I would frame this as how many multiples of your current expenses does this increase your annual costs by?Having looked extensively and narrowed it down a lot, I have a choice between — and this is my principal wealth effect expenditure, housing - two furnished medium term options in a scenic coastal area with a not huge price difference because the larger one is new and not fully leased up yet:
1. A cozy but pleasant, minimalist and modern one bedroom in a woodsy area with nice outdoor space, high ceilings, skylights, southeastern exposure, a wooded walking trail, breezy but sheltered patio, slight water view, gas fireplace, on-site pool and daily housekeeping. Familiar with it and like it.
Summary: a huge step up from how I used to live in terms of natural beauty, outdoor activities, quiet, spaciousness and interior.
2. A very new and secure / sturdy construction triplex 2 bedroom 2 bath in a nautically themed luxury complex with an on-site gym, pool, jacuzzi, rec room / library facing a canal and a park. The apartment has a massive walk in closet, high ceilings, a cooking show worthy chefs kitchen, brand new everything, washer dryer, balconies, sunken living room, daily housekeeping, a boat marina with boat service, a local car service. Very Thurston Howell.
Summary: a level of (unnecessary) luxury that is only affordable to me now due to an odd gap in the market and since the complex is new. I’m unlikely to be able to live like this again and many of the amenities are not needs or even particular wants of mine (boating, rec room, chef’s kitchen). Cons: no walking trail, tricky entrance and exit to the complex by car (blind curves, etc) possibly on the loud side and possible bugs etc from canal at low tide, and northwestern exposure from the living room. Considering it though due to better security, easier for guests / family or a live in nurse / wildcard health or disaster situation. Possibly better for my health due to the stairs, gym, and massive kitchen.
Prices? I can afford either one.
Call my previous residence $X/month
1 is 6X
2 is 8X
$X is not $1000.
Say it’s 0.25X increase each year. You’ll have to work longer to maintain this lifestyle (I can’t compute that lol). Is that worth it to you? Perhaps so.
I just did a similar calc and decided it was worth spending a significant amount on our back yard project. Say 0.5X. Logically means I’ll probably need to work an extra 3-6 months. I decided yes, it’s worth it.
Statistics: Posted by Wannaretireearly — Fri Sep 13, 2024 12:56 am — Replies 206 — Views 30252