Lessons in Value, Neccessity, Price and Convenience All Wrapped up in a $3k a Month Apartment

This has been my dilemma.

Saturday we went apartment hunting back in our old neighborhood and I was in heaven! Just being in the area brings back old memories of our courtship, planning the wedding, sunning myself on the roof and out by the pool and all the feel good memories that come with being back there. We stopped by what has to be THE nicest place in the area just to take a looksee, I had no intention of liking it so much. Who am I kidding, y’all I am all over IT!

*fans self*

Here are the amenities and features with the already standard in room laundry, fireplace, granite counter tops, upgraded appliances etc etc.

Community Features

24-Hour Front Desk
24/7 Call Center
Fitness Club-They have a masseuse and personal trainer on call with pilates classes!
Garage Parking
Highrise
Metro Accessible-the metro is literally across the street!
Pets Welcome
Swimming Pool -with a hot tub

Additional Features

Bathrooms with soaking tubs and ceramic tiling-the soaking tub is a must have for hubby if we move *sigh* I agree, I’ve gotten accustomed to soaking the day away at least 3 times a week.
Epicurean inspired kitchens with ceramic flooring
Fireplaces available
High ceilings, plentiful natural light and abundant closet space
Individual washers and dryers
Penthouse apartments featuring crown molding, chair rail, granite countertops and Jacuzziâ„¢ whirlpool bathtubs
Stunning views of Washington, DC, from private balconies or sunrooms
White-on-white G.E. appliances, gas cooking and custom crafted cherry cabinetry
Billiards room and Cyber CafÃ©-this comes with extra’s like WIFI throughout the first floor area, copiers, fax, scanners all free to residents. The billiards room can also be reserved free at any time and is open 24/7.
Business center-Again free WIFI and free access to copiers, scanners and fax
Fitness facility with cardio theatre, massage, aerobics classes and personal trainers
Furnished guest suite available-ehh there are enough hotels in the area but this is a nice plus
Great room for entertaining
Large screen media room with surround sound-with movie nights weekly
Swimming pool with sun deck, sauna and whirlpool
Underground garage parking
Concierge services provided by VIPdesk.com
Pay your rent with American Express
Walk to Metro

Even after all that it was really hard to try and justify spending $3000 a month to live there and this is where the lessons in value and necessity play out.

Value

I value the lifestyle that living in this area affords us at this stage in our lives. We are a childless married couple no plans to have any children for another 2-3 years. So we like being able to pick up and go as we please and not having to tend to a yard or other types of maintenance associated with having a home. This will go against all conventional personal finance guru wisdom but I like living a certain way. So I know that if we moved away from our current area, it would have to be in a place/apartment/condo that offered certain features like the ones listed above. I admit I am rather materialistic in this way because I HAVE to be comfortable where I live. You won’t catch me living in the hood in the name of saving money. Not the kid. However, I can meet in the middle and take the 2BR down the street for $1785. Cool?

Necessity

Do we NEED to live in a $3000/month apartment? We sure don’t! Are there other options? Sure are! (Aside: like the 2BR/2BA we saw for $1785 a few blocks away)

The truth is we don’t need to live there but it sure would be nice. What we need if we moved back is a 2BR/2BA apartment that’s walking distance to the metro, business center, in room laundry, pool, fitness center, 24 hour maintenance turn around with updated surroundings. It wouldn’t have to come with all the luxury style extras this apartment comes with but above all we want to be in a spacious apartment back in this area, just in case a little one does pop up.

One wild card I must mention, I did apply for a job with the management company and I fit the qualifications so we’ll see if I get a call back. My hope is that it will include a substantial discount for living on the property and we already agreed that if I got the job with at least a 30% discount we are SO there! Hubby thinks its free if I live on site but I’m not so sure. Either way the job would be right up my alley because I have the experience and savvy to succeed in such a position.

Let’s see what happens, I usually get what I want, still Im willing to balance things a bit out because I realize that renting this apartment probably goes against all PF Blogger wisdom, but I am human so we’ll see how this all plays out.

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About the Author: Girls Just Wanna Have Funds is for the woman that wants to take charge of her personal finances. We value budgeting, investing, frugality and remain mindful of our spending habits. Move over and make way for women who are in control of their financial destinies and not afraid to say it. We're armed with a positive net worth and not afraid to flaunt it while breaking financial ceilings one stiletto at a time!

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Fabulously Broke (13 comments.) | Mar 27, 2008 | Reply

Your home is your sanctuary.
If you’re willing to shell out that kind of cash for something so amazing, but scrimp on other areas, then go ahead
Me, I see more home more as a place to sleep.. I wouldn’t use all of those facilities so it wouldn’t work for me

But it sounds amazing
savvy (9 comments.) | Mar 27, 2008 | Reply

We don’t truly NEED anything other than food/water and shelter. That said, if you WANT it, can truly afford it and it won’t compromise your other goals, then do it. Who cares what ‘conventional’ advice says? You have to do what’s best for you which may not always coincide with what “they” say.

I place a higher value on happiness/comfort/quality of life than money. What’s the point of making/having money if you live a miserable existence? You only get one life but you can always make more money.
c2a (7 comments.) | Mar 27, 2008 | Reply

Sounds like an enjoyable adventure you are planning. I’m glad your husband is on board.

I understand what you mean about living in an area with a lifestyle you value. We often walk to an area called Larchmont that has many restaurants where we have patio lunches, we stop and get bagels, ice cream or jamba juice, the banks are there, farmer’s market on Sunday, we take our chairs and relax at the park, listen to the kids scream and play and just enjoy what’s around us.

We used to live in a bedroom community and I was suffocating. I went in the backyard maybe 3 times. The house was lovely but I had to drive such a distance to get to the places I wanated to be, as a result most of our excursions were on weekends. I felt so liberated once we moved, like I’d been put in a little box and finally it was opened and I got to live smack in the midst of all that I enjoyed.

That apt in the pic is just like ours, except you go through living room to get to dining room and kitchen. Our building is built like the one on Melrose place but instead of a pool in the courtyard, we have a garden. We’re debating holding on the apt when we move back to the bay area. We love it here.
Ginger | Mar 27, 2008 | Reply

You are supposed to be scolding me for thinking such a thing ladies!
Yakini (6 comments.) | Mar 27, 2008 | Reply

That apartment does sound heavenly! My fingers are crossed that you land that job!!! Emotions aside, I say base your final decision on that, as well as if you are able to rent out the house at a reasonable price.
Wellheeled (1 comments.) | Mar 28, 2008 | Reply

I really, really love the floor plan. Especially the curving french doors out to the balcony. WOW.
Rachel @ Master Your Card (6 comments.) | Mar 28, 2008 | Reply

I gues syou need to do an old fashioned pros and cons list. Imagine if you had a cheaper place what youwoudl do with the money that you saved on rent. Would you be wise and invest it and if so where woudl that get you/ Would you quality of life be much better in the more expensive place. Only you know the answers…..
CreoleInDC (26 comments.) | Mar 30, 2008 | Reply

The apartment sounds FABULOUS but I wouldn’t do it unless we were moving to another state and couldn’t sell our current home. The area you live in is not bad for a couple without children and you really don’t need to worry too much until your children are of school age I would think. Hopefully by then the market will have turned and you’ll be able to sell your home.

The lesson here is one I swear by. Never, EVER buy if there is not a Whole Foods within 10 miles unless you’re in a big sprawling area like down South some where and then I’d give it MAYBE 20 miles.
DallasHoney | Apr 2, 2008 | Reply

Ginger I have a similiar dilemma. Should I buy something in the suburbs or rent in the city? I am single with no children. Rent in the city is at least $1600 per month and a mortgage in the suburbs is around $1200 (not including maintentance because I don’t mow lawns!) Quality of life is important to me too. And I think that makes a big difference in your happiness. Sometimes the right thing to do is what makes you happy at the end of the day!
Barb Ryan @ Pasadena Financial Planner (1 comments.) | Apr 2, 2008 | Reply

Personally, I would want to get away from renting as soon as possible or at least in a few years. I would take the cheaper apartment and bank the difference. Build your downpayment. Crazy house prices have been knocked down partially so far. There has been so much overbuilding that prices are likely to fall further as this bubble unwinds.

Once a person has a child, then priorities change. Where to live gets driven by school quality and other factors. The strategy of investing the rental difference would give lead to many more options in the future.
Ninja Kitty | Apr 4, 2008 | Reply

My husband and I just downsized from our 100 sq ft loft apartment to a 750 sq ft apartment on the first floor of the apartment complex. Our aim was to save $$ ($600 a month), but once we started the move, we realized just how much “crap” we had accumulated since moving from NYC. More space = more money in more ways than you realize. Now, we are not just saving on rent, but I have cut back my shopping for clothes, furniture, and little odds and ends simply because we need to be smarter about our space and what we put in it. We are not clutter bugs, so this is helping to shave some unnecessary financial burdens.
Sara | Apr 10, 2008 | Reply

And I thought I was bad for getting a $1600 apt in Houston…I don’t know how much you cook, but it would drive me up the wall and back in a TINY kitchen like that. Good luck with the decision.

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Lessons in Value, Neccessity, Price and Convenience All Wrapped up in a $3k a Month Apartment

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