I've been going back and forth on this for a week now and really want to just decide and make a decision. Here's the situation:
- 27
- ~265k total comp, ~150 base.
- 7% base to 401k with employee match. Maxed out IRA.
- around 100k sitting in savings. Going to invest 80% of that in ETFs.
- Recently moved to NYC.
I've checked out probably 25+ apartment buildings (focusing on modern 'luxury' buildings), and with all of my personal criteria, one was easily the best option. It has a perfect blend of quality, good neighbors, awesome commute, great common area if I want to WFH, and the best view I've ever seen. The rent for it though, is absolutely fucking insane. The NET winds up being a little under 3.8k, and that's with 1.5 free months that I was able to get due to my relocation company covering the realtor fee, a one time benefit. It's also just a studio, but it's more than enough space for me.
Am I an idiot for signing this lease? This is a 1 year only thing as without the concessions, there's no way in hell I would do it. After this is up, I will almost likely look at buying next year after I know if I want to stay in the city or not. My cap was always ~3.5, so this is a little bit above it. I'm basically giving up an extra 6-10k that I could save if I get a decent apartment in a different building, and at my age, that could end up being a lot. But then, there's the happiness aspect of living in a building that you love.
Almost everyone I've talked to says this is a moronic decision. Are they absolutely right?
Submitted June 14, 2017 at 11:40AM by trk522 http://ift.tt/2rvNme2
