Summary:
Cheap apartment needs major repairs, must move out.
Option 1: Negotiate buy-out.
Option 2: Move in to other discounted apartment that's much higher rent.
No Option 3 to temporarily relocate and wait out repairs.
Would love to ask what you would do, dear readers.
Details:
I live in the expensive-ass Bay Area in a tiny, weird, dark rent-controlled apartment for super cheap, as I moved in many years ago. Over the years, various medium maintenance has been a somewhat of a struggle but resolved, but this time, major repairs are needed (the safety of the apartment and building are in question).
I've been temporarily displaced to friends' places, but need to figure out a solution soon. Some of my possessions have been damaged, and I've had to move the rest around to avoid further damage. Place is somewhat liveable at times, but not at all on certain days.
Property manager is being cooperative and friendly so far, and I'm getting guidance from the city's rent board. But my choices are really tough.
I'm told I can't temporarily relocate and wait out the repairs to move back in. Doing this would require fully moving out anyway in order for the repairs to take place, so I don't see how that's feasible to do two moves in a short period of time. Rent board says I'm not compelled to move, and should actually hang on to the place to hang on both to my rights and the cheap rent. Great, but ... I can't live here in the meantime and don't want to live in an unsafe place (e.g. now I fear the next big earthquake will flatten me).
I can't stay with friends long term, and my parents are far enough away to where it would more than double my commute to work, and we'd probably end up screaming at each other anyway.
So, the property manager said buy-out is an option and has been as high as $5k to $8k. This is not an eviction per se, but rather need to make such major repairs that I need to move out permanently (completely unknown what the repairs will require, but there's a possibility there may not be a unit here after they're done).
I've read the articles about high buy-outs in SF, and the rent board says the lowest buy-out would be in the $5k range, but others have gotten 6 figures. It depends on many factors, including length in the apartment (9 years) and how much I've put in to it (obviously many tens of thousands of dollars over the years, even though the rent is cheap). But there's no way to estimate a likely amount, and it would take weeks of negotiations with mediators.
The property manager has offered another apartment in their portfolio. Normally $1500, but discounted to $1100, rent-controlled so it won't increase hugely per year, and about 400 sqf. It's ... okay. In a sketchier part of town with not much going on other than the freeway access. Whereas I like being near interesting stuff and BART. I fully realize, though, that $1100 is really cheap in today's market - but my current rent is much lower, because it's a much smaller, stranger place that I moved in to many years ago.
About my goals:
As I've mentioned, I've been holding my breath in a way. I see this as an opportunity to change my life for the better, as I've been somewhat stuck in a rut in the current apartment anyway. Slowly accumulating too much, feeling cramped, and not able to do things like exercise, practice music, cook well, do creative things, because the apartment is so tiny and weird. Ultimately, sure, I'd love to somehow find the perfect place to buy and pounce if prices ever become reasonable, but as a single person with a meh job, that ain't happening soon. Also, I'm a grown-ass man, so the whole collective chore-wheel shared bathroom experience ain't for me. (I know - I want it awwwl.)
The offered apartment is just OK ... it's bigger and not weird, but I'd have to try really hard to make it a nice nest and be happy there (it's still small and very basic). I don't look forward to the parking situation and the hoo ha on the street I'd have to deal with, and the air quality near the freeway.
But I need some sense slapped in to me, so I have specific questions:
Option 1: Take my chances and go through the buy-out process? There's a chance it will be painful, and net basically an amount that would last me 2 to 3 months on the current market. Plus I'd have to go find another apartment on my own, beat out other applications, and everyone's being displaced right now. Talking Oakland, Berkeley, SF here. But there's also a chance that if I suck it up and find cheap shared rent or move in with the parents (ugh), and the buy-out is higher, I'd save enough to eventually buy a place of my own. But that would take a long, time (and yes, I'd be paying my parents rent anyway). What do you think is a fair buy-out for 9 years on a lease at 550/month?
Option 2: Are you kidding me? Take the $1100 apartment! Rent ain't never going to go down! If it's liveable make it your own! Get a better job! And if you think of it as a $400 discount per month, that's $4800 per year, so really it'd beat the buy-out in anywhere from 1 year or more. Or, negotiate the discounted rent down more?
Oh yeah. While I don't have a strict deadline to move out and make a decision on what I'm doing in general, the built-in deadlines are of course needing to find temporary housing that'll work for a while, and they're going to list the new apartment on Monday morning. I don't love it, and it's 2x my current rent (which I totally know is low, but the increase will be painful for my current situation), but I fear I won't get another opportunity like that if I pass it.
Thoughts? Sorry so long!
Submitted January 28, 2017 at 08:09AM by Snuggleupagus http://ift.tt/2ke8HsL
