ChargerMatt Posted August 17, 2012 Share Posted August 17, 2012 Hey guys, as you might know, I'm still living with my parents. But after the holidays I plan on moving out with a roommate. A room opened up at another friend's house and it has me thinking between my options. Option 1: 400 rent + utilities split 2 ways in a bigger house, nicer neighborhood, with only 1 roommate. Cost of living around 1700/month for me. Option 2: 225 rent + utilities split 4 ways in a smaller house, not as nice of a neighborhood, with 3 roommates (1 of which is never there - working all day, sleeping, and living with her boyfriend on the weekend). Cost of living around 1300/month for me. I'm just comparing my situations now and would love to know what someone else would do.... Any advice is welcome. Link to comment Share on other sites More sharing options...
JBlack151 Posted August 17, 2012 Share Posted August 17, 2012 If it was my choice and I could afford it, I would go with option #1 since I would prefer the bigger house and nicer neighborhood for my car to be parked in. Living with less people seems better to me too! Good luck with everything! Link to comment Share on other sites More sharing options...
GaryW Posted August 17, 2012 Share Posted August 17, 2012 If it was my choice and I could afford it, I would go with option #1 since I would prefer the bigger house and nicer neighborhood for my car to be parked in. Living with less people seems better to me too! Good luck with everything! I am with you here.. Plus option 2, if the one was to move out with boyfirend the you cost will rise anyway Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 17, 2012 Author Share Posted August 17, 2012 I am with you here.. Plus option 2, if the one was to move out with boyfirend the you cost will rise anyway Actually, the only thing that would rise are the utilities. His house is paid off and it would stay the same if ended up being only us two. Link to comment Share on other sites More sharing options...
Chewy Posted August 17, 2012 Share Posted August 17, 2012 1 All day long... Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 17, 2012 Author Share Posted August 17, 2012 I should add that when my student loan payments start, living situation #1 will be tight Link to comment Share on other sites More sharing options...
chas Posted August 17, 2012 Share Posted August 17, 2012 Go with number 1 for sure, the extra cost comes with extra peice of mind. Damn I wish I had your rent prices. I basically pay a hefty mortgage for a one bedroom in a duplex here in DC, absurd. Link to comment Share on other sites More sharing options...
Rich Posted August 17, 2012 Share Posted August 17, 2012 The more roommates..........the more problems. Go with 1 roommate. Link to comment Share on other sites More sharing options...
DieselDude Posted August 17, 2012 Share Posted August 17, 2012 I would go with Option #1 but why not still stay at home and save all that extra cost since your almost finished with school. Link to comment Share on other sites More sharing options...
Marylander Posted August 17, 2012 Share Posted August 17, 2012 #1. It's a better start on a more "mature" lifestyle, which will pay dividends in a lot of ways, like when you bring a date home, when a potential employer calls for you, etc. In general you'll feel more like an adult and less like a kid. Link to comment Share on other sites More sharing options...
RSCamaro Posted August 17, 2012 Share Posted August 17, 2012 Got to go with option 1 on this Link to comment Share on other sites More sharing options...
Chris@Adams Posted August 17, 2012 Share Posted August 17, 2012 If you can afford it I would go with option 1 as well! Link to comment Share on other sites More sharing options...
Green Machine Posted August 17, 2012 Share Posted August 17, 2012 Option 1. Link to comment Share on other sites More sharing options...
DaveVY Posted August 17, 2012 Share Posted August 17, 2012 Option 1 sounds better if the budget allows it, but one of your later posts sounds like it may be too tight financially. If things were financially "tight" would you be ok having to cut back on Adam's supplies? Also, be sure to leave room in the budget to start saving for retirement, the time to start preparing for retirement is NOT in your 30s or 40s. If you want to have a comfortable retirement that isn't dependent on the gov't you need to start saving during your 20s - first job out of school start saving at least 12%. Don't spend it all on housing. Link to comment Share on other sites More sharing options...
Chewy Posted August 17, 2012 Share Posted August 17, 2012 (edited) When I bought my first house I moved out of a rental house I was in with a buddy of mine. We paid 300 bucks TOTAL in rent!!! 150 each... I went from 150 a month plus half of the utilities to 750 a month plus all utilities. Dude, it HURT... I sold my sleds and my motorcycle and was living pay check to pay check. I couldn't afford a social life either. You need to sit down and do a budget. We (I've gotten married since) just bought a new house in February where the mortgage literally more than doubled, plus utilities are more (bigger home) it hurts, but I had a budget all worked out before even moving in. We (I) watch the funds like a hawk. We don't travel a lot or spend money on stupid stuff... When we spend money, it's usually on the house or our son. Priorities... We all have them, some of us mind them, and some of us don't. If you mind your priorities, you'll be fine. If you don't, you'll find yourself living like many Americans do now. IN DEBT! You could also get a job delivering papers or something to help make ends meet. There's NO shame in it! Edited August 18, 2012 by Chewy Link to comment Share on other sites More sharing options...
JBlack151 Posted August 17, 2012 Share Posted August 17, 2012 Very well said Chris! Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 18, 2012 Author Share Posted August 18, 2012 I would go with Option #1 but why not still stay at home and save all that extra cost since your almost finished with school. Well, I'm the youngest supervisor in my company's history, so I feel the need to move out since I'm making pretty good money at the moment. And I won't be done with school until December 2014 (if all goes to plan) since I'm only part time now. #1. It's a better start on a more "mature" lifestyle, which will pay dividends in a lot of ways, like when you bring a date home, when a potential employer calls for you, etc. In general you'll feel more like an adult and less like a kid. Yeah that's a good point. It is a big reason as I mentioned up top. Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 18, 2012 Author Share Posted August 18, 2012 Option 1 sounds better if the budget allows it, but one of your later posts sounds like it may be too tight financially. If things were financially "tight" would you be ok having to cut back on Adam's supplies? Also, be sure to leave room in the budget to start saving for retirement, the time to start preparing for retirement is NOT in your 30s or 40s. If you want to have a comfortable retirement that isn't dependent on the gov't you need to start saving during your 20s - first job out of school start saving at least 12%. Don't spend it all on housing. Already putting in 5% When I bought my first house I moved out of a rental house I was in with a buddy of mine. We paid 300 bucks TOTAL in rent!!! 150 each... I went from 150 a month plus half of the utilities to 750 a month plus all utilities. Dude, it HURT... I sold my sleds and my motorcycle and was living pay check to pay check. I couldn't afford a social life either. You need to sit down and do a budget. We (I've gotten married since) just bought a new house in February where the mortgage literally more than doubled, plus utilities are more (bigger home) it hurts, but I had a budget all worked out before even moving in. We (I) watch the funds like a hawk. We don't travel a lot or spend money on stupid stuff... When we spend money, it's usually on the house or our son. Priorities... We all have them, some of us mind them, and some of use don't. If you mind your priorities, you'll be fine. You could also get a job delivering papers or something to help make ends meet. That's what I'm thinking. I think about only saving 100-200 a month, tops. And wonder how long I'm going to be stuck without having any equity but a car. Then I think about living with more people and figure I can save up to 700 a month or so... Damn good if I do say so. Link to comment Share on other sites More sharing options...
Chewy Posted August 18, 2012 Share Posted August 18, 2012 I lived with two other people once and it was HORRIBLE. Hated it... I'm a bit of a home body though. When I'm done with work I like to have my "ME" time. It may only be 5 or 10 minutes, but it's MY time to just chill and compose myself. You can't do that with that many people in a smallish house. TRUST ME. Link to comment Share on other sites More sharing options...
Z71_Denali Posted August 18, 2012 Share Posted August 18, 2012 do either have a garage you can park in? the only differences i see in the 2 options is the cost of living, the neighborhood, and the size of the house. if one of the roommates is never there, then they shouldn't factor into your decision. if the guy owns the house, that will be a safer place (financially) if the roommate in option 1 should skip rent or move out unexpectedly leaving you with his half of everything. is the neighborhood a bad one, or just not as nice? if they have the same crime rate, then i wouldn't factor that into your decision either. don't wait to start paying your student loans until your grace period is over! while they're in deferment, they are still accruing interest. start paying it now, so you pay less in the long run, and try to pay more than the minimum if you can. Link to comment Share on other sites More sharing options...
b_pappy Posted August 18, 2012 Share Posted August 18, 2012 I'm not a big fan of roommates, fewer the better, but only you know your financial situation, school needs, work, etc. Bruce Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 18, 2012 Author Share Posted August 18, 2012 do either have a garage you can park in? the only differences i see in the 2 options is the cost of living, the neighborhood, and the size of the house. if one of the roommates is never there, then they shouldn't factor into your decision. if the guy owns the house, that will be a safer place (financially) if the roommate in option 1 should skip rent or move out unexpectedly leaving you with his half of everything. is the neighborhood a bad one, or just not as nice? if they have the same crime rate, then i wouldn't factor that into your decision either. don't wait to start paying your student loans until your grace period is over! while they're in deferment, they are still accruing interest. start paying it now, so you pay less in the long run, and try to pay more than the minimum if you can. Well, option 1 would be my friend buying a house. So there's only speculation to if it has a garage or not. most likely because the city he is looking in almost all have garages. Option 2 does, but it needs to be cleaned out. He refinished his entire basement so it's filled with, well, everything that is needed to do that. It's not a bad neighborhood, but it's not as good of a neighborhood as option 1 is. The city he is looking at is primarily a bunch of old retired folk... which is a downfall, because there is virtually NO nightlife. And I want to pay my loans off ASAP, just like my car loan. Which is why I think #2 would be much better financially, but #1 is would be better for peace of mind. Link to comment Share on other sites More sharing options...
Chewy Posted August 20, 2012 Share Posted August 20, 2012 It's not a bad neighborhood, but it's not as good of a neighborhood as option 1 is. The city he is looking at is primarily a bunch of old retired folk... which is a downfall, because there is virtually NO nightlife. And I want to pay my loans off ASAP, just like my car loan. Which is why I think #2 would be much better financially, but #1 is would be better for peace of mind. You'll have no time or money for a "night life" anyway. Remember, priorities! What's more important? Get through the hard stuff and then worry about a social life. If you want to get down and dirty, sell the car and buy a decent car you can pay less of a monthly payment on. Chris Link to comment Share on other sites More sharing options...
ChargerMatt Posted August 20, 2012 Author Share Posted August 20, 2012 You'll have no time or money for a "night life" anyway. Remember, priorities! What's more important? Get through the hard stuff and then worry about a social life. If you want to get down and dirty, sell the car and buy a decent car you can pay less of a monthly payment on. Chris My car will be paid off in December Link to comment Share on other sites More sharing options...
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