Buffalo Truth du lieu suivant : Buffalo, New York • 7

THK HUFFALO TKUTH l'r Seven Apartment House And Hotel Life Represents Actual Saving Interesting Analysis and Comparison of "Apartment" and ''House" Cost of Living. ''Own Your Own Home" Fallacies Exploded Wk Ending Octulf 24, 1925. between 1918 and 1924 will be cited as a foundation on which to base your present buying judgment. It does take twenty yerfrs for $1,000 to grow to $2,000 at 4, during all of which time however you have the $1,000 plus accrued interest available and at the end you have doubled your money. It also takes about twenty minutes for $1,000 to shrink to nothing In property which is not producing, which is depreciating or which is sold at forced sale.

Again will a $12,000 house which it takes you twenty years to pay for be worth half of $12,000 when it is paid for? And you have paid $431 a year, or a total of about $7,000 more than for a rented home. "For thousands of dollars -worth of multicolored ink to the contrary many substantial people will not yet admit that because they did not buy a house they have no home. It is by no means true that no one should buy a house. In innumerable cases it is the proper and economical solution of the living problem. In just as many others, however, it is neither good business nor does it afford the maximum of comfort.

"Each case must be decided upon its own merits. The man with a large family may find greater economy and more comfort in a house, although the Stuyvesant has a special play room, a roof veranda and exactly half an acre of court yard under proper supervision at the disposal of the children.1 The man who is so improvident that he can save only after he has mortgaged his past, present and future income and must be forced to save under penalty of foreclosure should buy at any price. But do not buy a lot and save a little." "The secondary obligations are payable over a comparatively short period, quarterly or monthly 'like rent' and these payments, added as in the case above to $1631 a year, often obligates the purchaser to very nearly his entire present earning capacity with only necessary living expenses in reserve. The slightest reverse, caused either by loss of position, sickness of himself or family, with payments falling due which he cannot meet, result in inevitable disaster. He cannot temporarily economize by taking a less expensive apartment until he has recouped his finances.

"The second is the business risk and for the young man is worthy of at least as serious consideration as the first Our present complicated and interlocking industrial system expands industries over night almost to the four corners of the earth and others which today are considered prosperous are tomorrow retrenching. The young man who would reach the pinnacle must maintain enough independence to take immediate advantage of opportunities as they are presented to him. The results of permanent obligations taken on small margins in such cases we see or hear of almost daily. Men, and not always young men either, come to us from other cities where they own their homes which they cannot sell except at a sacrifice of most of their life's savings and which they cannot rent for enough to pay for the cost of maintenance, for you must rent even a $12,000 house for $150 a month to avoid a loss. "In all of this no allowance has been made for depreciation in property values.

All property does not always increase in value nor indeed maintain its level, yet the increase in certain sections and deliver messages during your absence, provides a receiving man to take and when sent C. O. D. pay for parcels while you are out, in fact provides a continuous secretarial service to your apartment at all times. "In addition this sum also gives to you a security and protection impossible in any private house.

During your absence your property is secure and your family has within instant reach a corps of trained to act in emergencies. "It must be remembered also that while the rental figure is fixed and can be computedto a certainty in estimating the operating cost of a house no allowance has been made for contingencies. Plumbing will get out of order, water lines will freeze, screens and awnings must be removed, repaired and replaced so that the known saving of $431 is much greater in actual practice. Add to this figure the cost of additional furniture necessary for a house and you will arrive at what, with the following exception, would be a true and correct statement of the facts. "In making these comparisons one vital and important element has been left out.

When you rent the landlord entirely assumes the risk. When you purchase you must assume both a financial and a business risk. Houses in many cases are purchased upon obligations consisting of a first and second mortgage, and even a third mortgage, the down payment in some instances being as low as five and in many only 10 of the purchase price. The equity on a forced sale is nothing. A Leader In His Line R.

HOPKINS, who contributed the article 1 cm the advantages of apartment homes IIAT it costs much more to live in an indi vidual house than is generally supposed is the conclusion of Daniel II. McCarriagher, well known apartment hotel manager. This he determined by a careful and conservative estimate of the maintenance cost of a $12,000 home in Buffalo, as follows: Interest 720.00 Taxes (city and county) S25.00 Depreciation, 3 360.00 Heat 130.00 gas and water 96.00 $1,631.00 Per month 135.91 One hundred dollars a month will rent a satis-factory apartment, a saving of $35.91, or $431 for' one year. This rental also includes service that would have to be done or paid for, by the owner caring for furnaces, shoveling walks, mowing lawn, etc. In explanation of his estimates of cost for a single house Mr.

McCarriagher says "The amount charged as depreciation will scarcely keep the house painted, papered and make necessary and incidental repairs; that is if you wish to keep your. house in as good condition as when you purchased it, you must make this expenditure. If you do not you must take the -loss eventually through actual depreciation in value. "These figures represent the actual cash outlay to you for the use of the house. They do not provide for any payment on the principal or cost of the house.

In other words it is rent. And the fact that you have all or part cash to pay on the house does not change the situation. Every dollar that you have invested in a house could be invested in any number of gilt-edged securities that would yield at least 6 to you. And in addition to paying this amount of rent you must fire your own furnacetake out our own ashes, mow your own lawn and try to keep your own garbage with as little annoyance as possible until it is called for. Not a dollar is included for any of this work.

"Now let us see what you can get for your money from a landlord. In a modern apartment, a living room, bed room, dressing room, kitchenette and pullman dining room, and bath will cost you $100 per month, or $1200 per year. This sum not only pays your rent and for light, heat, gas, hot and cold water but stokes your furnace, cleans your walk, disposes of your ashes and garbage and in addition provides an operator to receive published under his name in this issue, for several years past has been recognized as one of Buffalo's leading architects. His offices are in the Buffalo Insurance building, 451 Main street, the same quarters he has occupied ever since coming to Buffalo 15 years ago to practice his profession. He is a graduate of the school of architecture of Columbia University, New York, and his practice has been wide and diversified, including everything in residence, business and industrial building.

When it was decided to invite nation-wide competition on the plans for the new city hall to -illllSi MA rr. Zrr. VCifJ. LJWit EESk -imi m- "Xjii! win -J THE STUYVESANT Elmwood Avtuut between North and Summer Streets BUFFALO. N.

Y. A Resident at The Stuyvesant has everything that Buffalo offers in a modern Apartment Homeat the lowest rates by comparison. Supplying a Real Need UFFALO'S new apartment houses are an outstanding demonstration of our expansion into a great city. A variety of good housing facilities is essential to the progress of any great city. Not only is there an increasing demand among Buffalonians for these modern homes, because of their convenience and economy, but each year there are hundreds of men coming here to start new enterprises or to accept responsible positions with established concerns.

Many of these families come, or are transferred from the West and South, from Cleveland, Detroit, Chicago, Pittsburg, Philadelphia, Washington, or other cities where the apartment hotel is an established institution. They are now able to find accommodations to their liking and no longer can criticise Buffalo, as they did in the past, for lack of variety in the city's housing facilities. Whether or not you are just now interested in apartment hotels is no reason for walking past their doors and wondering what they are like inside. Just how you could be comfortably situated in any one of them you can easily see by stepping inside. Somebody in authority will be there to welcome you and show you through.

You will be astonished at the completeness, the convenience, the pleasant and restful atmosphere, the attractive furnishing and every detail of great homes. Albert Hart Hopkins Architect be built on Buffalo's civic center, Mr. Hopkins was designated by the city council to arrange the terms and conditions for the contest. He is just completing the construction of the Transit Valley clubhouse, a $200,000 structure of Italian design, and the Shorewood Country Club building at Dunkirk is another example of his work in this field. As architect for the Niagara Reservation Commission Mr.

Hopkins has just completed the elevator shaft and landing stage which do away with the old stairs to the Cave of the Winds. A notable commercial building of his designing is Kloepfer Bros, auto sa'es room and service station, the largest in Buffalo, and he is completing the addition of 20,000 square feet to this service station. Floor PIn cf a tpirT heme at The Stuj-vefant Thit type Wft htm $100 to 1125 pet wwwtk TTete ate larger and apartrnerr (Continued from page 6) trie elcrntorn, while the modem file both, incinerator and 'tteam laundry perform only the fvnetinn of the river at the foot of the cliff. There in little in the record, hovever, about "Cliff DweUrrn' Service." We vender, therefore, vhat happened vhen a UQ fell out of a ladder, and hether th b-U fy rervii'ed larger tip for carrying a bvrk't of va er to tht top tier. andiroxT.ient locations with the -most attractive surroundings are brought within the means of those of moderate purse jj Ixistead of tiie many annoyances of the single and double house, the Apartment offers complete freedom of care.