In light of the recent posts by Ree and Boss, I decided to solicit some advice.
Marty and I rent. For the most part this is a good situation for us, but recently we've had some issues. We've talked about buying, but have decided to wait a while longer.
Last week we got a letter from our apartment complex letting us know that our lease ends in mid-September. It's time to decide now, though, whether we want to stay or move because if we decide not to renew our lease, we need to give them 60 days advance notice in writing. That means we've got about 2 weeks or else one decision is made for us.
I guess the main reason we would want to move and not renew our lease is that the rent is jumping up $60/month (last year the rent went up only $15/month). That's $720 more per year. That's almost one month's rent.
So we're debating, is it worth it?
I'm quite sure that we can find a place that rents for less than the new lease rate. But there's more than just that to consider.
When we moved in our security deposit was "waived". This means that none of the move-in fees we paid are refundable--$300 pet deposit, $100 administrative fee--completely gone if we move. We'd likely have to pay similar non-refundable amounts if we move somewhere else. And also perhaps a standard security deposit.
And finally, there's the hassle of moving. I don't like moving. I don't like the idea of boxing up all of our stuff just to move to another rental property across town. But, I admit, as I look at potential places online, I like some of the things I see--more personal yard space for Razor to run around, no upstairs or downstairs neighbors, etc.
So, I'm conflicted. What do ya'll think?
6 comments:
I'd hang out a little bit longer. If you get a new job -- you might want to look at buying... :)
Christina
If you have found another place that has better facilities for an equal or lesser rent, I would say pack it up and move. Of course, if you REALLY object to moving SO MUCH, that you you would rather not move and pay more rent, then there is your choice.
If you are job-hunting, it may make sense to stay put for now. Unless, of course the rent increase makes your current home unaffordable. But you have obviously realized there are also expenses associated with moving. Add in the hassle to the number crunching to see if it is worth it.
If comparable places exist for cheaper, don't forget there is the possibility of negotiating with the existing landlord ... (in your remaining 15 days).
Looking at the places you travel to daily...cost of gas. Living up stairs is a perk for heating and no stomping above head at all hours of the night. The stairs give you good exercise. When you get old that is a factor:) You have the beautiful bike path and lake. I hate dealing with deposits...they always seem to try to find a way to keep your money.
It's hard with the whole job thing in the air. If you're suppose to move it will be made clear. There will be an opportunity that you just can't pass. Ok enough said good luck!!!
Some landlords we've had have been willing to go to a month-to-month arrangement after the first year - but we've usually rented from smaller organizations.
While the job hunt introduces significant uncertainty, the cost of changing where you are renting in the short term is going to exceed the rent increase.
Is the pet deposit entirely non-refundable? Is it just to cover their post-pet cleaning costs?
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