Sunday, March 27, 2016

The numbers don't lie

Image:  http://img-aws.ehowcdn.com/600x600p/photos.demandstudios.com/12/124/fotolia_2973074_XS.jpg

Last month, I toured some large appartment complexes in the city North of here, where I expect to relocate. One common trend amongst 3 of them is that although the monthly rent is advertised/listed as $X, there are many non refundable fees (both one time flat as well as monthly) in addition to the rent. I have been comparing units, based on several things such as location, commute time to work, noise, condition of the complex, etc but more importantly, focusing on my bottom line. I can then more accurately compare the cost of living at an alternative location vs remaining here.

Complex # 1: rent + pet flat fee (divided over 12 months for calculation purposes) + application fee + monthly pet fee + trash and commons fee + water/sewer (an unknown so I didn't include this in my math) + covered parking and factor in elimination of chimney sweep services, trash, fire wood costs, lawn and plow services, the monthly savings over staying here is $640.33.

Complex # 2: rent + pet flat fee (divided over 12 months for calculation purposes) + application fee + monthly pet fee + trash and commons fee + water/sewer (an unknown so I didn't include this in my math) + parking and factor in the eliminated services I am paying for here, this yields $628.16.

Complex #3: rent + pet flat fee (divided over 12 months for calculation purposes) + application fee + administration fee (??!!) + monthly pet fee + trash and commons fee + water/sewer (an unknown so I didn't include this in my math) + parking, and actor in the eliminated services I am paying for here, this nets $369.16/month in savings over living here.

Image: https://mrwilliamsburg.files.wordpress.com/2008/04/row-of-condos1.jpg

This past week has had me working with a local realtor, to try and get a handle on what the condo and townhouse market is, especially as I was having a hard time finding anything on line, and the city just North of here has a ton of condos. I did find a perfect situation: a private aka separate home within a condo development so still a condo. Met all of our needs; someone beat me to the punch as they say. So Friday, DD and I toured some homes and condos that the Realtor pulled to show me. We found a perfect one, and I have officially put a rental deposit down on it, filled out an application. I've alerted all of my 3 references that someone will be reaching out to them, and advised my current LL that someone will be contacting her for a reference, as I am exploring my options, but will let her (the current LL) know what I ultimately decide,once a decision is made. LL wrote back inquiring if I was planning on breaking the lease (ends in July) and I replied that I have 2 kids graduating in June, it would be sometime after that. She replied, OK, the end of July also works for her. Not sure now, if she is indicating that I could break the lease come June, or if she meant, stay until July and pay. I will cross that bridge when I get to it. I just didn't want her to be surprised by a potential LL calling her.

The math on the condo is as follows: rent. Savings over living here: $746.16. To be fair, I need to see a lease, to determine if there are any additional costs such as water/sewer. The stacking of fees (both pet and non pet related) at the aforementioned complexes really left a bad taste in my mouth, as my grandmother would have said.

Details on the properties:
complex 1: 3 bed/2 bath, 1443 sq feet built 2015
complex 2: 3 bed/2 bath, 1469 sq feet, built 2005
complex 3: 3 bed/2 bath 1313 sq feet, built 1998 (it's age was showing)
Condo: 3 bed/3 full baths plus powder room, 2304 sq feet, built 2005


I should here back on Monday, whether or not the owner of the condo is accepting my offer. The current tenants are breaking the lease early (signed it in end of Aug 2015) as they split up. Woman is moved out, guy mostly is, some personal stuff remains. LL is willing to take a June 1 tenancy, if this goes thru, we'd move smalls ourselves (taping my friend with a Suburban's shoulder) and then move after graduation, say the 3rd week in June. Clean this place and be out before July.

Thoughts?

16 comments:

young77 said...

You have, once again, done amazing homework. One thing I learned renting a condo a number of years ago was a condo owner can decide to sell. I was given right-of-first-refusal, however, I had to find another place to live as buying wasn't feasible. Chose an apt that time. I don't know what the mkt is like there - just thought I'd mention it. Shirley

Kathy said...

Wow, great research! It does sound like the condo would be the best buy...more savings each month, with more room and it is newer.
I'm not a fan of apartments, and I think a condo/townhouse offers more privacy and comforts, but that is just my opinion.
Wishing you the best in this new move.

meme said...

wow - that is an amazing savings with renting the condo - I know you still have the fees to consider. Seems like it would have enough room, bathrooms, space!

Here is my area - LL's are not allowed to charge you for any water fees.

I hope it works out for you!

Lee Ann said...

Very detailed information. I am sure you will make the best decision for you and your family.

BTW-when is your surgery?

CTMOM said...

2 days

Marcia in rural WNY said...

Exhaustive considerations. My granddaughter is currently looking for a new apartment, and I was quite surprised at the rents being asked for in Buffalo NY. She has a cat too, so needs an apartment that takes pets, although that is just an inconvenience--not impossible to find.
But most apartments in the areas she prefers are twice what she is paying now. She's had a roommate for 2 years (two different ones) and would like a place of her own, but not sure she can afford it.

The condo does sound the best situation so far, and the savings is good besides. Hope it works out the way you like, and good luck on your fast-arriving surgery date!

CTMOM said...

Marcia, thanks for the good wishes. As far as the hunt for our next abode, I am a "do your homework" kind of a gal. : ) Helps me to make a thorougly informed decision.

CT Bargain Mom said...

Very good homework. Application fees and pet fees are very routine. Most complexes run a credit check at minimum on potential renters. Tras, water and sewage are usually rolled into the rent in my experience. Unless there are common fees that condos have.

Kathy said...

Hope that everything goes well with your surgery! Wishing you a quick recovery.

Lee Ann said...

I would love to send you a get well card!

thyme2save said...

Best wishes for your surgery. Want this to be successful with a quick recovery.

Ms. Sandie said...

Thinking about you. I hope surgery went well.

Belinda said...

Sending good thoughts and prayers your way, Carol. I hope your surgery went well!

Florence said...

Hope all went well with the surgery and that you have a speedy recovery!

kelley said...

Hope your recovering nicely by now...

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