Dad's Luxury Condo vs. Regular Apartment

[FutureSpartan]

Hey guys, I am about to graduate, take my CPA exam, and start working at a CPA firm in January.

My take-home pay is going to be roughly 40,000-42,000. I will owe roughly 5,000-6,000 in interest-free loans from the firm (to pay for CPA review and graduate credits) and my dad.

My dad is offering me to stay at a luxury condo he purchased at a bargain price after the housing bust. He wants me to pay rent on it...but I know a part of him wants to make sure I pay a good portion to cover his costs
($1400-1600 is what he pays including condo assn fees)

He knows I am not going to be making a fantastic salary so he is willing to subsidize the rent to maybe around $800-900. I know I can get a decent starter apartment around my work area for about $700-$750 including utilitie2s.

But my dad countered with these points...

1. It has really nice amenities, gym, zen style swimming pool and hot tub, great balcony view of downtown atlanta.
1. The condo already has cable, tv, garbage collection included.
2. The condo is HIGH CLASS. He wants me to mingle with high class people and believes it will help me project a high status image to future professional and personal prospects
3. He tells me, "This is all going to be yours one day anyways, wouldn't you rather help me make that happen than to fill some landlord's pocket?"
4. He would be willing to work with me in the case I get laid off or some emergency happens (aka letting rent payments slide while I get back on my feet)

So what do you guys think? Do these intangibles make it worth it do dish out upwards 900/month on it? What do you think I should pay? Should I take dad up on the offer?

 

[Hughman]

Live within your means. If you can afford the condo, with enough money left over to spend on the things you want, and create savings if you want, then do it. If having the condo puts other aspects of your living and future plans in jeopardy, don't do it, simple as that.

 

[search1ng]

I'd just go live with Dad's place. Iit's family and he'll help you out when you need it. Plus you're not lining the pockets of some other guy you won't see ever again. The apartment also sounds like a really nice place and even though sh1t will be tight i really don't see much of a difference in the $100-200 difference you've pointed out. Papa sounds like the way to go.

 

[amoka]

Espi has it. Tell your dad to put you down as a co-borrower. In 2-3 yrs time, your credit score will be great for you to purchase a home of your own or pay your dad and get the condo in your name.