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Post by michellea on Jun 9, 2016 7:17:05 GMT -5
DD and her college roommate just signed for a very nice (and expensive) apartment in the North End of Boston. DD will rent a space at a nearby parking garage via a "reverse discount" plan. She'll have her place from 4 pm - 9am weekdays and all weekend for $115 a month. It is a 6 minute walk from her apartment and she already has 3 passengers lined up from the North End that want to carpool with her to work (same place, same schedule). She may even make money on the deal depending upon how much she charges them - she'll certainly be able to cover parking and gas. The rental market in Boston is crazy. We did learn that having a top notch broker has access to better apartments. They looked in two neighborhoods and ultimately decided to trade square footage and off street parking for being in the heart of the action. They got a small, but updated 2br 2ba 3rd floor walk up with roof top deck. Off street parking is a night mare - hence DD will pay for a parking space. Her roommate's parents are subsidizing her rent - so it was a bit of a balancing act. In the end, the roommate took the Master BR with the ensuite bath and will be paying more and DD is at the top of her budget. We are buying her a bed for graduation and will keep her on our cell phone plan (she is already paying for her phone). Other than that, she is on her own. Fingers crossed that her car stays in good repair and she has no unexpected expenses as she learns to live on her own. She'll be at home until September - she will be in San Fransisco for training for 3 weeks and away in Italy for one week and did not want to pay for an apartment until she returned. Hopefully she'll save some money during that time period! She starts work on Wednesday!! So excited for her
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Post by jisp on Jun 9, 2016 7:47:15 GMT -5
Very excited indeed Michelle!! May this be a start of a wonderful future for her. Glad the parking worked out. I know that parking was a huge issue for my DD when she lived in Brookline. She spent a small fortune for a parking spot. My youngest has no desire to have a car and has found that ride share services work for him for now. Saving money is so hard for young people these days. It is not just rent and car expenses. It is health care with their copays. It is the cost of eating healthy nutritious food. My DD sent me this which I thought was very interesting. www.esquire.com/lifestyle/money/a44660/4-women-4-incomes/Our son signed a lease with 4 other guys for a place in Brighton. He is hoping the location will be good for getting students. One of his new roommates will be doing the same institute he is doing next year, which means they will be traveling a lot. I am just relieved to have my son leave his current neighborhood in Roxbury.
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Post by healthy11 on Jun 9, 2016 16:16:16 GMT -5
Congrats to both of your kids for taking the next steps on their paths to adulthood! Michelle, I don't know what auto insurance your daughter has, but I'd advise checking with them as far as whether she needs any kind of "ridesharing" supplement, should she get into any kind of accident with paying riders in the car. My husband considered carpooling to work a few years ago, and found out the rules are different when money is involved. (Even if it's just to reimburse someone for gas/parking and not to "make a profit," he was told accepting money from riders is legally a different responsibility than if he drives one week, and another individual drives the next week. Similarly, it's okay when a mom might drive a neighbor's child to school and the other parent picks them up or maybe babysits in exchange, but cash doesn't come into the picture.) www.nerdwallet.com/blog/insurance/ridesharing-insurance/Insurance is such a complicated item... You hope never to use it, but you still need to have it. When my son got his house, we found out that he could still have "traditional" homeowners insurance even with roommates renting from him, so long as he is living there and using it as his primary residence. However, they made it clear that should any kind of catastrophe occur, his roommates' belongings would NOT be covered under his policy: they need to be paying for their own rental coverage. Which brings up another topic...when my son was renting an apartment in college, we were told that up to 3 people could be named on the same renter's policy, if they wanted to split the cost. The only problem would be that if someone made a claim, like if there was a break-in and only one person's electronics and bicycle were stolen, then all the other people named on that policy would also now be considered to have been part of an insurance claim, so in the future, each individual's renter's insurance rates might also go up, even if they go their separate ways, and were living apart, in different locations. (I'm not sure if insurance companies want claim-free periods of 3 or 5 years or some other timeframe to get the best rates, but it's something to ask if you're thinking of splitting rental insurance on an apartment...)
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Post by michellea on Jun 12, 2016 12:51:07 GMT -5
Good info, Healthy. Insurance is on our mind - especially since I am sure the auto insurance will increase substantially from our safe suburb to the city. Ride sharing wasn't even on our radar. Good info about about the rental insurance too.
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