Author Topic: Should I get an efficiency apartment?  (Read 5549 times)

FrugalSaver

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Should I get an efficiency apartment?
« on: March 24, 2018, 11:59:26 PM »
I have a friend who posed this question to me.  I would like the advice of the mmm community.

She's wasted money on apartments for years waiting to buy a house to get married.  Now 15 years into a career, and still unmarried, she lives in an apartment that costs about $1250 per month.

Downsizing to an efficiency - say 700-800sq feet, could be done for about $800 / month, maybe less.

Thoughts?

grantmeaname

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Should I get an efficiency apartment?
« Reply #1 on: March 25, 2018, 01:18:19 AM »
That would be $450 cheaper.

I'm confused what you're looking for here.  Is there some sort of special consideration for your friend that makes them worry studio life will go worse than 1-bedroom life?

It'll be different, and then a little while after the change is made they'll be just as happy as before. The same as most any change in spending.
« Last Edit: March 25, 2018, 01:38:01 AM by grantmeaname »

Plina

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Re: Should I get an efficiency apartment?
« Reply #2 on: March 25, 2018, 07:14:23 AM »
My advice would be to buy a house if she wants to live in one. To my knowledge you don’t have to be married to live in a house. ;-)

I quite frankly doesn’t understand the american obsession to get married and why you would frame it that she has wasted money on apartments. She should live in a apartment or housing that makes her happy. Figure put how she want to live and go for it. Personally I live in a one bedroom condo because that is what makes me happy. I would not downsize because I want more then one room.

FIRE Artist

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Re: Should I get an efficiency apartment?
« Reply #3 on: March 25, 2018, 08:01:04 AM »
How does she want to live?  A studio apartment would not be enough space for me personally, my art space is almost as big as a studio apartment. I also have a dog so greatly appreciate having a back yard for early morning potty breaks. Everyone has their own space needs which can vary throughout life.

Why does she need to be married to purchase a home?  Seems a bit antiquated. Living the life she wants without a husband may very well make her more attractive to potential mates as well. 

Is she looking to FIRE?  Is that the driver of the question? 

neophyte

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Re: Should I get an efficiency apartment?
« Reply #4 on: March 25, 2018, 08:22:41 AM »
Single lady here. Bought a house last year.  (A giant one!  Now I'm a single landlady!) I also don't understand the marriage part.  As far as I know, you no longer need to be male to own property in most places.

She's got to consider what's most important to her.  Sure, sometimes I wonder what we'd do with my house if I got married, but I figure I'll cross that bridge when I come to it.  Being in my 30's and having been single for years, there's probably a fair chance I'll never see that bridge.  I wasn't going to keep waiting for something that may or may not happen in order to live how I wanted. 

terran

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Re: Should I get an efficiency apartment?
« Reply #5 on: March 25, 2018, 09:02:04 AM »
Downsizing to an efficiency - say 700-800sq feet, could be done for about $800 / month, maybe less.

My wife and I live in a 700-800 sq ft apartment. It's 2 bedrooms. It's not that small. I would think of an efficiency apartment as more like a studio and half that size.
« Last Edit: March 25, 2018, 09:04:06 AM by terran »

FrugalSaver

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Re: Should I get an efficiency apartment?
« Reply #6 on: March 25, 2018, 09:35:28 AM »
Thanks for the comments. I can’t know what her emotional rationale is for wanting to wait to get married but at least as she’s laid it out to me mentally, it’s a desire to not have to deal with two houses when she does get married, which is something she wants to do

I don’t think it had anything with society not allowing women to own property or antiquated societal role norms as may have been suggested above.

FIRE Artist

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Re: Should I get an efficiency apartment?
« Reply #7 on: March 25, 2018, 09:50:07 AM »
Thanks for the comments. I can’t know what her emotional rationale is for wanting to wait to get married but at least as she’s laid it out to me mentally, it’s a desire to not have to deal with two houses when she does get married, which is something she wants to do

I don’t think it had anything with society not allowing women to own property or antiquated societal role norms as may have been suggested above.

Sounds like she is not living in the moment for something that may never happen in the future. Doesn’t want to deal with two houses when she gets married?  So this imaginary future husband is a homeowner.  Nice catch ;)

FrugalSaver

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Re: Should I get an efficiency apartment?
« Reply #8 on: March 25, 2018, 11:01:24 AM »
Thanks for the comments. I can’t know what her emotional rationale is for wanting to wait to get married but at least as she’s laid it out to me mentally, it’s a desire to not have to deal with two houses when she does get married, which is something she wants to do

I don’t think it had anything with society not allowing women to own property or antiquated societal role norms as may have been suggested above.

Sounds like she is not living in the moment for something that may never happen in the future. Doesn’t want to deal with two houses when she gets married?  So this imaginary future husband is a homeowner.  Nice catch ;)

I hear ya but it’s her preference so I have to honor her desires in trying to help her out

Zikoris

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Re: Should I get an efficiency apartment?
« Reply #9 on: March 25, 2018, 11:51:56 AM »
Depends on how much stuff you have, really - the smaller the space, the more you need to be pretty minimalist. Our two adult + 1 cat household has been happily living in a 400 square foot studio for many years now. Our first apartment together was substantially smaller - maybe half the size. I remember that cooking was really efficient there because you just had to stand in one spot and rotate to access literally everything there was (stove, sink, cupboards).

It's funny to think of 800 square feet as being "efficiency". I don't think I've ever rented an apartment that big in my life.

JLee

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Re: Should I get an efficiency apartment?
« Reply #10 on: March 25, 2018, 12:21:23 PM »
800 sq ft is an efficiency apartment?

Shit, I have a 900 sq ft 2br shared with another person and it feels positively roomy.

DreamFIRE

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Re: Should I get an efficiency apartment?
« Reply #11 on: March 25, 2018, 12:32:03 PM »

Living alone, I used to live in a house with just over 1000 sq. ft. which had a 1 car garage.  I always felt it was too small, so after 9 years, I upgraded to a 2600 sq.ft. house and a 2 car garage, which I've been in for 16 years.  With FIRE next year, relocation is on the table, and it looks like I'll need to downsize to keep it a lateral move financially.  I'm not sure I can handle dropping down to 1000 sq.ft. though.

Sorinth

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Re: Should I get an efficiency apartment?
« Reply #12 on: March 25, 2018, 03:40:38 PM »
I would assume the concern about buying when single (Male or Female) is that if you might have to sell and move to a new place once you do you start a family. There's the risk of buying, and then selling in a couple years and possibly losing a decent chunk of money in the process. So renting has some advantages.

As for what your friend should do it really depends on what the market is like in your area and her financial situation. Downsizing her apartment for an extra $450 a month seems like a good idea, though you also have to consider location. If it adds a lot to the commute it might not be such a great idea.

limeandpepper

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Re: Should I get an efficiency apartment?
« Reply #13 on: March 25, 2018, 04:52:46 PM »
My partner and I live in a 400-something sqft unit. It's fine. There is even enough space for his dual-monitor home office setup and a dozen musical instruments. Everyone has their own wants and needs of course but as far as I'm concerned 700-800 sqft is pretty big, enough to house a family of 3-4 with the right layout, so if the question from the OP is to downsize or not, for me personally it's a no-brainer.

DreamFIRE

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Re: Should I get an efficiency apartment?
« Reply #14 on: March 25, 2018, 05:43:02 PM »

Living alone, I used to live in a house with just over 1000 sq. ft. which had a 1 car garage.  I always felt it was too small, so after 9 years, I upgraded to a 2600 sq.ft. house and a 2 car garage, which I've been in for 16 years.  With FIRE next year, relocation is on the table, and it looks like I'll need to downsize to keep it a lateral move financially.  I'm not sure I can handle dropping down to 1000 sq.ft. though.
I'm the opposite. Owned a 1000 sf house 3 bedrooms 2 baths 2 car garage I lived in alone (except pets) and it felt HUUGE.  Two extra bedrooms and bath were empty except I put a guest bed in one. Almost never went in those rooms. Same with dining room. Just ate at the snack bar in.the kitchen. Couldn't downsize due to having several dogs - a couple of them large - and needing a big yard. Now with just one small dog left I sold my place last year and look forward to a very small place (500 sf or so) for next place. I'm a pretty hardcore minimalist so its easy for me. Just googling studios apts and saw a 200 sf studio with a Murphy bed for rent. In an expensive SoCal beach town so not for me but fun to look.
For an apartment, especially if it's temporary, I think I can handle something smaller than 1000 sq.ft. to save on rent.  But if I end up buying a house again, I don't want to go that small.... maybe 1500 sq. ft., and I'll give up the pool table.  That would be a significant downsizing for me.  I still want a two car garage, though.

Awesomeness

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Re: Should I get an efficiency apartment?
« Reply #15 on: March 25, 2018, 06:23:57 PM »
If she would be happy with a smaller cheaper place then go for it. Saving money is always a good idea.  It’s this not being married yet, apartment or house thing that’s makes me wonder if she would feel like living cheaper would make her feel like a failure.  She should live where and how she wants now and cross that married bridge when she gets there.  It should be a financial move versus I may get married someday move.

DreamFIRE

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Re: Should I get an efficiency apartment?
« Reply #16 on: March 25, 2018, 08:19:09 PM »

Living alone, I used to live in a house with just over 1000 sq. ft. which had a 1 car garage.  I always felt it was too small, so after 9 years, I upgraded to a 2600 sq.ft. house and a 2 car garage, which I've been in for 16 years.  With FIRE next year, relocation is on the table, and it looks like I'll need to downsize to keep it a lateral move financially.  I'm not sure I can handle dropping down to 1000 sq.ft. though.
I'm the opposite. Owned a 1000 sf house 3 bedrooms 2 baths 2 car garage I lived in alone (except pets) and it felt HUUGE.  Two extra bedrooms and bath were empty except I put a guest bed in one. Almost never went in those rooms. Same with dining room. Just ate at the snack bar in.the kitchen. Couldn't downsize due to having several dogs - a couple of them large - and needing a big yard. Now with just one small dog left I sold my place last year and look forward to a very small place (500 sf or so) for next place. I'm a pretty hardcore minimalist so its easy for me. Just googling studios apts and saw a 200 sf studio with a Murphy bed for rent. In an expensive SoCal beach town so not for me but fun to look.
For an apartment, especially if it's temporary, I think I can handle something smaller than 1000 sq.ft. to save on rent.  But if I end up buying a house again, I don't want to go that small.... maybe 1500 sq. ft., and I'll give up the pool table.  That would be a significant downsizing for me.  I still want a two car garage, though.
Well a proper mustachian uses his pool table as his dining room table, home office and bed ;-). Joking. I realize us small house minimalist are a rare breed. I use to live in a ski town that had tons of small houses (and giant ones too) and love looking at all the places.  Most are in the 400 to 600 sf range but some even smaller ones too. Here's one on a bit of acreage. Too big for me (and too cluttered) but could live there - and not just because Brad Pitt is there ;-).
https://www.google.com/amp/tinyhousetalk.com/tiny-big-bear-cottage-on-2-acres-for-sale/amp/?source=images
Looks nice - I could live there temporarily at least.  That's >$100K more than my house is worth in my LCOL area.

Classical_Liberal

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Re: Should I get an efficiency apartment?
« Reply #17 on: March 25, 2018, 10:01:12 PM »
I travel and move every 6-9 months.  For the past 4 years it's been all studios.  At first it was a bit of an adjustment, but not too much of a lifestyle cramp.  I just moved into a very LCOL area for rent and decided to splurge on a small one-bed.  I hate the extra space!  It feels like I don't have enough stuff, I can't fall asleep in the same room as the chair I read in and wake up a step away from bed, or the bathroom, or the kitchen.  The bedroom is always hotter than the living room, yuk.  Too much work!  It's stressing me out! :)

Bottom line, I think you like what you get used too.  For me, 300-450sq feet and no bedroom is about right.

haflander

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Re: Should I get an efficiency apartment?
« Reply #18 on: March 26, 2018, 02:25:10 PM »
I agree with panda and Sorinth.

I'm a male and always had a plan of meeting The One and THEN buying a house together. Discovering FIRE and MMM recently has shown me that traditions and what other people think are poo poo so I don't care about the usual way of doing things and The Plan so much.

Personally, my old rationale for waiting to buy a house until after I was married was due to it being more simple for both parties. Lose less in fees and whatnot if you have to move for whatever reason when you get married. The biggest reason in the back of my head: "What if I buy a house that I think is fine because I'm not picky and have no taste, but then I get married to The One and she absolutely hates it?? Much easier to find a house that she'll like, because I'll like anything." Yes, I realize that doesn't jive well with the "what if you never get married" potentiality. However, I've always pictured myself as getting married even though I've been happy and doing fine on my own for the past few years.

Cali

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Re: Should I get an efficiency apartment?
« Reply #19 on: March 28, 2018, 08:43:23 PM »
I’d only buy a house if married because I also live in SoCal and it’ll take two of us to afford it and compromise on location so we have reasonable commutes until FIRE. You buy in the wrong place around here and it’s 2 hours in your car one way. PASS.

Cali

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Re: Should I get an efficiency apartment?
« Reply #20 on: March 28, 2018, 08:45:37 PM »
Forgot to add: friend should get an efficiency and save up to help Mr Wonderful buy that mansion. And if he doesnn’t show she can FIRE and live happily ever after.