I need some feedback. I am ready to move back to a more urban environment (Seattle). I tried the small town thing for a year -- (1) I just don't fit here and (2) the job market here stinks.

I've rushed into rentals in the past and they have been OK but always not quite right and always lacking in much natural light. I'm researching places and my heart is telling me to go for one that is loft-like in what was once an old school but the only thing I could afford there is a studio unit and even that would be really pushing my budget (of course, a lot depends on what sort of work I find).

Here's my question, when it comes to a situation like this, do I lead with my brain or my heart? Be practical (ie go cheaper and work on paying down debt) or take a chance? I know I'm not the only one who's been in this position. I guess I'd like to hear some other perspectives.

(Maybe this is all just part of my entry into a delightful midlife crisis - this will be the 4th move in as many years.)

Does Seattle have rent control? And are market-rate rents going up? If so, that's an argument for going with your heart, as you're likely to be there for the long haul.

If no rent control, I'd go with the lower price, pay down the debt, then move somewhere nicer or consider buying a condo you really like.

DC question: how do I find a slipcover maker in DC? I am looking to recover a comfy armchair and ottoman. I guess I could also reupholster, but I'm not sure the chair is worth it and I'm imagining that would be way more expensive.

Is your question to rent or buy, or to rent big or rent reasonable?

If the first, if you can get into the real estate game, even at the low end (of space), DO IT.
But buy the best possible place you can afford.

If you are going to be renting for the foreseeable future, rent what makes you happy (which may mean save money now for longer-term goals, or it may mean stretch your budget to nab a place that makes you happy to come home every day.) But don't fear studio living... it has its advantages, and I think worth the challenge at least once in life.

I know, that was absolutely no help. I've been waiting for the cable guy ALL !#@$@%% day, so I am a little stir crazy.

Pixie--
Did you try the Yellow Pages? Old-fashioned perhaps, but a great resource for that service.

Libby--IMHO, look towards buying something. I do understand that everyone does not want to buy, but many people just don't envision themselves ever being able to buy. It's a personal decision and also related to the market you're in. Often, what you pay in rent is what you'd pay anyway towards a mortgage (OK, not always) and then 1) it's yours 2) you get all the tax breaks 3) you build equity 4) you realize increases in the market in your property. If you wish you could buy, call a mortgage broker even if you don't think you're anywhere near able to buy just to see what you have to do to get nearer to buying. Again, just my two cents, from one who's been there.

P2- I also wanted to get input from DC-ers who may have used slipcover or reupholstering services in DC.

Building on what Pixie said, before making the rent-vs.-buy decision, get data on average rents vs. average mortgage, as well as on the ratio of home price to household income. These numbers make a huge difference in which approach is more economical. Here in San Francisco, average home price is 8.4 times household income (compared to about 2.4 in the Midwest) and Fair Market Value rents are about 1/3 of what it would cost to buy a similar place. We rent and invest elsewhere. But there are lots of cities where the tax breaks put you ahead with buying.

Can anyone point me in the direction of nice-looking window seats? I have a bow window that everyone says is screaming for a window seat, but I can't find any examples that don't look hideous.

If anyone has any tips about who could build one, that would be great, too. I'd ideally want some built-in storage.

Thanks!

And Libby, to answer your question (kind of), it's hard to say. I agree with P2 and others that you should buy if you can. However, since you mentioned debt, you need to weigh that, as well, imo.

You should look around to see what's available to buy, and what it would work out to monthly. You may actually save money, depending on the city. If that's the case, I'd definitely go for it. (There are also programs that will help first-time home owners, especially if you aren't making a lot of money.)

If not, then you may want to start planning. How long to pay down your debt, accumulate a down payment, and be able to afford the mortgage you think is reasonable? Then budget things out and start saving.

Good luck!

Fiona -
On a different thread, I mentioned something about some window seats that I designed for a friend of mine who was/is renting the 2nd floor of a Brooklyn brownstone. Anyway, I had them made at Mike's Furniture on 84th and Amsterdam.

I had them basically make sort of a toy-box construction kind of thing, and since he wanted to store files in it, I had them put the bottom of it a little higher within the four walls of it, so the tops of the files themselves wouldn't be so far down.

I'll ask him if it's OK for me to put the photos of them in my little "Flickr" thing in my URL thing.

Pixie, Two Lions Antiques (546-5466) does reupholstery and could point you to a slipcover-er. They are on Capitol Hill on 11th Street SE near Frager's, and they did a great job of recovering some friends' antique/vintage living room furniture.

Also, depending on what 'hood your in, check your neighborhood tabloid's classifieds.

Hi Libby

It's hard to answer your question without more specific information. For example, how much is your rental budget, how much is the studio rental, how much is your debt, what kind of debt is it (e.g. consumer debt or student loan debt?), if you take the studio how much of the debt will you be able to pay down each month, how much could you pay down each month if you choose a cheaper rental, how long would it take to pay down the debt under each of those different plans, what percentage is the rent on the studio of your salary, etc. These are questions that would help in order to give better advice. if you have consumer debt, such as a car loan or credit card debt, I would say go with a cheaper place and pay it down. If you it's just student loan debt with a low interest rate, as long as you're able to make the payments, you are in a better position, but you still need to start building up savings (assuming you don't have any - which I also don't know).

Basically, my gut instinct is to say rent cheaper, pay down the bad debt, build up the savings and THEN move into a higher end apartment with higher rent (or if you are ready to buy, buy).

Thanks for the feedback. These last 4 years have been post-divorce which accounts for a lot of the debt. Another chunk of it has come from taking a significant reduction in income when I move to where I'm right now (it was the first time I just up and moved without already lining up work and it didn't turn out well at all).

My work history is in nonprofits (= lousy pay). I'm so incredibly uncertain about where things are going (including going back to school for a grad degree or....?), the idea of committing to a mortgage scares the hell out of me. Of the people I know in Seattle (friends and friends-of-friends), I'd say 1 or 2 out of 10 are buyers (condos) and the rest are renters.

Again - I really do appreciate the different perspectives and advice. It all helps. :^ )

Also, depending on what 'hood YOU'RE in, check your neighborhood tabloid's classifieds.

:::horrors!:::

Thanks Jean - I'll check that out.

Oops - forgot to mention a few things. First, I have lived in a studio before and liked it (it had a good lay out and space) so that part isn't worrying me - it's the fact that 1 and even some 2 bedroom apartments in the area are similarly priced as the studio I was considering so it seems spendy.

I still need to get a job in Seattle or nearby so I don't have figures for a debt to income ratio. The debt (to me at least) is significant (credit card and car loan) and causes stress. Given that, it probably would be smarter to go cheaper and use a better place down the road as an incentive to pay down the debt ASAP.

Damn, it would be nice to win the Lotto.......

Libby,
If you've ruled out buying for now, then you need to figure out how much risk you can handle. Because if you take the studio & the job situation doesn't turn out as well as you hope then you'll end up with lots of stress in the light & airy space. If your current debt troubles you then it would probably be better to resolve that first & then get a dream space. What about getting a roommate in a larger space in the converted school - not a perfect solution but it could be a compromise to get you to a point where the place that makes you swoon is easily in reach. (even from your fainting couch.)
Good Luck

Can anyone recommend a good dust mop? Microfiber? Or not?

Jean -- Thanks from me as well. I am in desperate need of finding someone to reupholster a chair I have that was found in my grandparents' basement. Not only is it old and worn, but since taking ownership of it my cats have put a slice or two in the vinyl. :( I'm surprised, but I don't recall even eyeing a single reupholstery shop in NW as I walk around town.

Thanks, Curtis! I would love that, if your friend doesn't mind.

Libby, there is a really good program for first time home buyers, but I cannot remember the name. Basically, you have to buy in certain areas (and they are fine areas; the organization's aim is to put people in good areas) and you have to do an educational program. My friend in New Orleans did it, so I'll see if I can find out the name. Even if you don't use it now, down the line, it might be useful.

Pixie
If you're up to the 'burbs... my mom has used
Calico Corners in Arlington, VA for years
(703) 536-5488

Getting slipcovers can be almost as expensive as reupholstry, and it doesn't look as nice IMHO.
But you do get to have seasonal changes . . .

Libby
Debt is bad, but mortgage debt is better. I was so horrified when I realized how much money I put into someone else's pocket paying rent . . . well, it's a great thing to work towards on your own.

on the heart v head issue...
When I was making that choice, I set up a list of the options in my price range. It came down to one place with better financials (advocated by my dad) and one place that brought a smile to my face and a huge feeling of excitement (my smart mama said 'go with your heart')
Is that classic?
I listened to my mama, and it was the best decision I ever made in my life. A home can be alot of work - mine sure was today when the boiler blew up at 5:30am - so you have to love it.

Libby - IMHO I would rent at first and rent something you know you can afford. If that means going for a lower rent, so be it. Once you get a job and know what your income is going to be and once you have a chance to really investigate the real estate market you can then move "up". I've been in the same situation in the past and the debt of making the wrong (aka: more expensive) choice is not worth the long term financial problems. So I say "go with your head" on this one.

Libby

I just want to add that there is probably a place out there that will satisfy both your head and your heart - no need to sacrifice one for the other. :)

Guido--Thanks for that rec. I know nothing about slipcovering or reupholstering and I also don't know when it makes sense to just buy a new piece of furniture instead of either of these routes. I just know I have the world's most comfortable chair and ottoman that looks like Archie Bunker's chair in my place.

Libby. If you're not entirely set on Seattle, you should consider Portland too. I've noticed that Seattle condo prices are a lot higher than in Portland. I'm not sure how the Portland job market is for non-profit industries (is that the right word in this context, industries?). But, I've seen great prices for loft conversions in the hip Pearl District in Portland for significantly less money than a similar unit would cost in the trendy Belltown area of Seattle... Getting back to your original question. Yes, whittle down the debt, work on the credit rating, and (when you're ready) find a good mortgage broker who understands what your short-term and long-term real estate goals are as a first-time buyer. You'd be surprised how creative you can get with financing, depending how risky or safe you want play it.

Libby-
When you're thinking about what to buy, another thing you kind of need to consider is what kind of person you are, in ways you might or might or might not have had to sort out before.

For instance, Guido is obviously a very handy person, herself, who is willing to tackle things like the renovation of the bathroom that she put in the "My Bathroom Rocks" contest with a resourcefulness to match her zeal. If you're not like that, then having a good super, complete with his own staff, is going to be something you'll need pretty badly.

If you think that the way you live, or work (especially if you're freelance) requires that you get a lot of packages, you might need a doorman.

But to me, it sounds like if you've moved 4 times in as many years, you should probably rent a while in some place that you suspect you might end up liking. Like perhaps a sublet in a condo (I don't think there are co-ops anywhere but New York, right?), so that you might have the option of buying it from the owner at some point.

I think that if you rented in one place for a longer period, it would probably look better on a mortgage application, anyway. Not sure how much that plays into that, but if you were in NYC, and you wanted a co-op, longevity in your last rental usually helps there, too.

Pixie -- If you send me your email, I can forward you the article from www.checkbook.org about upholsterers. It talks about the pros/cons of it all, and rates ~20 local upholsterers.

Er, it looks like I forgot to link my email address in that last one. It should be there now.

Weird. The Email Address field doesn't seem to be taking it. Here you go: chickpea0521@gmail.com

Libby,
I have recently been in your situation, sort of. I ended up moving into a 350 sq. foot studio about 2 blocks from Greenlake in Seattle. It's the absolute limit of what I can afford, at 630$ a month (but then again, I only work 4 days a week because I'm a full time student), and that's caused some problems for me.
I guess I would advise going for a cheaper place if that will mean paying off your debt. The stress of being in debt and worrying about your bills can really ruin a nice day in your adorable (expensive) apartment.
Out of curiosity, is the studio that you're considering at that old school house on Queen Anne? I think that you could find something almost as cool for cheaper with a little digging. Craigslist, in addition to great furniture finds, is a good resource for apartment searching. An area that I particularly like is on Capitol Hill up between 15th and 19th. It's far enough from Broadway that you don't have so many street people and disturbances, but there are some great old brick apartment buildings that aren't too expensive. I looked at a one bedroom up there about a year ago that was really cute (hardwood floors, brick building, nice old built-ins). I think the rent was about 745$ or so.
Good luck, and keep us updated. I like hearing from other Seattleites.

Caitlin - yes, the studio that is tempting me is in that old-school-turned-residential-units in the Queen Anne area. I looked at some comments on the place from renters and most seemed to gripe that it is overpriced and for the studio amount you'd think there would at least be a washer/dryer in the unit. Something to think about. My dream place would have high ceilings and lots of natural light - an artist's loft where I could spread out my stuff and work on mixed media and assemblage pieces. But real life says I'll need to go cheaper and pay down the debt and instead of making art all day I need a regular, decent paying job with benefits. Ah, well. I guess I should look at where I want to end up as a goal to aim for. At least back in the city I'll be close to friends and things to do that don't always cost $ or a lot of $ at least. I'm stuck in Olympia right now and live like a hermit. bleh. Queen Anne or Ballard are pulling at me! :^ )

Dear Libby:
Gosh, I know your pain; I feel your pain. Having been there, I'd like to offer some advice.

I moved from the Upper East Side in NYC to a cheap, sort of up-and-coming area to save on rent. (I wish I had had the money for a down payment then, unfortunately, it wasn't the case.)

OK, next thing you know, we had a recession and 9/11. The cheaper rent made it possible for me to live with a lot less stress, and to not HAVE to take any horrid job in order to pay my bills.

Housing prices being what they are, I am now seriously considering going the pre-fab route, again to keep my mortgage low.

The result for me has been that when I have money, I am able to save and when I don't, living is not as stressful.

I'm not advocating living in a hovel: that's out of the question. But I'd advise anyone who asked to keep expenses low: it affords one far more freedom and flexibility.

CODA: My low(ish) rent has provided me the opportunity to return to school; something that would have been impossible to consider if I were still trying to keep up with higher expenses.

I *love* Queen Anne! If I were to move to Seattle it's where I'd go. It's like DC's Capitol Hill with water and mountains. I have a brother on Magnolia Blvd. -- too suburban.