On my post warning against overpaying on rent, James poses this question:
Is it better to rent an apartment or buy a manufactured home? I found a good location where they are selling a 2 bedroom manufactured home for $170K. The mortgage calculator says, for a no downpayment for 30 years at 6.12% interest, I pay $1,032.39 monthly.
Today, Im renting a studio at $1,000 a month. So I thought would the mobile home be better? I mean in 3 years, I would have paid out 36,000 (more if the rent goes up). That money goes away. But I buy that mobile home, I can sell it in 3 years for a super discounted deal, say, 80,000. I would not be only be able to regain the 36,000 but also would have made money.
First, I think you’re getting too exotic by thinking about saving money by purchasing a mobile home and reselling it, recouping some of the equity and thus paying out less in rent. It’s certainly a very interesting decision and analysis but ultimately I think your assumptions are going to be your undoing on this one.
If all your assumptions go through, that you can purchase the mobile home and resell it at the stated prices, it sounds like your plan will work. Your assumptions, however, are very difficult to support and I am clearly not qualified to give you an advice on that. All I know is that there is a social stigma associated with mobile homes and I have no experience selling one, either first hand or anecdotally. What I do know is that you’ll have to put that mobile home somewhere and generally mobile home parks charge some sort of land usage fee that you didn’t figure into your calculation. You also have closing costs and selling costs that you haven’t factored into your equation which may make the decision less financially attractive. Then again, your extra low price of $80k may have accounted for all of this in its fudge factor, who knows.
All that being said, I go back to the beginning where I said this is probably making it too complicated and potentially putting yourself in a bad spot, especially if you experience difficulty selling it and have on your hands a depreciating asset that you can’t sell. Would I do this? Probably not. I don’t like committing myself to debt larger than my fist unless it’s a pretty sure thing and I don’t think your trade off necessarily is. It’s definitely an interesting question though.
Anyone else care to weigh in?
I’ve always seen renting as “temporary” and buy as permanent. So the two years I spent renting in the Baltimore, MD area, I hardly ever took any time to decorate the place and I tried to pay as little as possible. From my point of view, because it was temporary, not actually mine, and something whose cost I wanted to reduce as little as possible, it made no sense for me to pay more than the average rent in the area or even spend money on decorating it. Now, I didn’t pick the absolute cheapest rent (though I had a roommate and am fairly certain I was paying a pretty good price for rent) but I was pretty close to it and I did very little upkeep outside of vacuuming. As the saying goes, who washes a rental car?
Now, I don’t entirely agree with the idea that renting is “throwing your money away,” as many homebuying proponents espouse, but I do see it merely as an expense that should be reduced to as little as reasonably possible. The reason why it’s not throwing your money away is because the housing market has always been difficult to predict, though the trends were always pointing up in the long run as they are even now, and because a house isn’t always a winning proposition even if the value goes up. You’re throwing a lot of money away in interest payments (a small part of which you get back), you’re throwing a lot of money away in maintenance, and you’re throwing a lot of money away in taxes, insurance, etc - all of which are not concerns (though they’re integrated into your rent price) for a renter (I bring these up in the Devil’s Advocate post Rent Forever, Don’t Buy A Home).
So, when friends of mine talk about how they can get this awesome apartment with all these incredible amenities for the low low price of something like a thousand dollars per person, I wonder to myself why they would pay so much for rent when cheaper options, though with fewer amenities, exist. Granted, part of this is in perception, some people like to rent in nicer areas with great amenities and are willing to pay that price, I certainly would pay a higher price for a nicer area (from a crime, convenience perspective, etc. within reason); but sometimes the numbers are exorbitant - I know people paying at least twice what I paid in rent!
Are you the stingy renter like me? What are your thoughts? Or are you on the other side, willing to spend the money for a really nice place, please share your perspective!
For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson
Tuesday, November 25, 2008
Wednesday, November 19, 2008
Shoestring DecoratingSense of adventure
Shoestring DecoratingSense of adventure, planning are keys to a great lookIf a new sofa isn't in the budget, transform your old couch with a luxurious slipcover. (Photo Courtesy of Sure Fit Inc.)Good taste is expensive, right? Whether you're a first-time apartment-renter fresh out of college, newly single, a single parent on a budget or you're simply not Rockefeller, trying to make your home resemble the pages of House Beautiful can be a sobering experience. Window-shopping often is discouraging, as you realize that walking into a showroom and saying "I'll take that" is an impossible dream. Being on a budget doesn't mean that you have to resort to orange crates, cinder blocks and plastic dorm-room cubes, however. Indeed, there are bargains to be found, and here's where the fun begins. All it takes is a sense of adventure – and a little advance planning.First, take a look at your living space, whether it's a cookie-cutter apartment, condominium or a single-family home. What is your favorite part of your home? (Saying that you don't have a favorite part is not an answer.) Is it a large window that lets in the morning light? A window seat? A garden window? Some built-in shelves? You'll want to capitalize on this and make it the focal point of that room.
If it's the shelves, for example, you'll want to be on the look-out for some interesting objects d'art. And they don't have to cost you an arm and a leg, either. By the same token, if you've been hanging on to something that you don't like simply because you felt you didn't have any other options due to budgetary constraints, get rid of it if you can. If you can't, can you hide it? Enhance it? How about selling it and using the money toward what you really want?Create a dream book Next, head to your library or book store. If your library has a used magazine sale (many libraries take magazine donations and then sell them for $.10 or $.25, for example), buy yourself a stack of decorating publications. Peruse them, and clip pictures of rooms and design elements that you like. Do you see some paint in a magazine photograph that you like? Clip that, too. Compile everything in one place, whether it's a photo album or photo box, and write the name of each room on the appropriate clippings. When you're on the hunt for items for a particular room in your home, bring the clippings with you.Before you begin purchasing anything, think about your intended purpose for each room in your home. Do you want your home to be a soothing contrast to your stressful job? Muted colors and neutrals will be your best bet. Or do you want to feel energized by your surroundings? Then you might want to consider brighter and bolder colors. Do your tastes lean toward the casual side or the more formal side? That might depend on the surroundings in which you work (for example, if you work in a rigid, ultra-corporate environment, you might wish to keep your home surroundings deliberately more casual), your personality, whether or not you have children and whether or not you entertain frequently.For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson.
If it's the shelves, for example, you'll want to be on the look-out for some interesting objects d'art. And they don't have to cost you an arm and a leg, either. By the same token, if you've been hanging on to something that you don't like simply because you felt you didn't have any other options due to budgetary constraints, get rid of it if you can. If you can't, can you hide it? Enhance it? How about selling it and using the money toward what you really want?Create a dream book Next, head to your library or book store. If your library has a used magazine sale (many libraries take magazine donations and then sell them for $.10 or $.25, for example), buy yourself a stack of decorating publications. Peruse them, and clip pictures of rooms and design elements that you like. Do you see some paint in a magazine photograph that you like? Clip that, too. Compile everything in one place, whether it's a photo album or photo box, and write the name of each room on the appropriate clippings. When you're on the hunt for items for a particular room in your home, bring the clippings with you.Before you begin purchasing anything, think about your intended purpose for each room in your home. Do you want your home to be a soothing contrast to your stressful job? Muted colors and neutrals will be your best bet. Or do you want to feel energized by your surroundings? Then you might want to consider brighter and bolder colors. Do your tastes lean toward the casual side or the more formal side? That might depend on the surroundings in which you work (for example, if you work in a rigid, ultra-corporate environment, you might wish to keep your home surroundings deliberately more casual), your personality, whether or not you have children and whether or not you entertain frequently.For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson.
Shoestring DecoratingSense of adventure
Shoestring DecoratingSense of adventure, planning are keys to a great lookIf a new sofa isn't in the budget, transform your old couch with a luxurious slipcover. (Photo Courtesy of Sure Fit Inc.)Good taste is expensive, right? Whether you're a first-time apartment-renter fresh out of college, newly single, a single parent on a budget or you're simply not Rockefeller, trying to make your home resemble the pages of House Beautiful can be a sobering experience. Window-shopping often is discouraging, as you realize that walking into a showroom and saying "I'll take that" is an impossible dream. Being on a budget doesn't mean that you have to resort to orange crates, cinder blocks and plastic dorm-room cubes, however. Indeed, there are bargains to be found, and here's where the fun begins. All it takes is a sense of adventure – and a little advance planning.First, take a look at your living space, whether it's a cookie-cutter apartment, condominium or a single-family home. What is your favorite part of your home? (Saying that you don't have a favorite part is not an answer.) Is it a large window that lets in the morning light? A window seat? A garden window? Some built-in shelves? You'll want to capitalize on this and make it the focal point of that room.
If it's the shelves, for example, you'll want to be on the look-out for some interesting objects d'art. And they don't have to cost you an arm and a leg, either. By the same token, if you've been hanging on to something that you don't like simply because you felt you didn't have any other options due to budgetary constraints, get rid of it if you can. If you can't, can you hide it? Enhance it? How about selling it and using the money toward what you really want?Create a dream book Next, head to your library or book store. If your library has a used magazine sale (many libraries take magazine donations and then sell them for $.10 or $.25, for example), buy yourself a stack of decorating publications. Peruse them, and clip pictures of rooms and design elements that you like. Do you see some paint in a magazine photograph that you like? Clip that, too. Compile everything in one place, whether it's a photo album or photo box, and write the name of each room on the appropriate clippings. When you're on the hunt for items for a particular room in your home, bring the clippings with you.Before you begin purchasing anything, think about your intended purpose for each room in your home. Do you want your home to be a soothing contrast to your stressful job? Muted colors and neutrals will be your best bet. Or do you want to feel energized by your surroundings? Then you might want to consider brighter and bolder colors. Do your tastes lean toward the casual side or the more formal side? That might depend on the surroundings in which you work (for example, if you work in a rigid, ultra-corporate environment, you might wish to keep your home surroundings deliberately more casual), your personality, whether or not you have children and whether or not you entertain frequently.For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson.
If it's the shelves, for example, you'll want to be on the look-out for some interesting objects d'art. And they don't have to cost you an arm and a leg, either. By the same token, if you've been hanging on to something that you don't like simply because you felt you didn't have any other options due to budgetary constraints, get rid of it if you can. If you can't, can you hide it? Enhance it? How about selling it and using the money toward what you really want?Create a dream book Next, head to your library or book store. If your library has a used magazine sale (many libraries take magazine donations and then sell them for $.10 or $.25, for example), buy yourself a stack of decorating publications. Peruse them, and clip pictures of rooms and design elements that you like. Do you see some paint in a magazine photograph that you like? Clip that, too. Compile everything in one place, whether it's a photo album or photo box, and write the name of each room on the appropriate clippings. When you're on the hunt for items for a particular room in your home, bring the clippings with you.Before you begin purchasing anything, think about your intended purpose for each room in your home. Do you want your home to be a soothing contrast to your stressful job? Muted colors and neutrals will be your best bet. Or do you want to feel energized by your surroundings? Then you might want to consider brighter and bolder colors. Do your tastes lean toward the casual side or the more formal side? That might depend on the surroundings in which you work (for example, if you work in a rigid, ultra-corporate environment, you might wish to keep your home surroundings deliberately more casual), your personality, whether or not you have children and whether or not you entertain frequently.For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson.
Thursday, November 13, 2008
Tenant Screening
Why is the occupant show such a important tool for anybody who deal in the hire possessions? Tenant screening can also save you the lot of cash, as well as heartache. A reputable background ensure company that can screen all your tenants for you, as well as the results can assist you to make a decision whether or not you desire to rent to tenants who have applied.
What does the good tenant make sure consist of? You must ask for, with receive the following information from any of the potential tenant - addresses as well as telephone numbers of their current as well as prior landlords,
their communal Security number, the current address as well as telephone number, their cause for moving, their position of employment, the bank reference, as well as at least two nature references.
Also, have the individual sign the statement agreeing to the criminal background verify, reference as well as credit check. All of this data can be collected on the comprehensive application form that you will provide. Make definite you include all the questions on this application, which you deem essential to check out the potential tenants. This is very necessary so that company you select to do a tenant screening that can have enough information to do through investigation.
Ideally, all information on the application must be verified, and where a tenant screening can also save you the lot of time. If for a few reason company doing screening cannot by verify some of the facts, this must send up the red flag as far as tenant is worried. You would be astonished at how often populace will get the creative with the rental application! Obviously, they also have no idea how through the background verify can be, and that their dishonesty will be found out.
For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson
What does the good tenant make sure consist of? You must ask for, with receive the following information from any of the potential tenant - addresses as well as telephone numbers of their current as well as prior landlords,
their communal Security number, the current address as well as telephone number, their cause for moving, their position of employment, the bank reference, as well as at least two nature references.
Also, have the individual sign the statement agreeing to the criminal background verify, reference as well as credit check. All of this data can be collected on the comprehensive application form that you will provide. Make definite you include all the questions on this application, which you deem essential to check out the potential tenants. This is very necessary so that company you select to do a tenant screening that can have enough information to do through investigation.
Ideally, all information on the application must be verified, and where a tenant screening can also save you the lot of time. If for a few reason company doing screening cannot by verify some of the facts, this must send up the red flag as far as tenant is worried. You would be astonished at how often populace will get the creative with the rental application! Obviously, they also have no idea how through the background verify can be, and that their dishonesty will be found out.
For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson
Tuesday, November 4, 2008
Make Your Rental "your home"
Make Your Rental "your home"
Just because it's a rental doesn't mean it can't be home. Add your own stamp to each and every room giving it personality. Bring out those family photos, use that rug you made in the third grade as a seat cushion, or hang your Grandmothers costume jewelry from your chandelier. Use creativity, and learn to use your home to express yourself
For apartments in New Jersey go to Raritan Crossing. They are pet friendly apartments and New Brunswick NJ apartments. Rentals near Metropark and apartments in Middlesex county. For apartments in central NJ this is the place for you with Apartments in Middlesex County NJ. Raritan Crossing has apartments near metropark, apartments near Rutgers and apartments near Robert Wood Johnson
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