We’ve been spending a lot more time out on our patio since we made it over a few months ago. We eat here at this table pretty much every evening, and it’s great. The next thing we’re gonna tackle is the area behind this table which currently is pretty much a huge litter box. My dream would be to have a jacuzzi out here (I’m obsessed with jacuzzis), but I always have one eye open as this is a rental and I still hope to buy a place of our own one day–although honestly I’m not even positive that will ever be a reality for us. The prices in LA are so astronomical and as a freelancer, getting a loan has, so far, been impossible.
About five times a day I go back and forth in my mind about committing to staying here at this place and just going for it, putting the time and money in our rental to make it just how we want it to be, versus leaving the home as-is, and saving the money for when, one day, we can invest it in our own home–even if that’s five years down the road. It’s a very hard decision to make.
What you you think? Invest in a rental to make it your dream, or hold off for a bigger and better dream that may or may not ever become a reality? I’m torn.
In my mind, I always hold off until the bigger and better dream, but houses are a lot cheaper where I live so it is more likely to become a reality. you could always talk to your landlord and see if they would be willing to pay or help pay for some of the bigger expenses since it would be an investment in their property.
We have the same problem in London with buying…I’m in rental…..one day..;(
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Have you made a long term budget to see if leaving the house as is will get you to your goal? I think that would be really helpful. If you can assume your freelancing income year to year is relatively stable, and have an idea of how much money it would take to make your current home “perfect,” you may be able to better gauge this. Look at realistic homes you would want to move to, what they cost in price and potential reno, and go from there. Figure out if your family can cut other things in your budget to get to the purchase price in X years. If you’d basically be living on ramen for 10 years to afford buying, that might be your answer.
such a smart idea. I will do this. thanks for the note :)
Hmm, that’s a tough one and something I struggle with myself! I love seeing how you’ve fixed up your place. I’ve been in my Park Slope, Brooklyn apartment for over 6 years now, and about 90% of the home furnishings are hand-me-downs. Which I kind of love, but I’d also love to have a couch that I don’t have to completely cover with a blanket to hide it’s ugliness. ;) I love the neighborhood so much, but I’m also at the point where I’m thinking of moving out of the city at some point. I feel like I can’t justify spending money on my apartment (couches are expensive!), but then again it’s so important to love the space you live in. I say save what you can for the house buy. I hope you guys get it when the time is right!
Oh man, I totally hear you. We’ve had the same temptations in our rental house in Silver Lake, and the only thing stopping us really is the idea that we’d be doing our (very nice) landlord a MAJOR favor (him not having to pay for whatever changes/improvements), while not really having anything to show for our investment (of time and $) when/if we eventually move to a bigger place (probably another rental, as the hubs is also freelance)– you can’t take those improvements with you!
Justina, I live in downtown Manhattan and constantly struggle with this issue. I’m of the opinion that you’ve gotta love the home you’re in as much as possible so it’s important to invest in it, even if it’s a rental! I try to consider a few things: is the investment piece so expensive that it’s really going to noticeably set you back from buying eventually? is there a way to recoup some of the value if you can’t take the piece with you (by selling it to the next tenant or the landlord)? can you work out a deal with your landlord to split the expense since the item adds value to his/her rental property? how much use do you think you’re going to get out of the item (if you don’t think moving in the next 3-5 years is realistic, that’s a lot of time in da tub!!) I love a good Jacuzzi too – I say go for it :)
I’m very confident that buying your dream home will be a reality for you sooner than you think! Keep making this jungalow special, but maybe hold off on the jacuzzi for now…?! X
same down here in the ol’ SD. it seems like every house in our neighborhood is for sale and we DREAM of buying one – though our price range would probably stick us in a less-than-pleasant neighborhood. my only question is – is there a chance your landlord will ever decide out of the blue to sell your spot? we wonder all the time since our landlord could probably get a pretty penny for our pad. it makes me scared to keep putting time and money in when at any moment he could go the route that just about EVERYONE in our neighborhood is going: sell sell sell. :(
ya, we think about that too sometimes–if he did decide to sell it, I think we would do everything in our power to buy it!
When you add up how much money you’re spending on rent each month + additional charges you spend to fix it up, you’d be shocked at how high that number is. I say..continue to keep looking around for your dream home because it would be wiser to invest your hard earned money on your own property rather than on someone else’s. Best of luck!
Don’t put money into it. But put in all the time you can spare! :) You’ll never regret time!
Hello! I think that the it is so important to love where you live and to make it your ultimate home for “right now” and especially if you sometimes work from their too. So much could happen down the track especially with a 5-10 yr plan, you could move states, countries, jobs?! Live for today and love where you live. It’s so important for your every day happiness. (That’s my theory anyway) Probably not the best financial advice, but that’s not high on my list anyway : ) Good Luck
Dreams are really great and sometimes you have to hold back for something bigger. On the other hand, life is best lived here and right now. So as far as it is possible, I would invest in a rental too. Maybe the landlord would like to sponsor your investment a little. You’re improving hasce, right, I don’t know how this works in the States, but in Berlin it sometimes work.
living near the beach where the majority of jobs here are $8.05 has made that very question a daily struggle for me. I work 3 jobs just to always end up a tiny bit shy of “making it”. something breaks down and Poof; we’re behind for 3 months again. Honestly the only thing that keeps me going is searching the internet for crazy cheap ideas to bring some color into my dark cave. So keep blogging because we’re counting on you.
About five times a day I go back and forth in my mind about committing to staying here at this place and just going for it, putting the time and money in our rental to make it just how we want it to be, versus leaving the home as-is, and saving the money for when, one day, we can invest it in our own home–even if that’s five years down the road. It’s a very hard decision to make.