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This is hard for me, because I would instantly go for more space and light (well...I actually don't care much about light because my mom says a in like to live in a cave because I have tons of blackout curtains and don't open them, haha)....but I love space!
But my husband would say stay in the cheaper apartment to pay off debt and save more $$.
It really depends on how bad the current place is, I guess. If you feel like its fine for now (just obviously not your dream home) then I might be able to make it work in the smaller place. Maybe. I really like space!
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I voted move but after reading all your info, I would actually stay and pay off the debt, etc. I would hate to get a raise and then immediately start spending it. We live in 600 sq ft and I WAH, so it's REALLY tough for me, but spending more $$ per month isn't worth it for us. To refocus we've started making our home more us, even with the bad stuff, so we like it more.
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Light is so important!! We were in a dungeon-y place before our current apt and it affected my quality of life so much more than I thought it would
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Is it worth $4,200 to you have more space and light? Because you said you would likely only stay in your currently place 1 more year and then revisit moving, I would try to think of it this way.
If it were me, I would weigh the $4,200 savings against the CC debt. If I were close to paying it all off (say < $1000), I might be swayed to go with the new apartment. If I had $5000+ left, I would probably just stay and throw the money at the CC debt.
That being said, if your husband truly hates your current place it might be worth it to move to keep his sanity and to keep everyone happy. Are these the only 2 options on the table or is finding a new place that is the same rent an option?
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@sunny: I agree I would look at it from a numbers perspective. Is that $4,200 worth it? Or do you risk saving that $4,200 but waiting a year and not finding anything and end up going up $500 in rent and eating that savings even more?
My vote is to take it while you can as long as you're confident you could stay there until buying.
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@mrsjazz: we are in a really similar situation. I am so over our apartment and want to move, but everything else is $400 a month more. I just could not justify it even though we would love a different layout with a bit more room! Turns out, we talked to our property mgmt company and we are going to move into another apartment within our complex that has had some renovations. So, we will have the same space but some of the things we hate about it will be fixed. Is this a possibility for you? Is there a better apartment in your building for the same price?
Either way, good luck and we can commiserate moving with a toddler together!
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Gosh, I've lived in small apartments, but never with a child...my apartment when I lived in Hoboken was also called the "Dungeon."
But I'd probably stay, you know why? There are a lot of hidden costs with moving, at least that is my experience. Tack on another $1000 and then run the numbers again and see if it makes sense.
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@bpcmarj: There actually is a better apartment in our building with the same layout. It's $250 more, which is fine, but do we pay $250 more for nicer floors and appliances but the same space? (We've only seen the apartment in photos, so not sure if it also gets the same amount of sunlight, which is NONE).
@looch: Right. This is a big reason I don't want to move. Besides the packing and unpacking pain, it's not cheap to move.
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@mrsjazz: I haven't read everyone's comments but I saw you live in BK and knowing how expensive and frustrating it is to find a good apartment, I would say do it! If it's only a few hundred more. Do you have to pay a brokers fee? I am in a similar dilemma and we are staying in our smaller place to save money and not spend all our savings to move
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I would stay for one more year (to finish paying down debt), and then move! Unless the darkness is affecting your mood... then I'd definitely move to get at that awesome sunlight you mentioned.
Tough decision coming up... good luck!
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@magnolia: It's a rare no-fee apartment. We just have to pay first and security.
@mrbee: The darkness does affect our moods. Is it summer outside right now? I wouldn't know. But I can suck it up for a year! I'm not too sure about DH though.
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@mrsjazz: If he's miserable in the darkness, then that would be the tiebreaker for me. Oh and also, it's so hard to find an apartment these days in the area... so finding one you love is a huge plus!!
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The extra room would be the selling point for me! I am just saying that because we have 2 kids in a two bedroom house. We are unsure about how and when we will transition them to the same (small!) bedroom but that is kind of the least of the worries. So I think if you are planning on trying for another child, the extra room will be very nice. On the other hand, if it's not exactly something you are wanting, it may be worthwhile to hold off and keep searching for something that is more suitable. Good luck and you will make the right decision!
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I would move; I feel like for $350 more, you can try to make other changes in your life to try to recover some of that.
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This is really tough...hmmm....I totally know what you mean about living in darkness/no sunlight. we actually lived in a basement apartment and it was terribly depressing- we stuck it out for 2 years bc it was a family situation and cheap, so we could save money for a house. at first, i was thinking Move- bc it's not THAT much more expensive, and more room plus more sunlight is very attractive. but then as i thought about it and how @sunny highlighted the money savings aspect, I am inclined to say I would probably stick it out for another year to pay down CC and save. I know it sucks, but it's probably the best move financially. the upside to living in a small, dark place is at least you live in a really cool neighborhood/area and i imagine there is tons to do and lots of stuff to do outside?
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@mrsjazz: I say stay! It sounds like if you tough it out a little longer it would really benefit you financially? DH's raise, saving money with the low rent, etc. I think it all comes down to what gives you a good quality of life. Light? Space? Cash in the bank?
Plus moving sucks
I totally understand your situation though because DH and I are in an apartment that we didn't intend to stay longer than 2 years in .. umm I think we're in year 4 now? I've lost track! We don't have much storage space at all, I hate being on the second story, our neighbors are kind of awful, etc. BUT we are sucking it up longer to get in a better place financially so when we do move it's into a MUCH better place!
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@mrsjazz: Also...I know you love your neighborhood....but it's pretty nice on this side of Manhattan and I think a little cheaper, too.
(I know your jobs are probably more convenient from where you live---but it's seriously great here for young families!)
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A huuuuge vote for move! Imagine how nice it will be to come home to a place you don't loathe. And everyone having their own space would be so nice. Sure you could suck it up, but I think you should take the chance to be happier and more relaxed, esp since it's still affordable.
Plus you need to give LO the "sister-baby" she keeps asking for
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WE ARE NOT MOVING! DH is a little sad but sometimes things are too good to be true.
Welp. Decision made. We had the building's violation history checked. Maybe the rent is below market rate because the landlord is horrible! I'm talking no heat and hot water and numerous tenants taking the landlord to court. Wish I could move that apartment to my building
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@mrsjazz: So glad you found out before you moved! And plus it makes the decision less agonizing for you. GL saving, hopefully you have that down-payment quicker than you imagined!
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@mrsjazz: yikes!!! so glad you found out before you moved- that's really terrible. Guess that helps make the decision. I'm sorry your DH is bummed though
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@mrsjazz: wow! I'm glad you checked it out!
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@mrsjazz: It's really awesome that you were able to find that information out before deciding to move there.
It sounds, from your post, like you're a bit bummed. If anything, the silver lining is that you now have more time to save. I missed if you're on month-to-month or if you have to resign for a year. If it's month-to-month, then you can keep looking ... If it's a year, you guys will be able to ROCK paying down your cc & debt, and be in a great place when it's time to move.
We were in the same situation last year, and it all worked out for the best. I'm sure it will for you too!
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I say move. How easy will it be for you to get your laundry to the laundromat in the snow?
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@mrsjazz: glad you didn't move! Sorry for your DH though
is the lighting the thing that bothers him most in your current place? Could you get one of those special lamps that people with S.A.D. use?
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Oops sorry I didn't see that you already made your decision!
Sorry, I'm in the minority too and vote to stay. I'm sort of in a similar situation where I hate where we live, but we just re-signed our lease and have agreed to stick it out one more year.
Here are my reasons you should stay:
1. Not having sunlight sucks BUT its about to be fall and the days are going to be shorter soon, so those long sun-filled days are only going to be around for about half of your new lease.
2. The rent is only $350 now, but there's no guarantee of how much more it will be next year. You didn't mention in your post if the new place was rent stabilized and it seems like they could jack up your rent next year and you'd have to try and figure out if you wanted to spend more on that place.
3. You don't have a second child now, so you don't necessarily NEED more room right this second. If you got pregnant soon, you'd be in a better position to absorb the extra cost of another child anyway. Also, not having a laundry room with lots of baby laundry would be annoying to me.
4. I hate debt. $350 a month towards a student loan could shave YEARS off your loan, which means owning a home sooner rather than later.
So, if I were you, I'd tell myself I'm going to live here just one more year as if nothing changed in my childcare costs, rent, or salary. I would bank the extra $350 difference in rent and the childcare savings, plus your DH's raise, and throw it all at the credit card debt, student loans, and savings. And then I would move next year.
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