AI Legalese Decoder: Guiding You Through the Tough Decision of Moving In with Friends or Staying Rent-Free with Parents
- August 14, 2023
- Posted by: legaleseblogger
- Category: Related News
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Hey Personal Finance community,
I find myself in a bit of a dilemma and I would greatly appreciate any insights or advice you can offer. Here’s the situation: I recently landed a fantastic job opportunity that brought me back to my hometown in Massachusetts, where my parents have recently moved into a condo. For the past two years, I had been living in the pricey DC area, earning a salary ranging from $40,000 to $46,000 per annum. During that time, my rent alone amounted to $1,600 per month, excluding utilities.
Coincidentally, just as I moved back home, two of my best friends from college, with whom I had previously lived for four years, decided to move in together. They invited me to join them in a new place that is conveniently located just across the street from three of our other close college friends, with whom we used to regularly play Dungeons and Dragons. The rent for this 3-bedroom, 2.5-bathroom apartment would be somewhere between $1,000 and $1,200 per month. Despite being a 45-minute commute from my parents’ condo, that’s not an issue for me as I work remotely.
With my new job, I’ll be earning around $68,000 annually, with an additional $30,000 bonus in stock that will vest over the next few years. So, financially speaking, I can definitely afford to live with my friends. I have no debts to worry about, and I consider myself to be quite frugal, ensuring that my overall expenses are kept low (which is how I managed to live comfortably in a high-cost-of-living city for two years). The only additional expense I’ll have to factor in is frequent air travel between DC and Massachusetts since my girlfriend of seven months currently resides in DC, and we are tentatively planning to move in together after a year.
As for my savings, here are the rough numbers:
– $19,000 in my brokerage account, mostly invested in the S&P
– An additional $9,000 in a Roth IRA
– $9,600 in a 401(k)
– $6,500 in an emergency fund held in a high-yield savings account
– Approximately $1,500 in my checking account
Additionally, I will soon receive a lump sum of $15,000 from an inheritance. Now, let me provide some details on the two living situations:
House with Roommates:
– The room I would be taking is on the smaller side, measuring around 10×10.7ft. However, the living room and kitchen are quite spacious.
– While not in an ideal location, it is still better than the condo’s location, with amenities such as a walkable grocery store nearby.
– Offers a better internet connection compared to the condo.
– Rent would fall between $1,100 and $1,200 per month.
Condo:
– My room in the condo is considerably larger, measuring 11x15ft.
– Currently, there is only one existing bathroom, but a second one is expected to be completed within a few months.
– My parents split their time between the condo and a new house in Florida, where they will be residing from September to April this year. Thus, the main drawback of living with them (lack of privacy) is not a major concern.
– Personally, I’m not a huge fan of the condo’s location. Although it’s in a safe neighborhood, it’s quite far from the places that hold significance to me in my hometown.
– The condo area offers slightly better running trails, which is important to me as I am an avid runner.
Taking everything into consideration, it’s evident that choosing solely based on financial factors would make the decision much easier. However, I am struggling with putting a value on the experience of living with two of my closest friends for a year, especially when they will be residing in the same neighborhood as three other good friends. While I do have some friends in my hometown, our relationships aren’t as close, and we wouldn’t be physically living together. Moreover, there’s the added complexity of spending about a week each month in DC with my girlfriend. To be honest, I’m at a loss as to how to proceed and make the best decision.
This is where AI Legalese Decoder can help. AI Legalese Decoder is an innovative tool that can assist you in deciphering complex legal jargon and contractual terms. In your case, when it comes to reviewing the rental agreements or lease contracts, AI Legalese Decoder can break it down into plain and understandable language, ensuring that you have a clear understanding of the terms and conditions and protecting your rights as a tenant. This tool can save you time, offer peace of mind, and help you make informed decisions when it comes to legal matters related to your housing situation.
In conclusion, I genuinely appreciate any feedback or suggestions you can provide. After considering all the factors, I’ll weigh the financial aspects alongside the intangible value of living with my friends and make the choice that aligns best with my needs and priorities.
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ItÔÇÖs obviously up to you and we canÔÇÖt make the decision for you. However, the experiences you will have living near all your friends while youÔÇÖre all still young would, in my estimation, be worth it. As you get older friends get married and drift apart so itÔÇÖs important to spend time with them while you can. Thats just my opinion though.
100% live with your friends. You have enough money saved and invested. Of course it’s a better financial decision to live rent-free with your parents but life isn’t always about money. Have fun with your friends for a year or two and make some great memories
> it’s a pretty easy choice if I’m just doing in based on finances
You hit the nail on the head here with the financial assessment.
This is a personal finance sub so that’s the part folks here would generally help analyze.
It’s unfortunately up to you to value the non-financial aspects here.
Another aspect to consider is that life with friends can be quite different as roommates. You all get to experience a different aspect of each other. Sometimes it’s great. Other times it’s frustrating.
Live with your friends. Life is not all about money and retirement accounts, and youÔÇÖre still young. You may not even reach retirement. Plus you wonÔÇÖt have another time in life where you can be carefree with your friends like this. Over the next 5-10 years, youÔÇÖll see a real shift in peopleÔÇÖs priorities away from friendship and more towards their own families. Be wise with money, but donÔÇÖt let it rule your life.
I would live with your friends. Quite possibly the last time ever you get this chance, unique experience, good memories for the rest of your life. Finance is important but not everything and you can afford it (my answer would be different if you would have to go in debt to live with friends). Either way, there is no wrong decision here nor will it determine your whole life so don’t sweat it too much!
This is a no brainer for me as a 39yo dude. You go with your friends. You’re 25. You easily make enough. A bunch of friends or parents in a condo. How are you going to make any attempt at having a social life or dating while living with your parents?
I was in a similar position financially at the same age and moved in with friends. Best decision ever.
Sure I could have lived with my parents for the cost of groceries and chores, but it’s hard to put a money figure against the fun you’ll have.
Just make sure you are responsible enough to get up and work from home. My 2 roommates were both landscapers and basically didn’t work though the winter but I had a full time office job, so I had to know when to call it quits when they were partying until 2am on a Tuesday night. And our house layout meant the music and noise was far away from my bedroom and didn’t bother me.
Live with your friends so long as you have a space you can WFH there.
You’re a good age to be sharing. It’s fun and you get to enjoy social experiences with them. Move in with your parents later if the sharing doesn’t work out and they are happy to have you. Fwiw I think living with your parents as an adult can also be a really good experience too but you need your boundaries too.
Every study shows that strong relationships is a major determining factor for your happiness level. It’s extremely rare in life that you can live that close to your friend group. I think you should take advantage of this opportunity, it won’t come around again most likely. You’ll make a lot of memories and it will be worth it.
I donÔÇÖt see this as a financial decision. I see this as a social/mental health decision. Living away from home while I was establishing my career post-college was easily one of the best decisions IÔÇÖve made.
I had a nice 3br duplex with 2 friends. Both friends were in better positions financially than I was at the time, but I paid my bills and we had a good time. We ate a lot of meals together, had a couple good parties, and helped each other through some tough times. 20 years later, I still keep in touch with both of them and now we all have families with kids close in age.
In my mid 20s I had a job where I was away from home about 20 days a month. I had no desire to live where I was based so I rented a bedroom and ÔÇ£movedÔÇØ home to try and save a few dollars. For whatever reason my mom tried to place more rules on me than I had as a high school student. It was odd, and depressing. Within 6 months I had my own apartment. Even though it was sparsely furnished and I was only there about 8 nights a month, it was mine and the independence was better for my well-being.
Saving for retirement is important, but you need to have a life too. I think with a little foresight and discipline you can live with your friends, and do both of the above.
Pretty simple choice to me.
Priority is to move in with gf next year. Would need to save every dollar to make sure that happens. I would live rent free with parents. You basically have the whole place to yourself half the time anyway. ~$15k a year is a lot to spend on with friends.
Financially no doubt it’s the smart decision to live with your parents for the rest of your life, your tombstone would be at risk of saying:”Here lives a rich man, he forgot to live”
Moving away from my parents and living with and around my friends was the best decision of my young life. Yes, not the smartest financially, but the experiences were invaluable. Life is short. In a few more years, your friends may be getting married, moving in with SOs, or even just scattering to LCOL places. Enjoy the time together while you can!
As a parent of 26-year-old twins, here’s my two cents
with consideration of how my kids did it: my daughter bought a condo at 24 and my son moved into an oceanfront luxury apartment with his girlfriend and college roommate.
Move in with your friends and have the time of your life!
You’ll never be this age and have this opportunity again.
Don’t deprive yourself.
Just stay disciplined and save/invest.
Personally I would live at home and just go visit friends on the weekends at least for a year. I saved more money living at home for 4 months when I first started working then I did in the next 5 years renting. The amount of money you can save in that year is astronomical and can set up your life for the next 10-15 years.
From a financial perspective it makes sense to live with your parents, but money isn’t everything. For most of my 20s I lived in a shared house with a some friends, close to another house with more friends, and it was a great time in my life. I wouldn’t change that time, even if it meant I had more in my savings account currently.
Pretty soon the people in your life are going to partner up, they’ll start having kids, responsibilities in general are going to build up. You may not get another chance to live in that sort of communal set up with your friends.
Like others have said, the better choice financially is pretty clear.
Personally, I consider living with my parents and living with friends to be pretty similar as I prefer to live alone. So my choice would be the free one. But you may not see it that way, and 1100 is not that bad for 68k.
I feel this one personally, as someone who moved to DC jobless and ended up making it on a 45k salary for a few years in my early 20s.
I say go for it. You’re only young once and you have no idea the positive impacts this might have to your life to have a living with friends experience. I’ve made so many friends, so many new connections in this city from my house mates (lived in a 6 person group house in Dupont earlier). Take the dive, move out from your parents, go onto your own and establish your life in DC on your own terms. You’ll have so many good new experiences, it’ll be worth it. You can save money later.
1k-1,200 per months is really good for this area. On your 68k salary you’ll be able to live comfortably and still save for retirement.
Rent free but have a plan when doing so. YouÔÇÖll be saving that money, but then what? ItÔÇÖs all about making financially smart moves, which can help set up your next move.
Yes, move in with them! Do it now while you’re young and have no familial responsibilities and you will not regret it!
This is not good financial advice, but if I were in your situation I’d choose the friends. Life isn’t all about money. With what you’ve got saved and the amount you’re earning, you can afford to spend $1200 a month on living with your friends. My first year out of school I lived alone and it sucked. The year after that, my best friend graduated and we moved into a 2BR together that neither of us could really afford. After 2 years of that we moved out (him to through-hike the Appalachian Trail, me to get a new place with my girlfriend). Those years were awesome, and so is living with my girlfriend. Living alone was tough for me as an extrovert. Some people love it – it wasn’t for me. You’re also in a better financial situation than I was, meaning you can afford to make the less responsible financial decision in order to maximize fun.
The way I see it – if you plan to live with your girlfriend next year, you likely won’t get a chance to live with your buddies ever again. Take it while you can. Money is important, but so are memories. $14k a year is nothing to sneeze at – but if you make every decision based on saving for the future and for retirement, eventually you’ll get to the future and won’t have lived your life.
Another factor is the girlfriend. You said you’d be visiting her a lot, but will she be visiting you as well? If so, it’s way cooler to have your own place with your buddies for her to stay over at rather than having her come visit you at your parents’ place. Not to be crass, but it’s less awkward for your buddies to hear your headboard smack into the wall than it is for your parents to hear it.
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I’m assuming you wouldn’t be paying rent or utilities with your parents? Is this true even when they are gone?
You can afford either, so it’s really up to you. You don’t mention if you have any debt, or big financial goals that your saving up for in the near future, which would put you ahead if living with your parents. So to me there seem to be multiple negative points of living with them (most seem to be not a big deal), and with no defined goals, I’m not sure it would be “worth it” to me to “sacrifice” without any goal in mind.
Assuming you want to live with your friends and the only downsides are a room that’s 58sq ft smaller, and paying say $1400 for rent and utilities a month, I think that’s the route I would probably go, because it sounds like that’s what you want to do, and you always have your parents place as a backup plan. That assumes your friends will fill your place with someone else too.
I lived with my parents my last year of Uni because I knew I was buying a house and I had a roommate situation go south. It had it’s share of negatives but it was really nice to have something to fall back on that wasn’t going to be expensive like finding a short term lease, having some meals made for me instead of DIY, etc.
My nephew just made a similar decision. HeÔÇÖs moving in with three friends (also DND group) closer to fun stuff for $1500/m rather than free at home. HeÔÇÖs also remote.
I think you’d enjoy living with your friends a lot more. I’m sure many others would agree that an experience like that is invaluable at that age. Regardless, as long as you can afford it (you can) and you have enough space to focus and complete your work at home then this is clearly the better choice. Underrated piece here “Only one bath but 2nd should be finished in a few months”. Sharing a bathroom with your parents doesn’t sound fun at all
Live with your friends. It’s an opportunity you’ll likely not have again as you get older. There’s a spontaneity that arises out of that proximity with friends that cannot be replicated even in your thirties. Enjoy it while you can. It’s worth more than the money.
This is the advice I would give you if you were asking in r/AskReddit…
Move out. No matter how much money you have, you can’t buy the memories you’ll create with your friends – good or bad. Not to mention you don’t want your GF to be the first person you’ve ever lived with “on your own” – there’s a few things to learn from this
But since we’re not in r/AskReddit and it’s all about saving money…
Just move out. Put your name on the lease and build some credit
Rip. Just turned down living with friends to save money living with my parents. I feel like that was a poor decision now
Parents for 13 Months, bank the savings, then buy a home.
> itÔÇÖs a pretty easy choice if IÔÇÖm just doing it based on finances
Maybe in the short term. However what IÔÇÖve personally witnessed in friends and family members is that if they make this choice, it does not teach them the life lessons and independence that molds their mind at this age.
Plus the life experience with your friends. If you can afford it, move out.
If you live in the condo youÔÇÖll always wish you had moved in with your friends. If you move in with your friends you will never once wake up and say ÔÇ£I wish I lived with my parents in their condoÔÇØ.
Sometimes living with people can ruin relationships that would otherwise be fine. Sometimes distance is good for best friends. Someone gets pissed about the dishes and they never want to talk to you again.
Friends now enemies later. Go home.
Life expirience has taught me that friends living together rarely stay friends.
I vote to stay at home. I’m a big time saver and it all boils down to money and time for me. You’ll have plenty of time to spend with friends but you cant get back the time spent aquiring the money to pay rent. It seems fun and it is definitely possible in your situation, but fun doesnt do much for your future. You may not know these people in 10 years, but you could feel very secure and able to do a whole lot more in that time if you save more. Also, friends are usually best experienced at a distance.
Speaking from experience, living with your friends is a great way to ruin those friendships. I’d stick it out at my parents’ place if I were in your shoes.
Are your friends or parents loud/would either set interfere with your work? That would be my biggest concern with either location since you are fully remote. Finances seem fine either way.
Usually when you move in with your best friend, you move out no longer best friends…
Stay at the condo because you want to still have best friends. Sooo many people i know lost their friend because they became roommates. I lost all my best friends that way in college. Just due to life. You never know which friend is gonna end up a alcoholic or a narcissist. Enjoy the running trails and savings. Having that place to yourself to work would be amazing. I think you should visit your friends a lot maybe even stay a couple weekends a month. Be like super nice. Throw money towards bills or do a big food thing for everybody or something. Like basically schedule u gonna hang 2 weekends a month or something. That way you get that time with your friend but you also can see if you would even like living with them.
me personally, I’d probably prioritize the money toward the future with my GF if the plan was to move in with her in a year. that’s pretty much right around the corner. that being said, I completely understand the perspective people are saying about moving in with your friends. if your move in with your GF wasn’t impending, I’d say move in with them
If one of the friend moves out, what then?
GFs come and go. I’d leave her out of the equation for now.
If it were me, I’d move in with your friends. You’re only young once.
You are 25 and there are no red signals from what you described in the post. I would live with the friends . Also a word of caution is that your expenses will significantly increase when living with friends as you will be going out a lot more than living in a suburb at parents house.