It’s Not Always All It’s Cracked Up To Be
As a Dad, you need to look at the long-term. Ideally, you and your family need to be enough out of debt that you can save money for the education of your children in a trade—unless of course you yourself provide that education. Whatever the case, this will require a lot of hard work, and it may require you to move several times.
Residential living is a fine goal to aspire to, but it’s not always available in all situations, and it can even have some difficult challenges. For example, imagine you’re out of debt, but live paycheck-to-paycheck owing to that which is beyond your control. Now imagine you’ve got a property with a main water connection that freezes over in the winter and floods your basement.
It turns out it’s the city’s problem, but since the break technically happened on your property, they won’t foot the bill. Now you’ve had to turn off water, tear up the basement due to the associated damage, and excavate your driveway just to get at the pipe. And when you do, it’s expensive to fix. Suddenly you’re in debt for $10k or more.
Or what about neighbors. You might get good ones, or you could have a conglomeration of college kids partying on one side of you, an old couple who is sour about everything on the left side, and some underground criminal enterprise across the street.
Even good neighborhoods are subject to bad neighbors. With apartments you’ll have neighbors as well, but everyone is a bit more secluded, and people don’t think about those they live adjacent to quite the same way. Now granted, you may want to be neighborly, but if your family is in a position at the center of a city, this may not always be your wisest course of action.
An interesting solution to such dilemmas may be apartment living. You can go the rental route for a period of time, and ultimately end up benefiting, depending on your situation. In the wake of an emergency, or in a situation where the costs of travel are greater than the cost of renting nearby, this could be your best way to ultimately build equity which meets your price model.
Granted, rent doesn’t do this in and of itself, but costly travel is also a big issue. If you’re commuting two or three hours a day, vehicular costs over time may come to rival that of rental. Everyone’s situation differs.
Going The Rental Route
If you do decide to consider apartments, there are many different kinds out there today. At this website https://www.liveatcolab.com/, you can find some pretty choice units aimed at a younger demographic, but which may fit the needs of a family who is seeking a swift short lease.
Meanwhile, apartment living at Hyde Square has a chic, urban feel to it that is stylish, modern, and upscale. So if you do need a temporary residence, you can find yourself somewhere that doesn’t feel as though it is temporary, which can be very good for the family.
Or course, where you live will in large part be determined by where you plan to go, and what your overall goals are at this stage in your life. There are challenges and positive aspects to both residential and apartment living. You won’t likely need a burglar alarm on your apartment , you won’t have to contend with a landlord at a residence you own.
Running a cost-benefit analysis of your budget, and anticipated issues of forward progress in life, may be your wisest solution. Whatever you do, take your time, and choose wisely.