The other night, I had some friends over. Two girls were talking about finding a new place to live. They’re students, young, and work part time. They’re both at about the end of their leases and looking to move out together.
I understand that some towns and some neighborhoods are more expensive than others, but the figures they were throwing out seemed a little excessive. Especially when we’re talking about a place that they won’t own, they won’t ever pay down, they can’t paint the walls, and they won’t get any tax benefits.
You can find a nice two bedroom condo in almost any town in Snohomish/King counties, put down $4000, and pay less than $1000 (TOTAL) per month.
So why not?
I’ve noticed over the past couple years, while watching prices drop, that pretty much anyone with any decent credit and a job can buy a one bedroom. Really, there are some nice one bedrooms in really desirable areas that you can own for $3500 down, and $850 per month. But you can’t cut your payment in half (and sometimes less than half) by renting out a room in a one bedroom.
Maybe the best part of all this, in my opinion is that a year down the road, or two years down the road, no landlord to raise your rent. If you haven’t noticed, rents are up.
You know how Facebook is the #1 place to publicly complain about your problems?? I’ve lost count of the statuses I’ve seen over the last two years that say “FML My landlord is raising my rent next month” Or something along those lines.
Your landlords are raising your rent because they can. Because they are a savvy homeowner and benefiting from a down economy.
You can benefit the same way, by finding a two bedroom in your town, and renting out the other bedroom!
Read more about buying a home and getting a roommate.
Contact me to get started~ katherine@katherinecannon.com 425-773-2560
