What's more important? A nice home, or financial freedom?

hopefuldreamer

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In order to help me make a decision, wanted to get a general opinion :)

I'm at a cross roads. I have three options:

1. Continue living in a tiny, kind of skanky studio bedsit with no real kitchen and no laundry facilities... but also continue having the financial freedom to be able to afford the cinema a couple of times a week, one a week drinking with my friends, and some nice food and things. Plus, I have my independance and space.

2. Move into a nice flat/bedsit and just about be able to afford some budget food to live on, have even more pride in my independance and space, and be able to have people come and stay when they visit me.

3. Move into a flat share, live in a nicer environment with a kitchen and washing machine etc, still be able to have that financial freedom... but also have to put up with other people and the problems that come with them (i've had some BAD roomate situations before).

What would everyone else do?
 
I dunno...need to know a few things about you first.

Are you a private person? if so, then option 3 is out of the question.

If you're a private person, not having people over would not be a big deal, so you can probably rule out nr. 2 as well
 
Can you find something between 1 and 2? :oldrazz:

I say save your money, at least until you get a promotion or more income.
I was kinda in this situation, I had a nice place but struggled all the time making ends meet.
 
I'd personally want to go for option two. Not so much for having people over, but I would feel better living in a nicer place.

Then, I'd probably hunt around for ways to boost my income... Legally of course. :)

But like Mace said above, try and save up a bunch of money first, to give you a buffer which would allow you to still have a life after moving and give you some time while you search for more income.
 
I just had to get rid of my roommate in order to obtain a home loan to buy the house I'm currently renting. It's the first time I've been without roommates in years, and I LOVE it!

It gets lonely, but a puppy cures that instantly. Plus, everything is free on the internetz. All you really need is Cheetos money
 
^ He/she has a point... everything is free on the internetz.
 
For me its a catch 22. I have a nice house but I'm broke. So that sux. However, my kids have a nice place to call home and grow up in.
 
I agree with Terrific, and nothing beats the feeling of walking around the house naked. :up:
 
What's with all the naked people walking around their houses naked in the nude? You and Optimus_Prime have to buy some quality lounge wear or something.
 
I'd say, have a nice home for now. You can always settle for a while and then go back to having a bit more of financial freedom once you get back on your feet after getting a nice place.

Coming back from being out and relaxing in a comfortable home that is yours after a busy day is real nice.
 
Ok man I feel your pain lol,, I have been in your position.

option 3.. Do not do this, it never ends up well with roommates, i have never heard a good story about a roommate... unless its a very brief period of time.

option 2.. As much as this would be nice, if you can get by after rent you will feel the stress. little to no money on hand after rent will make you miserable in the end. Not to mention economy and inflation etc.

option 1.. To me this is the best choice,, save your money,, try to establish yourself at work etc.. when you feel comfortable with a nice chunk of change saved up and a steady job then go get what you can afford.. Knowing you will have cash on hand after rent + a nice cushion of savings. Its easier said then done but it will pay in the end to avoid a stress bomb.

Basically hoping you can afford it is what gets people in trouble.. Knowing you can make payments and have extra money is a hell of allot easier.

Last thing your in the UK so the nicer pad is probably about 10 square feet bigger.lol
 
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Lol too true. I mean, I don't know much about costs abroad, but I do know that what your expected to pay for a one person bedsit/flat is usually around 500 a month BEFORE bills... And paying council tax and everything else on your own on top... I'm not even sure I could afford it at all, let alone have money for food.

But what I have is so much cheaper. It's 310 all inc. And I just pay internet and phone contracts and electric on a meter.

The trouble with seeing if I can get a better wage, is that I'm already on a pretty good one for my age and experience. I'm on about 18k a year. And I can't see how that's gonna get dramatically bigger any time soon whatsoever :(

Seems like the world is just made for couples :(
 
You won't enjoy your house if it makes you broke. I'm not going to compare it to prison, but I will say that while I'm not at present, I have in the past been "house poor", and it sucked. For me it would really depend on whether you're in a serious, committed relationship (and a kid might pop out which will require more space)... and also if you'd even use the kitchen facilities and all that. If you'd cook a good bit and it would save on food... might pay for a lot of itself.

Personally, I'd never take on roomates. I'm as type A personality as they come, and not having the ability to tell people to get their crap together or get out without a lengthy legal process just isn't in the cards.
 
For me personally, money>space. I share a two bedroom with a friend now and it's definitely more space than I need. I regret not spending more time to find a cheap, one bedroom. If there was one to be found around here anyway.

I wouldn't want to make sacrifices with food either. I have friends that live on noodles and such because they're broke or can't help themselves to learn to cook. I wouldn't want to resort to that.
 
From what I've seen, this decision is entirely based around your goals in life. If they involve a wife/family then that is when you need to start looking into better/bigger housing (although owning a house is a very big financial burden that is not necessarily for everyone...however, it CAN be cheaper than renting, depending on where and what you are buying).

I would say you probably live in a (possibly major) city and I can tell you that buying a house in the city or suburbs is going to cost you an arm and a leg. You'll probably have to relocate to a smaller city or something if you really want to buy a house. There's a reason a bunch of people live in Iowa, is what I'm saying.
 
I think you should stay with the first option for now. Not being able to do laundry at the house kind of sucks , but at least you still have your freedom. I hate living with roommates.
 
fun experiences >>>> status symbols

It's actually scientifically proven but I'm too lazy to dig up a source right now.
 
Option 2

Owning a home would be ideal, cause you're building equity while paying into it unlike rent where you're basically kissing it goodbye. But that wasn't an option
 
Option 2

Owning a home would be ideal, cause you're building equity while paying into it unlike rent where you're basically kissing it goodbye. But that wasn't an option
I never thought of homeownership as an investment. My parents made a lot of money on their house when they sold it, but they got extremely lucky. It was right BEFORE the housing bubble burst. If the timing was different, it would be underwater instead and unable to sell.

And it's not like the home becomes better with age. :oldrazz: You still have to pay for upkeep. Rent also pays for the luxury of not having to fix things yourself. My boss's first house got flooded by Katrina and he vowed never to own again. We've had serious plumbing issues that were taken care of right away, thanks to our great landlord. Renting is not always a complete waste of money.


That said, I'm an extremely financially conservative person, and I say save up and stay with the small place for as long as you need to, to move on onto bigger and better things, whatever that might entail for you. I lived in a house with 4 other guys once, and my bathroommate was a 35-year-old who later moved to another state and bought a house right away. He'd saved up all that time, waiting for the right moment to make the plunge.

That was the second cheapest place I've ever lived. The cheapest place is actually my current one, because it's a one-room studio that I share with my fiance. Rent is cheeeeaaaaap! :funny: And nobody from out of the area ever visits us, so having a nice place for friends is not applicable to us anyway. You really have to look at your situation and judge what you'd be willing to have and what you're willing to give up.
 
Hobos are financially free....just sayin'.
 
I have my opinions on such things, of course, but really, I don't think you should listen to anyone else here about it. This is your decision, your life, your money. Look deep inside yourself and think about what you want, because if you really let a bunch of others sway that, you may end up regretting it.

But for me, I would go option 1 I guess. Depends on the skank level of where I was living, I suppose.
 
Financial freedom. You don't need a big home. Just buy a small place that serves your needs and save money. We have enough people in america that buy houses they can't afford as it is. :)
 

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