Author Topic: Crash with the in-laws or act fast on a good deal?  (Read 2568 times)

timtom123

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Crash with the in-laws or act fast on a good deal?
« on: June 23, 2015, 08:08:27 AM »
My girlfriend and I are coming off of a year working abroad as English teachers. Despite making about $30,000 between the two of us (we only worked about 20 hours each) and living a life of extravagant European vacations, we've been able to stash almost $10,000. As 23 year olds, we feel pretty good about that, but we're not sure what's the next step.

I've got a job at a university making $33,000, and hope to take advantage of the free graduate tuition. My girlfriend will be bringing home the bacon (at least compared to my peanuts) with a job teaching for $42,000.

We'll be back in the US in mid-July, I start working in August, and my girlfriend starts work at the beginning of the school year. So the dilemma is the following: crash at her parents' for a few months and build up some more savings, or move right into a place we feel good about starting August 1st.

The pros of the apartment are:
1. It's 930/ month for three beds and one bath. We'd share the place with a friend and pay 550 between the two of us. It's really reasonable given the area.
2. It would be a 9 minute bike commute for me, and although we don't know my girlfriend's placement this fall, the place is pretty much in the center of her school district. We'd get by on one car, and we wouldn't be putting many miles on it. (Her parents live about 30 miles outside the city, which would add up in fuel costs and in future repairs)
3. The most important thing: we know the other tenants in the building and we know the landlord. After having landlord trouble in the past, the idea of renting from someone we trust is extremely appealing.

The pros for mooching off the in-laws:
1. It's free. We'd save some money, which was something we had thought about doing, given that my girlfriend has a lot of student debt. I'm debt-free, but she's carrying around $30,000 in loans.

The landlord will only hold the place until August (which is already generous of him). Should we dive right into what truly would be our ideal living arrangement, or should we wait and build up a bit of a cushion?

YTProphet

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #1 on: June 23, 2015, 08:13:45 AM »
Two things:
1) I'd jump on the good deal while you can. You'd save maybe $1500 by staying with her parents for 3 months, but you may end up losing that if you don't find as good of a deal when August rolls around.
2) Are you pooling finances with your girlfriend? If so, that's an recipe for a financial and legal disaster. You may say "we plan on getting married" or "we get along well so it'll work out". Trust me, everyone thinks they're the exception and says that before the sh*t hits the fan. I'd keep separate finances until you're legally married.

timtom123

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #2 on: June 23, 2015, 08:19:06 AM »
My instinct was to go for it. I don't think we'll find a deal that's as good, and I know that we won't find a place we feel as comfortable (in terms of landlord relationship).

As for the combined finances, we split the bills that we both benefit from (rent, heat, internet, groceries), and then the rest is left to pay for his/her own personal expenses. For her, that includes her student debt.

mozar

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #3 on: June 23, 2015, 08:31:58 AM »
Sounds like a good deal. It might be difficult to find rentals later in the fall.

forummm

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #4 on: June 23, 2015, 09:10:39 AM »
Also, some things are worth paying for. I'd be willing to pay quite a bit to not live with my in-laws. Your preferences and in-laws may vary.

norabird

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #5 on: June 23, 2015, 12:59:57 PM »
It sounds like a good situation--I'd take it. You'll want some time to settle in to a routine at your new home and get it set up before starting work.

humbleMouse

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #6 on: June 23, 2015, 01:09:31 PM »
I would definitely move into that apartment.  That rent is dirt cheap

expectopatronum

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Re: Crash with the in-laws or act fast on a good deal?
« Reply #7 on: June 23, 2015, 01:27:09 PM »
Also, some things are worth paying for. I'd be willing to pay quite a bit to not live with my in-laws. Your preferences and in-laws may vary.

I don't think you COULD pay me to live with my in-laws. It's not because they're terrible or even unpleasant people; it's just the nature of the relationship. And you sure as hell couldn't pay me to move in with my girlfriend's/boyfriend's parents. For us, that would have made the transition to "independent and financially stable household of our own" much more difficult than it already is after marriage.

Two things:
1) I'd jump on the good deal while you can. You'd save maybe $1500 by staying with her parents for 3 months, but you may end up losing that if you don't find as good of a deal when August rolls around.
2) Are you pooling finances with your girlfriend? If so, that's an recipe for a financial and legal disaster. You may say "we plan on getting married" or "we get along well so it'll work out". Trust me, everyone thinks they're the exception and says that before the sh*t hits the fan. I'd keep separate finances until you're legally married.

Also, you may also lose out on the roommate if you wait around, and a good roommate + good living situation is a very desirable situation indeed.

And also #2. I have too many friends in your/our age bracket that didn't at least make a contingency plan or only made a vague one ("well, I guess you'd move out and I'd get a different roommate..."), then struggled when it didn't transition smoothly into marriage. Legally speaking, "we" haven't saved up anything, until you're married or until you share the account. Unlike divorce, there's no legal recourse for, say, if you paid the rent for the first five months, then she dumped you in December and moved in with her parents. If there's no agreement in writing, you're stuck with having paid twice the rent and with a vacancy in the property. It can also work out that people think they'll be adults, but if a breakup is bad, there can be disagreement about what is the "right" way to resolve it if it's not on paper...both parties thinking the way they want is the most equitable. I'm not saying it'll happen; it's just about risk mitigation.

Lots of ways for living together before marriage and sharing expenses to work out and be beneficial. Obviously you know your situation...lots of things to think about and discuss together though, and it comes to mind because you already speak of your assets as joint.