I’ve put myself into quite the dilemma that has got me thinking about money versus quality of life. You see, we moved to NC blindly, including renting an apartment based on online photos alone. Probably not the best idea, but that’s what we did. The apartment is fine – it’s nothing special, but it’s totally livable. We signed a 10-month lease that will be up at the end of June. So what’s the dilemma, you ask?
Well, we’ve spent a lot of time driving through neighborhoods and exploring the area. Originally, we were going to purchase a home as soon as possible. Now that my husband is running his own handyman business, we will have to wait at least two years to buy a home. Realistically, we will wait even longer as we want to have a huge down payment. We’re actually OK with renting for 3-5 years while we save up. Renting has a ton of advantages and we just sold our own home when we lived in AZ, and while home ownership is awesome, it’s also expensive and time-consuming! Taking a break from that is not the end of the world.
So, back to my dilemma. My husband started looking at rental houses online. Again, we don’t hate the apartment, but having a house would be wonderful. Honestly – we were more looking at rentals just to see different neighborhoods and give us something to do! We weren’t seriously considering actually renting one…
Until, of course, I found the perfect rental in the perfect neighborhood (therein lies the danger in looking). I can’t get the house out of my mind and we have an appointment to see it tomorrow. I’ve driven by no less than 15 times and my happiness level increases immensely every time I pull into that neighborhood. I’m naturally a pretty happy person, I would rank myself a 9 out of 10, but that house would bump me up to a 12. Yes, it’s that good. And yes, I know I’m being dramatic.
*I should also mention that I paid the $100 application fee to ensure we are the first ones to see the house (it’s not available until tomorrow). What has come over me?!
So last week I inquired with our apartment about the costs of breaking the lease and if there was any way we could get a discount. It’s expensive to get out of a lease and they do not offer any “deals” for breaking it which I figured. Tomorrow we’re going to ask about subletting the place or seeing if we can get a some money back if they rent the place quickly.
I will say, even IF we get a small discount on breaking the lease AND if we get a discount on the new place (no pet deposit and lower monthly rent payments are all things I’m asking for), we will still be spending a good amount of money to move.
I know, I KNOW – we should just wait until our lease is up here and then move. I get it. But in that neighborhood, most houses rent for no less than $2,500 a month. This house is WAY less than that because it’s slightly smaller and not on as much land. I’m 99.9% certain that come June when our lease is up, there won’t be a house available in our price range in that neighborhood.
Which brings me to my next rant – why does money determine EVERYTHING that we do?!?! It determines where and when we travel, if we go home for the holidays, if we go out to eat or eat at home, heck it even determines (for some people) whether or not to have another baby. There’s a good chance we won’t end up getting that house and it’s ALL because of money. When do you just say, “Ok. This may not be the best financial decision, but it will work out and life is NOT ALL ABOUT MONEY!!!”
I like Afford Anything’s mantra that “you can afford anything, just not everything.” We can certainly afford to break our lease and move into this house, but is it the smartest move financially? Probably not. But, is anything you buy really the “smartest” move financially? No! The “smartest” thing you could do financially would be to buy all used furniture and clothing, only purchase necessities, live in the smallest amount of space possible, drive old used cars, never go out to eat, etc etc etc. But what about quality of life?! What about LOVING where you live and enjoying your day to day life? Doesn’t that count for something?!
IF (big if) we were to get that house, my husband and I would make sacrifices in other areas. This month alone, we’re on track to cut our food/household budget in half. We don’t have cable, we save money every month and we don’t spend lavishly by any means. If we get this house, we will make a plan to come up with side hustles to make the money we would spend on breaking the lease back. This would be IN ADDITION to what we’re already saving every month.
So, what do we do? When does quality of life outweigh money? Where do you draw the line and just live a little?!?!
PS: Update to come within the week on what we’re deciding. There’s a 99.9% chance it’s a no, but I will be sure to update!!
UPDATE: We saw the house yesterday and while it was nothing short of spectacular, we decided against it. The interior was amazing – it was cozy, rustic, had original dark hardwood flooring (my fave), elegant chandeliers and just “looked” North Carolina. Thankfully, our decision not to get it had nothing to do with money, but everything to do with location. The house backs to a MAJOR HIGHWAY. I knew this going in, but the house is on 3/4 of an acre and is surrounded by trees, so I didn’t think much of it. Boy was I wrong!!! While you can’t hear it on the inside (I’m sure it would be a different story at night though), the outside is so loud and stressful that we would never use the patio. Huge downer. So while I’m bummed about the location, there’s nothing I can do about it. Plus, we’re saving thousands by staying put where we are for a little while longer 🙂
I hear where you’re coming from with this. There’s definitely nothing wrong with wanting to enjoy your daily life and not feel bossed around by money. I think you’re handling your situation really well. If you spend more money by moving into a house you love, you’re prepared to cut back in other areas.
The problem is, most Americans don’t think like that. I know way too many people who think debt is good (or at least not bad), who think having the “necessities” still means living outside their means, who can’t imagine enjoying life without cable TV. We have a pretty materialistic culture. It seems like that’s finally starting to turn around, but for the most part, people DON’T let money dictate what they can or can’t do. They let money control them in the opposite way: by keeping them beholden to high interest rates on too many loans.
There are certain things my husband and I splurge for because they’re important to us. He takes lots of hunting/fishing trips that aren’t cheap; I go to the theatre with my friends and get my hair done at a salon instead of Great Clips. On the other hand, we DIY all our home remodels, we’re cloth diapering our daughter, and our grocery budget is laughably tiny. When people prioritize the things that really matter to their family, there’s (usually) no reason money has to dictate everyday happiness.
I admit there are times I feel like our newfound approach to spending holds me back from having or doing something I’d like. This far, most of those feelings have been fleeting. And been related to fairly trivial topics in the grand scheme. But my approach is also that if you’ve been focused on it for a while, then you should really consider how doing what you want will contribute to your happiness. And just go with it. Plus your current dilemma centers around something so important as a place to live where you spend the vast majority of your time and love your family. If at all possible, I’d seriously consider it, especially if you are willing to make up for it elsewhere in your budget.
I think you need to see the new place first before you can truly make a decision on what you are to do. Agree that you need to find the right balance between quality of life and how you spend you money. There are a lot of “what ifs” and unknowns in your scenario. Is the cost of breaking the lease worth it? How will business income preform over that time, How can you predict what places will be available 8 months from now. A lot to consider when making a decision like this.
Well, I guess on the plus side, you got to take control of the situation and make the decision NOT based on money. I hope something even better comes your way when the time is right!
Apart from already making the best decision for yourself, I don’t see anything wrong with spending a little more to love where you live. I am a newly frugal person, but when it comes to where I lie my head at night, I have to love it. As long as you’re not house/apartment poor….do what makes you happy.