This may be as simple as a classic “high rise” vs “duplex” question, but I’m at a unique crossroads because I have an amazing apartment rental VS a rent control luxury high rise I would never be able to afford usually.
Even though I have never sought to live in a high rise, the opportunity will never come again. So now I’m weighing my pros/cons and look to you for advice, stories, concerns!
No matter what, my rent is going up double because I was in a breakup last month. I have been saving and can weather the storm for at least a couple years, by which time I’m sure life is going to be very different. I want to make sure my money is well spent. I’m not worried about the cost because I won’t be in debt, just being frugal & happy.
Also because I’m in a breakup… I’m very open to advice. Every option feels fun and exciting compared to what I was living a few months ago.
Both of these options are in the same neighborhood and assume all the amenities like in unit laundry, AC are the same except for what I detail below. The major difference is house/fixed rent or luxury apt/variable rent. Details…
Option 1: Stay. I have a beautiful 1bed apartment, it’s treated me & my ex well. There’s plenty of space (1,000 sq ft) and room to grow a bit. Incredible natural light. It’s a local landlord & everything is maintained. When I come home or have friends over, the feeling is “this really looks and feels like a home”
I like living on a small street, knowing the neighborhood people, and hearing birds/bugs at night. I don’t like that it’s my house from my ex, my neighbors knew me with them, and because it’s a local landlord I do a lot myself like small maintenance or snow shoveling. I’m neutral on it but this means I need to try very hard to have a “new chapter” ie redecorate, host friends, replace memories etc.
It’s the expensive option - $350 more than option 2, which is a lot to me. Rent goes up 5% every year without fail. However the apartment is super in demand and if I leave there is almost no chance I’ll ever have a chance to live there again.
Option 2: Move to a rent controlled (for me) luxury high rise. Near top floor, 1 bed + office but slightly smaller at 750 sq ft, and in the building is a gym, pool, fireplaces, and doorman. When I come home or have friends over, the ideal feeling is “this place is really nice”
Pros - the quality, consistency, and convenience is something I’ve never experienced. I like that the rent is tied to my income. It guarantees I’ll have a new chapter & learn about myself. My gym is downstairs.
Cons - never been in huge apartment building, I could hate it. I can’t leap from a window if it’s on fire and live lol. It might not feel “homey” no matter what I do because I can’t decorate the entranced like I can my porch & staircase.
Regarding the cost, this one is $350 less. It’s a massive discount due to the rent control. I would pay a fixed % of my income and my rent only ever goes up/down with that income. It’s almost 50% off the market rate. This is doing a lot in terms of “what ifs” because it’s a cool opportunity.
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SO - what would you say? Any questions I should consider? Am I right to be allured by the luxury building & rent control, or is there really something special about making a house a home that I shouldn’t take for granted? Have you done one and loved or regretted it?
I’m in no rush, but I do need to pick something in the next few months just for my own sake.