Studio or 1 Bdroom as Associate
Just got a job as an IB associate, have 0 debt, and some significant savings busting as an analyst, have 3 options
Live literally next to work at a 530 sq ft 1 bedroom condo ($4200 more per year) in a 2018 Condo Live 12 min walk away at a 475 sq ft 1 studio condo (save $4200 per year) (older unit - 2013 Condo) Live 12 min walk away at a 450 sq ft Studio 2017 condo (save $3200) New option, live 8 min walk away in a 540 sq ft 1 bedroom (save $3500 year 1, save $2200 year 2- getting 1 month free), 2008 condo (older)
- note this post was edited as the 1 bedroom shots up in price by 1500
Not sure what to do here. I want to save money, but also not sure if studio is appropriate for associate, on top of that its much furthur walk
In my opinion, this seems like a no brainer to me....for an extra $2200 per YEAR you are getting more space plus an actual 1 bedroom. The value of the 1 bedroom plus commute easily out weigh saving $2200/year.
I feel like the 1 bedroom is a complete no brainer.
I'd go with the 1 bedroom as well, unless you really want to have a whole studio to yourself and don't want to live with roommates.
studio if you are joining BAML
If the studio has an "alcove" then go with that. Having a large enough apartment to where you have separate bed and couch areas is more than enough. The kind of studio where it is just a square and the bed is right next to the couch (if you even have room for one) sucks, but a large alcove studio actually feels bigger and more open than a smaller 1 bed. Who cares what is "appropriate" for a given position. As a single person in NYC I'd take a larger "alcove" studio and save the $$$ any day.
530 square feet is a SMALL 1-bedroom. The studio, while smaller in area, may actually feel more spacious and even have more "liveable" space without the walls.
Also there's something to be said about having at least a little separation between work and home, a 12 minute walk might be a nice way to start and end the day.
Some people just can't turn it off huh? Pay up, 1 bedroom.
Turns out the developer raised the prices by about $1000, so living next to work will cost me an extra $3200. Also these comparisons are for 2017/2018 condos, , if I stay at a older condo unit, I can probably save another $1000.
Decisions... Decisions...
you should edit original post with these new #s. which two (?) neighborhoods would help too
I'd be wary of renting a condo as opposed to a normal rental unit. Nobody wants to deal with an unprofessional landlord who doesn't handle anything if necessary (i.e. getting an appliance fixed). Plus depending on the language of your lease, if they decide to sell in the middle of your lease, it can be voided. And even if it isn't, the new owner may not give you the opportunity to renew (they may want to live there themselves...), so you could be forced to move sooner than you'd like.
in NYC, many buildings include a percentage of the common area (lobby, gym, ect) in the square footage calculation when they list apartments...so you can't trust that number...you must measure the dimensions of the rooms yourself (for example, 13ft by 30 ft = 390 sqft and is a large living room). its sneaky, and should be illegal...but its just the way it is.
i'm currently in a 27ft x 19ft apt =526 sqft (the apt is a rectangle, so its easy to calc) half is the living room, other half is the bedroom, bathroom, kitchen and closet
this space is plenty big enough for me and my GF. if you cut the length by 4ft 27 --> 23, then you get 450 sqft....and it would still be fine (a little tight, but livable for 2).
however, are you sure about the dimension?
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$2k a year is nothing dude
even with your edited +1000 to 3200 a year. 3200/12months is like 250ish a month. If you're an IB associate i feel like this shouldn't phase you..
Ok found a new place, exact same size place , 1 bedroom, but an extra 3-4 min walk, for $3000/ year cheaper ... 2008 condo instead of 2018
what are the actual dimensions? sqft can be a meaningless number
It all depends on personal taste and preference. I didn't mind a smaller apartment and was more focused on fit/finish and amenities. I lived in a studio as an A1, but moved into a 1 bedroom with my GF as an A2. That decision was driven by her more than anything else as it didn't make sense for us to share such a small space.
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