apartment therapy changing the world, one room at a time

but at the end of your 26 years, if you bought the house, you can sell it and make SOME money back, even if not all.

.... with renting there is no return ever. I can't wait to buy something :(

These people are missing one of the key pleasures of renting: that you can fantasize about ripping out the existing bathroom, but you have ironclad reasons never to do it.

For me, the consideration of sinking lots of money into a rental is not so much the aspect of return or investment..... it's much more about the fact that as a renter you are ALWAYS at the mercy of the landlord when it comes to how much you pay and whether or not you can stay as long as you like.

Sure, you can fight/refuse to leave if need be, but the headache of having to toe the line of standing up for yourself as a tenant/resident while also not pissing off the person who essentially determines if you can live there or not sucks even more if you've just sunk time & money (not to mention the emotional attachment) into a rental.

Sure everyone who's renovated as a good relationship w/ the landlord now..... but what happens if things turn sour and then all of a sudden you get slapped w/ a 50% rent increase when it's time to renew the lease.

For me buying a home versus renting one is about the security you have in regard to staying as long as you want, on your terms.

we put plenty of elbow grease into our place, though little money. and installing a tub, instead of a shower would make me very happy. for the moment, buying in nyc seems like a bad move at our price point.
but, if your monthly budget is $7,000/mo there must be good options for buying. especially if you have $100,000 for renovations and an obvious eye/talent for making a place beautiful. if not, real estate is even more out of control that i thought!

I did a lot of work to my apartment (not moving walls or anything though). My landlord decreased my rent (which stayed fixed over the 3 years I was there) and paid for supplies. Sometimes a really cool landlord can be found. However, I would be very careful about it in NY. I'm in Colorado and a 50% increase on my rent would only be about $300, not $3000.

Annoying loading of comments ...

If you live somewhere where you have rent stabilization and plan to stay a while, I think it pays to put a little bit back into the apartment. My formula is to spend half of what I save in rent on improvements and site specific purchases (like custom window coverings). I think that people underestimate the cost in time and energy of moving to a place that they think will make them happier. If you are generally happy with where you currently live, it pays to spend a little to keep yourself satisfied. Your relationship with your home is like a relationship with a person - it takes a little work and imagination to keep it alive and kicking.

The difference between my rent and market rate rent is about $4800 a year. That gives me an annual budget of $2400 to redo hardwood floors, recarpet, paint, change light fixtures, install dimmers, etc... Obviously, I am not installing a new Poliform kitchen or ripping out the bath with that kind of money. But I could reglaze the tile floor or replace plumbing fixtures.

doing some really simple math...

right now they pay 7000/month
in 2 years they will pay 7700 a month

i assume after all this work they'd like to stay there 10 years or so at least, right? so in 10 years time at this leasing structure (10% more every 2 years) then they'll be paying $10,248.70 a month.

but not really, as they sunk in 100,000 of their own money. that's basically an extra 10,000 per year in rent, or $833.33 a month.

that's just ludicrous to me. all that money for something they do not own? why don't you spend 15,000 over hauling your landlord's car so you can borrow it on weekends? or 10,000 on their home entertainment system so you can watch movies on it every other weekend? i've been in new york for 9 years and cannot wait to own an apartment, and if i had that much per month to spend on rent you better believe i'd get a good mortgage on a nice apartment.

Mmmmmm

I often have found myself in this debate with my friends. They often come to me with these problems.

*sigh* Its very hard being rich in New York.

The Times should really concentrate more on down-on-their-luck battlers who somehow managed to overcome such adversity like this. So heart-warming and inspirational *sheds a tear*

live in a rented home - 25 years later you have no money (or maybe a little money saved) and no assets and you've never been able to paint the walls a colour you like

pay a mortgage - 25 years later you own an asset worth hundreds of thousands of pounds and you have had free reign to live in it as you wish

Theres no logical reason to rent rather than buy if you can afford it

Since leaving my parents home 25 years ago, I have invested heavily in two and now a third rental apartment. Though I didn't spend the amount of money and effort the people profiled in the NYT article spent, the amount I spent in materials costs and my own labor was substantial. I understand the prevailing opinion that investment in a rental is a waste of money, nevertheless if you're planning to stay in a rental for a significant time, it is important to create a living space that is really nice and comfortable. After all most people wouldn't refrain from buying furniture simply because they don't own their space, hence why wouldn't I invest some time and effort in making my space nice?

Obviously, none of these people borrowed heavily to finance their rental alterations. The changes profiled were likely financed out-of-pocket from pockets sufficiently deep that the cost was not an issue. Naturally what you choose to spend on making that space comfortable is up to you. Many people I have known in rentals have simply "camped out" in the space, never making the slightest improvement that might make their lives more comfortable, simpler, or efficient waiting for the day they can afford their "dream house". Indeed, I know people who act similarly with property they own ("We're going to be here 2-3 years then move up"). Life is too short to wait in housing purgatory.

i don't care if you're a billionaire. why would you spend money to improve someone else's property? i'm all for improving your living environment where you can but there's a massive difference between painting the walls and building your landlord a new kitchen at your own expense.

i agree with thisbmine, forget the rich people who can afford to dole out 100000 improving someone else's apartment, let's concentrate on the people who do make the most of what they have. we already have curbed for the $15mm townhouses.

"After all most people wouldn't refrain from buying furniture simply because they don't own their space, hence why wouldn't I invest some time and effort in making my space nice?"

Because you can take the furniture with you but a built-in kitchen you have to leave behind