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Thread: Should I get a luxury apartment?

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    Default Should I get a luxury apartment?

    I need some advice from some wise ladies!

    I currently live in a really crappy apartment that I can afford, very, very easily. I want to move to a nicer one, but I can afford some of the best apartments in my area and I'm not sure if I *should* go for it. On one hand, I can afford it. On the other, is it a huge waste of money? Getting a nicer apartment would mean living by standards that I like, but it would mean $500-$1000 more for rent. My rent currently is $500. The apartments I'm looking at are $1000-$1500 a month, lap of luxury in the middle of downtown. I live in a VERY inexpensive state.

    I can afford $1500 a month, and I do have savings, which I build after every shift that I work. I have emergency savings and am saving for plastic surgery (rhinoplasty, fillers, lasik, among other things). Is it wise to get a luxury apartment as a dancer? I know I can afford it, but I don't want to waste money that I could be building for something else.

    What are your experiences with this dilemma?

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    Featured Member SuperJa's Avatar
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    Default Re: Should I get a luxury apartment?

    Ultimately it's going to come down to how comfortable you are with the amount you'll be able to put in savings after factoring in your increased rent.

    My two cents- when I first started dancing I had a terrible apartment in a terrible neighborhood and I had various roommates throughout my time there. A couple years ago I moved to a much nicer place (not 'luxury" by any means, but a substantial upgrade) and although my rent tripled, I'm in a safe building with a secure parkade, it takes me 5 mins to drive to work, and I have my own space. I'm able to work more because of better being able to recharge after work, basically having no commute, and not having to worry about my stuff in sketchy building/roommates bringing people over. So the extra expense canceled itself out.

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    Default Re: Should I get a luxury apartment?

    I had the same dilemma and thought about it for a long time.

    I could easily live in a luxury condo, I work at an upscale club and make good money. It's a little depressing sometimes returning home and my workplace looks better than the apartment where I live lol. I really want to live at a nicer place but prefer to wait until I am done with my studies in 4 years to move. I enjoy not having the pressure to make a certain amount of money consistently and being able to put most of my money into savings. Right now I only work during the holidays because school takes up most of my time and I won't be working a single shift during the month of November. It's nice to know I can live off my savings, something I wouldn't be able to do if I had decided to move to an apartment that cost me over a thousand per month.

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    Senior Member mm621's Avatar
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    Default Re: Should I get a luxury apartment?

    Honestly, if you can afford it, and you're comfortable spending the extra money, then why not? It's your home; you should enjoy going to it after work every night.

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    Default Re: Should I get a luxury apartment?

    Savings and emergency fund is good. Have you been contributing to your retirement fund???? Do you have all your insurances paid for? (Health, life, renters, disability,etc)

    I think you should get something nicer but I personally wouldn't spend $1500 per month on anything I wasn't paying towards ownership.
    “Cook for him like a housewife, fuck him good like a nympho….pay the rent and the car note, he invests in me like crypto”

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    Default Re: Should I get a luxury apartment?

    I'd probably do it at at the roughly $1000 range. It sounds like a nice mid point between where you are now and the super nice $1500 ones.
    I'm just JEALOUS ! I live in a really expensive location in an " ok " building / condo so I'm hungry for a nicer living space .

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    Default Re: Should I get a luxury apartment?

    is it a quarter or less of your net income? i feel like that's a good rule of thumb when it comes to rent, as do a lot of landlords. it also boils down to what you want to spend your money on , and if its worth skimping/spending less in all the other areas to live in a luxury apt. personally i'd find some middle ground and move to a nicer apt that i can still easily afford, but one that isn't in the lap of luxury necessarily

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    Default Re: Should I get a luxury apartment?

    ^ Yes, my 1 k suggestion was if you make 4k minimum a month.
    Most financial planners say to budget around 25% for a place to live a month.

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    Default Re: Should I get a luxury apartment?

    As long as your apartment is safe, stay there. Invest $1,000 a month in a good S&P 500 mutual fund. Stripping is a very time limited career. Leave it with lots of $$$$ invested.

    HTH
    Z

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    Default Re: Should I get a luxury apartment?

    I wouldn't say it's "wise" to get a luxury anything quite frankly but we all have our indulgences.

    Personally, I agree with Zofia. If your apartment now is safe (and not so crappy that shit is broken all the time or what have you), I'd stay put.
    You never know if you're going to burn out of dancing, and then you'll be stuck with $1000 rent and HAVE to dance.
    She is right in that there are a lot of better uses for the extra $500-$1000 a month. Even if you don't invest it, it'd be better to stick in a savings account instead of essentially lighting it on fire (which is what paying rent is IMO).
    "People jack off with the left hand and point with the right."

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    Default Re: Should I get a luxury apartment?

    I have had a luxury apartment before, and although it was beautiful and had amenities to die for, here's what it looks like...

    $50K down the toilet for 2 years.

    Is it worth it? I don't know. When you take a luxury apartment of $1595 a month and add $200 a month for your parking spot plus utilities that is basically what you have. However, I was in LA, an expensive area, and felt like I was in a really safe secure building because I had 24 hour security.

    Now, I'm back home in AK where luxury apartments don't really exist, and you can't find a crappy studio for less than $850 a month here.

    It's all relative. I definitely like the 25% rule and think that's a good thing to keep in mind.

    More than anything, it comes down to safety. If you don't feel safe where you live, move. If you're not feeling rested and rejuvenated in your own space, move. But in my opinion, go for a place not so expensive. Don't end up like me, paying $1595 and then a year later your rent goes up to $1695 plus parking is always $200 more.

    : )

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    Default Re: Should I get a luxury apartment?

    Quote Originally Posted by Zofia View Post
    As long as your apartment is safe, stay there. Invest $1,000 a month in a good S&P 500 mutual fund. Stripping is a very time limited career. Leave it with lots of $$$$ invested.

    HTH
    Z
    This is what I'm going to do tbh. I'd rather not waste money I could use investing in my future. I can use the money I save on rent every month to make my space as comfortable as possible, travel for work and invest in things that will further my goals. Thanks

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    Default Re: Should I get a luxury apartment?

    Save your money and buy a condo! <3

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    Default Re: Should I get a luxury apartment?

    If you're going to do it, increase your rent to $800-1000. You should be proud of where you live. You work hard but you should always be saving a ton. If you're not, then stay where you are.

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    Default Re: Should I get a luxury apartment?

    My only advice is to buy, don't rent. Mortgage interest rates are lower than they've been in decades, and realistically the rates are only going to go up. Buy yourself a Luxury Condo, instead of renting an apartment. Find a Realtor to help you with your purchase. Ask around the club, I can almost guarantee you that someone knows someone who works with strippers on home purchases.

    When you rent, you are making the landlord rich. When you buy, you are reinvesting in yourself. And if you can afford $1,500 a month in rent, you can afford to buy. Every time you make your mortgage payment, it's like putting money into a retirement account.

    Ask your Realtor about NHF Down payment assistance program. It's free money from the government to help 1st time buyers with 5% down payment. You can buy properties worth up to $417,000 using that program.

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    Default Re: Should I get a luxury apartment?

    Quote Originally Posted by Zofia View Post
    As long as your apartment is safe, stay there. Invest $1,000 a month in a good S&P 500 mutual fund. Stripping is a very time limited career. Leave it with lots of $$$$ invested.

    HTH
    Z
    Also, open an IRA. If you're in a high tax bracket, open a regular IRA for the deduction. If not, open a Roth IRA to avoid future capital gains taxes.

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    Default Re: Should I get a luxury apartment?

    Save money. Buy house, invest.

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    Default Re: Should I get a luxury apartment?

    I'm not 100% convinced that buying a house is all that great an investment. Certainly don't buy more house than you need. It's main function is shelter. Same with renting, don't rent more than you need.

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    Default Re: Should I get a luxury apartment?

    man im so jealous of where you guys all live! im based in like the 2nd or 3rd most expensive city to rent in, looking at moving out of home again and a non-terrible one bedroom apartment in a non-dangerous location not near shitty people will cost me $1600+ per month. and thats just the basics. im not all that comfortable pissing money away like that when its not going towards ownership, but at the same time i have lived in cheap shitty places before around shit people in dangerous areas and its absolutely true about needing to go home to a nice place to be in a good, healthy mindset and live a happier life.

    i wont do unnecessary luxury, but ill splurge on solid good basics [but only now that i got a vanilla job and can actually depend on a full time income.... with dancing i kept my rent really low incase i got sick/injured/burnt out the point i wont be able to otherwisepay my rent]
    FUCK YEAH finally retired after 6 years dancing!!
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    Default Re: Should I get a luxury apartment?

    It depends on your situation I suppose. Personally when I started dancing I was determined to save as much as I can out of it, so I got an apartment for $850 a month. That is actually very cheap where I live because apartments are expensive as hell here. I found out the hard way why it was so cheap. There were mice in it, walls were thin (tons of noise), very small and beat down and even with parking pass you have to parallel park blocks away. Since then I've done research and read tons of reviews on local apartments and found so many cheaper buildings have problems with bed bugs, mice, parking, noise etc. I've come to the decision the next apartment I get will be luxury if not close to it. I'd much rather dance an extra 2 or 3 nights a month to come home to somewhere I'm comfortable with rather than deal with that nightmare again.

    However if you're in school and limited on how often you can dance, or have other priorities you're saving for and comfortable I might say stay. You have to take all your factors into consideration and decide.

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    Default Re: Should I get a luxury apartment?

    I'm in the exact same situation, or something very close. I kinda like my place now, although it's very small and not entirely too comfy. Keep having fridge issues and the landlord just seems to not hear it when I mention it. It's annoying, but it's also very very cheap. Less than 10% of what I usually make a month, so it leaves me plenty of loose money to save, spend or invest. At this point I decided to stay where I am unless I come across something REALLY nice with a good cost to value ratio. The real estate agent hates my guts now since I'm basically nitpicking at any place we go to look at, and I'm looking for "that perfect apartment".
    BDSM - Business Development, Sales & Marketing

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    Default Re: Should I get a luxury apartment?

    Quote Originally Posted by NatalieCentro View Post
    The real estate agent hates my guts now since I'm basically nitpicking at any place we go to look at, and I'm looking for "that perfect apartment".
    oh fuck that and get what you want
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
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    Default Re: Should I get a luxury apartment?

    stay where you are until you can buy and then buy! so much better than renting. I pay $1450 for rent and it's NOT luxury (crazy miami real estate market) and i have been preparing to buy because i hate paying rent.

    honestly, the only way for me to justify the luxury apartment would be having a sugar daddy pay the rent lol. (obviously i know the risk of him not continuing to pay etc., just saying in general)

    if there was any way i could pay less for rent, i would. and i love nice things!

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    Default Re: Should I get a luxury apartment?

    Quote Originally Posted by Tourdefranzia View Post
    My only advice is to buy, don't rent. Mortgage interest rates are lower than they've been in decades, and realistically the rates are only going to go up. Buy yourself a Luxury Condo, instead of renting an apartment. Find a Realtor to help you with your purchase. Ask around the club, I can almost guarantee you that someone knows someone who works with strippers on home purchases.

    When you rent, you are making the landlord rich. When you buy, you are reinvesting in yourself. And if you can afford $1,500 a month in rent, you can afford to buy. Every time you make your mortgage payment, it's like putting money into a retirement account.

    Ask your Realtor about NHF Down payment assistance program. It's free money from the government to help 1st time buyers with 5% down payment. You can buy properties worth up to $417,000 using that program.
    So much this.

    This thread makes me want to move to USA!!! Canada fucking sucks. It's cold as hell, my luxury apartment is $2100/mo with nothing included. I'd like to live in a city where it's warm and there are actually things you can fucking DO, other than going to a hockey game LOL, but for now I'm stuck here

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    Default Re: Should I get a luxury apartment?

    Quote Originally Posted by Tourdefranzia View Post
    My only advice is to buy, don't rent. Mortgage interest rates are lower than they've been in decades, and realistically the rates are only going to go up. Buy yourself a Luxury Condo, instead of renting an apartment. Find a Realtor to help you with your purchase. Ask around the club, I can almost guarantee you that someone knows someone who works with strippers on home purchases.

    When you rent, you are making the landlord rich. When you buy, you are reinvesting in yourself. And if you can afford $1,500 a month in rent, you can afford to buy. Every time you make your mortgage payment, it's like putting money into a retirement account.

    Ask your Realtor about NHF Down payment assistance program. It's free money from the government to help 1st time buyers with 5% down payment. You can buy properties worth up to $417,000 using that program.
    If you decide to buy a condo, make sure you take all of the fees and taxes you will have to pay into consideration.

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