Short-term accommodations

As my employment is on a year term basis; my soon to be wife will be joining me half way through my term (about 6 months in), and not knowing where she will be employed, I am trying to avoid the commitment of signing a 1 year long lease.

I am looking for accommodations that can offer me a month to month until I can bring some assurance to my 1+ year future.

Now, when looking for a temporary residence, I am looking at 3 major categories - finance, convenience and risk. They are weighed at 40%, 30% and 30% respectively in terms of importance. I am not going to delve into the reasons why each category is weighed as is, but I have made a scorecard (see below), which goes into a little bit of detail.

So, after some thought I have narrowed my accommodation types to apartment- furnished or unfurnished, or a basement suite. I am the type that really values security, cleanliness (even though I hate to clean), accessibility to work, convenience and finances. I do not like to purchase and dispose of things, as I value quality and I value my time. Considering the fact once my soon to be wife moves in I would need to buy more things accordingly, I am trying avoid buying anything until the next 6 months pass.

Now, when making a decision, I of course have my best interest in mind, but I also have to consider my soon to be wife. I also place strong value on what my parents suggest (they are always looking out for my best interest, but they do not necessarily emphasize certain values the same as I do).

Finding a furnished apartment is the first thing that rang in my mind. This usually comes with the burden of expensive rent, but the convenience of month to month, move in ready and amazing proximity to my office makes it a highly attractive option.

My parents are on the horse about renting a basement or a suite in a house. This usually means relatively low rent including utilities. The downside of basement renting means usually living in the suburbs, which creates uncertainties regarding other tenants/owners, and reliance on bus and vehicle. You may or may not have to bring in your own furniture (in my case I would have to buy).

Finding a regular apartment is the easiest of all the tasks and another option my parents suggest. It comes with the burden of usually signing a 1 year lease, a path I do not wish to go down. It's cost usually falls in-between furnished and basement prices, depending on the area the apartment is located in (the safer and trendier the place the higher the cost). The downside is that I will most likely have to pay some utilities and parking. Another high cost associated with apartment dwelling is having to buy your own furniture and other apartment related things, which become your property and you must transport or throw out when you move.

The link below is a spreadsheet which compares the cost of an apartment in a nice and safe area, a furnished apartment downtown, and a suite or basement rental (on average, pending on availability). Following the spreadsheet is a balanced score card which weighs out my various criteria and scores the various options. The costs I am using are average costs in the area, but on a conservative side due to wide variations, and according to what I expect my realistic expenses will be. I have only done the analysis up until the time my soon to be wife moves in.

Here is my financial analysis and balanced score card. (click on link)

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According to my balanced scorecard, getting the furnished apartment, for me, makes the most sense over the next 5 months. It was a close call between the furnished apartment and the basement or suite. My biggest concern about the basement or suite is living in someone else's house and the lack of options of accommodations to choose from. I can easily get stuck in a suburb and have to take multiple buses to and from work and everything else. I love the idea of a furnished apartment with a close proximity to my office. I like the idea I can walk to work quickly (in a skywalk during winter), not waste my time or money commuting.

I have found a furnished place. It is a modern studio and is a little cheaper than the cost I put into my analysis. I have checked it out online and it looks perfect for what I want and need at the moment. I am going to check it out this week and see what the area is like.

Any thoughts?

New beginnings

It's been about a week since I last posted.

Lots going on. I just moved out west for a new job. It's a bitter/sweet feeling. I leave my family, fiance (temporarily) and my life for the last few years behind. In return, I come to a city I have called home for almost a decade, where I have established deep roots, and will spend the next year (at the least-barring any unexpected situations).

Tomorrow will be my first day on the job. Again, this is bitter/sweet. Unfamiliar environment, new people, a 45 min bus ride. In return, I will be working for top 3 telecom company in Canada, which is highly reputable and an economy driver where I am. I do know someone very well who will be working within my department, if not within my team. One of my best friends works a brisk 10 minutes walk away. And of course its the start of a new journey and career.

The next few weeks of adjusting will take some work. I am currently staying with some close family friends until I find a place of my own (aiming for the beginning of November).

Anyways, I think I will be making a post regarding finding temporary accommodations and comparing the value of a furnished and unfurnished unit sometime during the next few days.

It's Raining...Pennies!

Where did I get the title for my blog, some might ask?

Well, about 1 month ago, I was taking a shower. About 5 minutes into the my favorite 10 minutes of the day, a clank startled me and I slightly jumped in the shower stall. I turn around to see a penny sitting next to the drain.

Where did the penny fall from? There was nowhere in the shower from where the penny could have fallen from. I was in a stand up stall with a glass covering about 35% of the shower. Behind me was the soap dish hanging off the wall with a bar of soap sitting on it, the water faucet and lever, and the shower head. The shower head was an old one which had been out of commission for about 1 year, and had been re installed about 5 months ago. If a penny were to fall from anywhere off the shower head, it would have happend in the first few uses, not 5 months later.

The only other ledge in the stall was infront of me, and had 2 shampoo bottles, and a scrub brush sitting on it, but no pennies when I stepped in.

So, where did the penny fall from? Did it fall out of the water tap below? I highly doubt that, as all the water was being redirected to the shower head.

The mysterious penny is currently sitting on top of the head board next to my clock.

What do you make of it?

The Carnival

Well, my first post made it on the Carnival of Personal Finance!

I would like to thank Hope to Prosper for giving me the recognition and introducing me to the finance community.

Enjoy the carnival. I will have a post up tomorrow morning.