have a dishwasher, but does have a hole in the floor. Yes, there is hole in my floor. One of the planks snapped and there is now a decorative ditch in the middle of the apartment and its sole purpose is to cause me to trip. Also, it repels men. Turns out men care about structural integrity.
People think I should buy this place, that in an area like DC where it is impossible to get in the market, I should make the investment. They seem to think this is what you do, you buy things. But, but, but…I just don’t want to. I don’t want to own something so small but more importantly, I don’t want to own. It seems like such a burden. Dealing with plumbers and electricians seems nightmarish. And, well, it is an anchor. Is this where I want to hang my hat long term?
Is this adulthood? And I don’t mean that in an existential, angsty way, but really? Is this another step to feeling grown, buying this place? Or is it grown to say “I don’t want this and fuck your expectations?”
{ 28 comments… read them below or add one }
I feel ya on the buying vibe. It seems so many only suggest it because they think that it’s what to do to be or feel as an adult. Like inexplicably people started to suggest we think about buying a house (because we’ve been married 3 years) right as I lost my job. Really? Being on unemployment and barely getting interviews seems a good time to buy?
this was no help to you.
I’ll end with this: structural integrity is overrated.
Don’t let anyone talk you into buying if you don’t want to. You’ll always regret it and the people who suggested it will be on your shit list indefinitely.
Miss Dallas´s last blog ..Putting Off Plans
It could be one hell of a burden, but if you could rent it out for double the price I’d do it. But renting out to people could also be a burden.
Several years ago when I was living on my own in the city (in a HUGE apartment that was dirt cheap), I was feeling the pressure to buy. It seemed that everyone around me was buying a house or a condo and it was what I was “supposed to do”. So I began talking to a mortgage broker and a real estate agent. My credit wasn’t stellar so I took steps to increase my score. I looked at quite a few condos and fell in love with 2 of them. After all was said and done, I didn’t get approved for any type of financing so I wasn’t able to purchase anything.
I remained in my apartment for a couple more years, got laid off, met my boyfriend, moved into a house that a friend of mine purchased, hated it, moved in to my boyfriend’s teensy tiny (but dirt cheap) apartment. I’ve been mostly unemployed for almost 3 years now, but I’m also a full time student now.
I am SO glad that the buying thing didn’t work out. Not only because I would’ve been fucked and likely had to foreclose, but most of my friends who DID buy are completely underwater now on their homes because of the market. None of them can sell because they would lose a shit ton of money, but they also can’t refinance because their homes are worth far less now than when they bought. They’re all screwed (for the time being, at least).
I am perfectly fine renting. We don’t have any plans to buy in the near future. Someday down the road we probably will, but for now it just doesn’t make sense. Our rent is so cheap that we’re able to save quite a bit of money. If we owned right now, that wouldn’t be possible. Not to mention the fact that when shit breaks, we’re not responsible for it. Our lease is month to month so we can leave whenever we want. We’re in a great location.
This comment is getting long now, but I say if you’re not feelin’ the buying thing, don’t do it. Especially in a studio in an older building. The investment likely won’t pay off, even after many years. I’m no expert, but I wanted to just throw my personal experience and thoughts out there
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If you don’t want to buy, do not buy. Period. (IMO of course.)
If its just you, structural integrity is overrated… right up until that moment when you decide you want to sell. Then structural integrity is money. moola. cash.
If you are looking to buy, you need factor in the costs of all of the repairs you’ll need to make before you can sell the place. Getting it for a steal now means nothing if you’ll need to fork over a boatload when it’s time to sell.
vvk´s last blog ..Stimulus
I am a “grown up” with a career, etc. and I still haven’t found that urge to buy. It sounds like an enormous pain in the ass. So I understand.
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It’s being grown up to do what YOU want and not cave to peer pressure. Buying things just to buy things is irresponsibable and why Americans are all broke (all but a few of us non-materialists). Of course my beliefs are similar to those of Buddhists, I’ve never valued things over people or thought of my home as an “investment”. Even thinking like that is utterly alien to me. Bottom-line, if YOU want and need it, get it, otherwise don’t.
Also, take a look at this: http://visualizingeconomics.com/2011/03/23/real-vs-nominal-housing-prices-united-states1890-2010/
The graph basically shows that housing isn’t generally a great investment in the long run. A mortgage is simply a way to force you to save your money.
vvk´s last blog ..Stimulus
Oh, the latter! “Owning a home is the American dream” has turned out to be the ultimate scam for a lot of people. Debt sucks, don’t do it unless you’re absolutely sure.
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While your apartment has an awesome location, I don’t think you should buy something before you’re ready/unless you’re sure you love it.
Just ask my boss.
As if you need another voice here saying don’t do it.
You don’t seem too into the idea, and for something like that, I feel that you should be.
Seems black and white, but these things rarely feel that way.
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It’s basically the same conversation we were just having about parenthood: Don’t let others pressure you into it. Don’t do it just because it’s the ‘next step’ and it’s what society says you’re supposed to do. It’s complicated and more people should think about what it’s really like before diving in.
If you were excited about it, then I’d be excited for you. But you don’t sound excited. (And also, what the other commenter said about the hole in the floor is true. It doesn’t matter to you: It will matter to a potential tenant or buyer.)
Home ownership is not as terrifying as I’d thought it would be. It has forced us to save our money, and we’re really happy living where we are. But no it’s not all roses. The only reason we bought here was because we knew we could rent it out when we leave in a few years, and we’d have a place to come back to when our jobs rotate us back here. Plus we got it for an amazing price, and it is definitely the right place for us.
It’s early. I’m rambling. My point is: If you were ready and this were the right thing, you would know it. Fuck their expectations.
When are you ever indecisive about anything? If you’re wavering, that means no.
Ha, yes. You are right. I know I don’t want to own it. I guess there is part of me that wonders what I am missing about the joys of owning. It seems to kind of suck.
Lexa´s last blog ..To Own
well, it doesn’t suck completely
I’m happy with mine. But I also love the location, don’t have a hole in the floor and do have a dishwasher.
But I’d be worried about buying in your case b/c it sounds like it’s a communal property: that’s partially why it’s such a good deal $$ wise. But if you ever wanted to rent, sell, etc, the other people in the building would have a say in the matter.
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It’s like men, and settling for one because you feel as if you should settle down. This studio is like that really nice guy, the one who makes a good living and treats you well, but for whom you don’t feel that “spark.”
Don’t settle down with that studio, or that guy - no matter what everyone else is doing, or what they tell you that you “should” do.
Don’t do it, especially a studio. Most people who are looking to buy don’t buy a studio. Of course, you could eventually have the ultimate headache (but secondary income) if you used it as a rental.
But really? Not worth it.
My two cents… I swore it would be a long ass time before I owned a place. In December I nervously signed my life away to a 602sf 1 bedroom in a location that sounds exactly like yours - definitely one of the best locations in the city, and we got it for a steal. Honestly, if we had to sell it tomorrow, we’d make a bunch of money on it. And I think that might be something to consider… since you’re happy there now and you can get it for so cheap, when it’ll be time to sell, you’ll make a nice profit on it and either rent again or be able to afford your dream apartment. I honestly think it’s a good investment. Places like Boston and DC - the next person that comes along to buy will either buy to live there OR will buy to use as an income property and they will rent it out. That’s not something you have to worry about. City real estate is gold - especially when in the perfect location.
On the “grown up” thing, I haven’t noticed a difference since owning. The mortgage is larger than what I was paying in rent, but I’ve been able to make the place my own without having to ask a landlords permission and when something breaks, I don’t have to be tied to waiting on when the hell the landlord will show up. Over 8 years of renting in Boston I spent well over $100,000. Now I’m spending money that I’ll actually get back one day.
I just wanted to be on the flipside of all of the other comments.
My biggest fear in owning is the anchor. Although I love Boston and definitely *think* I’ll end up somewhere in this area, I’m not ready to commit fully.
Hmm. Story of my life, perhaps.
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Owning gets so expensive after a while. It’s not a goal of mine right now, or in the foreseeable future. I think I’d be ok with never owning, actually. If you don’t love it, why own?
That is, unless you could potentially move elsewhere and lease it out. If you live in the neighborhood I think you do, you could probably get away with charging an exorbitant amount and if that would equal less than what you would put into it, it could be worth it. But then there are property taxes and responsibility involved, and who wants those things?
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I think if it is not the space you want to own - too small, too hole-in-the-floory - then it’s probably not right. If you don’t want the expense/hassle of maintenance, think about how you get to write off all your mortgage interest. If it’s that you never pictured yourself buying a place by yourself - which is what my hangup was - then I would sit down and explore that a bit. It’s a fantastic neighborhood, and if you’re getting it for a good price, it’ll be a great investment. But you need to want it to be yours to take care of, and want to stay there at least for a while.
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My instinct is to say not to do it, but that’s just gut — what I know about real estate could fit in a cup measure.
My other instinct is to say talk to a realtor before you make up your mind, and if you need one, e-mail me: my ex-roommate is the best (literally — magazines have said this, it’s not just that I always think my friends are the best at everything [they are]) and if you tell him I sent you, he’ll give you the straight shit.
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Did you just say something about “joys of owning?”
Sorry. Totally NOT laughing…… Damn I wish I had a landlord.
If you can buy a property and rent it for more than the mortgage, then buy it.
That being said, I own now. I can rent my place for the mortgage and then some if I so choose to get the fuck out of here. And if I told you what my mortgage payment was out of my own pocket each month, you may cry.
TheDivorcedGuy´s last blog ..On Hiatus
I would buy, no question… but that’s me. Do what’s best for you!
You don’t want it.
Susan´s last blog ..
Structural integrity…
Mrrroooowrrrrrrrrrrrrrrrrrrrrr
Peter´s last blog ..this dream’s too amazing
Unless you plan to live there for a LONG time, don’t buy. We bought knowing we would only be here for a few years, and now we’re moving, and we can’t sell because the market is LAME and now we have no idea what to do, and it’s seriously evil.
So, unless you’re like my friends who bought their dream house and plan to live in it till they DIE, no joke, save yourself the hell of buying something you wont love forever. It isn’t worth it.
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