Thursday, April 02, 2009

A step backward



I’ve really been in love with my vintage blazer lately, finding it to be the perfect amount of class and sass added to each outfit. Today I paired it with my blue watercolor dress and suede MJ bow flats for a slightly nautical look. Would have been even more perfect because I was supposed to have dinner with my parents at the yacht club but that was moved till tomorrow tonight because of the weather (yum, free food!).






Blazer: vintage; Dress: Forever 21; Shoes: Marc Jacobs; Bag: Coach


Anyhoo, my life has taken an interesting turn over these last few days and I find myself with a new conundrum to deal with this summer.

As most of you know, my man Mike and I are looking to buy our own apartment. I already own my own apartment, the one we are living in right now, but the place is a teeny tiny one room studio which is ideally meant for one person, not two. And I’ve been there for three years almost, so I alone am just plain fed up with the place, the small size, the noisy neighbours and the legal battle us unit owners are knee-deep in against our corrupt maintanence fee company.

So, since last August, we have talked about buying a place. At first we tried to sell but that was a crazy idea in this market. In fact, we needed to sell in order to get the down payment for our next place for my dad was willing to give us the 60k he invested in my current place. But the way the market it, we would barely get any of that 60K. It’s just not worth it to sell right now and why sell when you can rent, right?

The plan then was that my bf’s father would give us 25-30K as a deposit for our next place and I would just rent out my apartment. We went on for a few months, believing this to be the plan, having meetings with our mortgage broker, realtor, etc. Anyway last Sunday at our Sunday dinner, we brought up the fact that we found renters who are interested in renting starting July 1st and we are totally ready to get going with this whole deal.

Well, my future father-in-law is a shrewd man who has made his millions in investments, so I guess he knows what he is talking about. But he basically said that he’s totally on board to give us money BUT A) I must secure the tenants first – for realz yo – and have them living in my place for at least a month so we know how serious they are and B) the market is not at its lowest point and is worth waiting out even longer.

That was all very true but it still kinda left a bad feeling in my mouth cuz, wait, I’m to rent out my place for a bit first? Where the hell are WE gonna live?

We have two options. One is that we rent a place for ourselves. But here is the problem we have with that (and when I say we, I mean “I”): A) After paying a mortgage for years, I abhor the idea of paying rent , I don’t care that meanwhile someone else is paying down my mortgage, it just doesn’t make sense B) It’s very hard to find a nice place to rent right now – or anytime actually – in Vancouver C) It’s even harder to find a place that would let us stay there without signing a one-year lease, cuz after all, we might only be needing a place for three months D) I hate moving and this place would have to be furnished E) I hate the idea of living in some strange place for a few months, I mean would we bother even unpacking? It wouldn’t feel like home and it would make me uneasy F) what if our tenants do bow out right away for some reason? We are stuck with paying rent AND my mortgage till we find new ones.

The second option is: move in with Mike’s parents. There is also the option to move in with my parents (they live down the street from them) but OH HAIL NAW!

Ah yes, us living with Mike’s parents for three months – you can see now how this a step backwards, right? I mean, I go from traveling the world, living all over the place, owning my own apartment in downtown Vancouver to…living back in the town I abhor the most, filled with losers (no offense to you people from t-town but you know its true), and with my boyfriend’s parents on top of it all. Those aren’t even my parents, it’s somehow worse.

That aside though, I actually have no beef with his parents. In fact, if they lived in Vancouver and not sucktown suburbia, I would have no qualms about this arrangement. I would jump at the chance. I mean, let’s look at the positives, shall we?

A) They live in a Mansion B) a Mansion with a huge property, wonderful view of the mountains, gardens, hot tub, massive lawn C) both parents are gourmet cooks and we would get such meals every night D) both parents are huge wine drinkers and it would be like living in an open wine bar E) We would get the sweet-as guest bedroom (which used to be their old master bedroom) which is the SAME SIZE AS OUR CURRENT APARTMENT D) Satellite big screen HD TV and recliner chairs E) free laundry - Oh I am going to do so much laundry! and F) We would be living rent free – RENT FREE, which would mean if we were there for 3 months, I would save about $7,200 (not subtracting lunches, gas, cell phone bill etc). That’s not pocket change though. I could for once seriously save some major cash for travels, emergencies, new apartment furniture, etc. And clothes, of course, and gadgets! Digital SLR Camera here I finally come!

Of course, the bad part of all this is feeling like an utter failure for having to do this and also having to live in sucktown again. My commute to work will be an extra half hour longer (on the plus side, I am going to take advantage of my company’s flex-time program and work an hour longer every day to avoid traffic and then I can have every second Friday off, which is perfect for summer). For my bf it’s a bit easier since I think work is slightly closer to him this way but what’s hard for him is having to go to his band rehearsal space – downtown - 3 times a week. Which means he’ll have to drive from Richmond to Tsawwassen (1/2 hour) to go home, get changed and then drive back out PAST Richmond, to downtown Vancouver again (45 min) and then back. Ugh, I don’t envy THAT commute but I have faith that he can work something out and maybe rehearse 2x a week instead.

So that’s kinda what’s new with me. As much as I hate the idea of taking a step backwards and living with his parents, I know that deep down it is the smart and responsible thing to do. That way we can take our time looking for a place and hopefully secure a closing date of Oct or November so that we know that there is an end in sight. My bestie Kelly says it will be worth it (short-term pain, long-term gain) and the end product will be a home for us that we will have and cherish for years.

Besides, as my mom said to me: “you’ve done tons of crazy things in your life, this is just another one of those things. And hey, you can probably write about it.”

And write about it I shall.

33 comments:

Anonymous said...

I think you should definitely go for it. It's not a step back as it's only a temporary arrangement that will ultimately see you in a much better financial position. Although I think there will be some challenges living with the future in laws I think it may be worth the sacrifice to have the long term gain. Plus, I really think it's your only alternative. Good luck. :)

Ashleigh said...

mansion, gourmet meals..no crazy rent bills?! I say do it....its only for three months, would really help out...and it will be more of a homely feel than paying to be in a strange home...oh and of course I had to add,...you have the best shoe collection ;) so jealous! and that blazer is beyond sweet on you!

Alice said...

i LOVE the way your mom is looking at this... another interesting challenge for you to take on and work out. she sounds lovely :-)

i know a lot of people doing this sort of thing recently, especially with the market the way it is - sacrifice for a few months by living with the 'rents in order to save up the cash to get a really nice place. it will probably be an annoying summer, but just daydream about the beautiful place you and matt will OWN afterwards ;-)

Alice said...

uh, matt?? i mean MIKE. whoops :-)

Wanderlusting said...

Lol thanks guys.

Anon - you're right, it's the only alternative. Other than just living in my place forever which IS an alternative, however it just seems this is the right time to buy and we would be stupid not to...

Asleigh - Totally agree about the homey feeling. Their house already feels like a vacation home to me :)

Alice - yah my mom occasionally says something wise :P

We aren't actually doing this to save money though. I mean his dad will still give us the deposit, whether we live with them for free or we pay rent elsewhere, but it's a great perk. Maybe the only one, lol.

I mean, I'm out of debt myself but Mike isn't, so if he can pay off his credit card and feel better about himself, then all the better. Plus, it is smart to have some extra cash for emergencies...and a big screen tv!!

Maggie May said...

Hi :) I stumbled on your blog and wanted to just stop and say I think you are absolutely stunningly gorgeous. Seriously.

xo
Maggie May

sil said...

i am totally down with the idea of you moving in with your bf's parents! i think the house will be big enough so that you don't get too annoyed. and i just think that in the long run it will be a huge step forward for you to get a nicer place :)

tanya said...

wowza, you got a lot of stuff goin' on! I agree..I would just go for it--it'll pay off in the end!

Cupcakes and Cashmere said...

that vintage blazer is amazing!

Kay said...

I like the blue in this outfit (: Especially the shoes.
Blimey the living situation sounds complicated, I have no idea what to suggest you do but good luck!

Couture Carrie said...

Sometimes what seems like a step backward is actually 2 steps forward! Good luck with everything!

By the way, you look fab! I love your blazer. And puh-lease, you needn't worry about arm fat - that is utterly ridiculous; you are slim and lovely!

xoxox,
CC

No Heart Warming Stories. said...

your parental in laws house sounds fun! But i understand where your coming from, I would dread moving back with parents after getting out of that situation.
I loved your comment and it made me happy. I adore your blog and will be a frequent reader :]

STARR said...

I hope your living situation turns out alright :) Love that dress and how you added the orange bag <3

Budget Babe said...

love your outfit, especially the colors.

as for moving in with the in-laws, i'm sure its the right thing to do but i know how you feel. heck i feel like a loser when i spend the night at my boyfriend's mom's house for one night! i feel like i'm being a "child" and reverting backwards, yet it's really kinda ridiculous now that i think about it haha :)

Julia mode said...

love our style especially our shoes!!=)

xxx

Odette said...

I do not envy you. Although I do not dislike Tsawwassen as much as you, I still do not envy you for having to live with someone else's parents. I know they're cool, but still they're his parents. But your Mom is probably right and those three months will be up before you know it! Arg the only thing I can say is that it will only mean that your new place will seem all the more awesome!

Savvy Mode SG said...

I adore that pop of orange bag.

Wanderlusting said...

Odette - Living with his parents doesn't bother me at all, I hang out with them more than I do my own parents and they live only 5 minutes apart! Plus, it is like a mansion, our "wing" of the house is totally seperate from their wing and they ply me with wine all day and gourmet food!

What bothers me is having to live in that shithole town and be a loser like the rest of the people my age who live in that town. I guess some twentysomethings like boring suburbia, but you can't go home again, as they say, especially when you've lived and seen the places I have seen.

But for three months, I will get to experience what everyone else in Tsawwassen does: mooching off their parents, not paying rent and spending my paychecks on stupid things and having zero responsibility whatsoever.

(OK some stupid things, I honestly will save 75% of it!)

Erica said...

Thanks so much for your awesome comment. And I LOVE blazers. I've been wearing them whenever I get the chance lately!

Anyways, I know it feels like a step backwards because the longer you're away from home and out on your own, the harder it is to live under someone else's roof, but any option that saves you guys money is probably best. After all, its not permanent so you've got that light at the end of the horizon.

Good luck on whatever you decide!

MizzJ said...

At first I was thinking "don't do it!" b/c living with your potential in-laws, no matter how close you already are to them, is entirely different from seeing them on a regular basis. However, the cost savings is pretty tempting. If the market is supposed to go even lower, why not wait it out in your place? You'll have to factor in the costs and time of commuting as well. I'm sure you'll make the right decision for both of you!

Wanderlusting said...

MizzJ - I would wait it out in my place, absolutely, HOWEVER, that is not the point that his father is making.

Even if we waited, we would still be homeless for three months because his father will not give us the $30,0000 for deposit unless I have had suitable tenants living in my place for awhile - he does not want to risk giving us money for a place, having tenants flake out, and then he's stuck with OUR place because we can't afford to pay two mortgages....

Farrielle Design and Fashionista said...

Love your blog. I have tagged you.

Kira said...

absolutely agree that this will be a huge (sucky) benefit to the long-term goal! i've had to move back home not only once, but twice - and that's where i currently am still. i keep promising myself it's only for a couple months each time and end up staying a lot longer. this time i'm working on the new car thing so i'll be home for god knows how long :( hopefully by the end of this year or next year i'll get my icbc settlement for an accident i was in 2yrs ago, and be able to have a down payment on an apartment. otherwise - i'm hooped.

Wanderlusting said...

Oh hello...I know you!

Wanderlusting said...

PS at least you got a car, that totally totally helps with escaping the rents. Though sadly for me, I'll be escaping his rents and driving down the street to my rents lol

Alya said...

GO FOR IT! Its not going to be as bad as you think it is, and think of all the $$ you're going to save! Plus, its a great place with loads of benefits. And I think the benefits of living there TOTALLY outweigh those of renting. And you can especially use the cash you're gonna save during these bad economic times.

In fact, if I had the choice, I would stay there for a year!

archivingfashion said...

Great photos! I love the pop of the bright orange bag against the blues.

r. said...

i don't know if this is a viable option, but is it possible to save up enough in the next few months to pay the three months rent so that you're not homeless, but still don't have to move in with the in-laws and deal with the commuting change? it h be hard times for a while - having to save up for future rent but may be worth it, no?!

Vain and Vapid said...

The outfit is adorable, I love the pattern on the dress. I had to temporarily live with my in laws for a few months and it actually was really nice. They were super nice to us and not paying rent made a huge difference in our finances.

Vegas Princess said...

I lived with my in-laws for almost two years right after we got married while we waited for our house to be built. So I understand your dilemma. Because now way would I ever want to go through that again. However, we did save a ton of money and it wasn't all that horrible. It is hard to go backwards in that aspect, but just think about where you will end up AFTER those three months. Sure it will be tough for a while but you can survive it to reach your goal.

Wanderlusting said...

R. - Sorry there seems to be confusion. We are not moving in with his parents to save money. That just happens to be a perk.

His father is going to invest our downpayment in our future place.

His father wants to make sure our tenants are honest and commited to living in our place.

Ah, I better just do another post about this:)

Amelia said...

Those flats are so sweet! I love the print on the dress, too.

Dane said...

Oh sweetie! Well I think you should move in with his family.. its only temporary and while I was reading the post, I was thinking "well if they have a big house.." and then the next paragraph started with "they live in a mansion." I say, go!

I live on the beach in a small apartment above my boyfriends family's restaurant. We run the restaurant, therefore we live here rent free. Food is free, water, electricity, its all free. We have been here for almost 3 years.. and have been able to afford ourselves some nice little luxuries, we are both kiteboarders so can you imagine all the toys we have been able to purchase.. In December the restaurant will no longer exist and we are both happy and sad.. about having to grow up so fast.. hahaha.

There is no shame in it, and I mean, family is family, right? Im sure they would be quite happy to have company in their ginormous mansion, anyway. =)