I am moving out of state to go to graduate school when I get there I'm trying to decide wether to buy a small house to get me through or just rent a place....so torn
2007-01-30 17:24:35 · 23 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Def depends on the housing market..
you going to a place where people are having problems selling homes..BUY...if you are going to place where people are selling homes for a good amount, then rent.
If grad school, can you get the school to pay for your dorm while you be a Assistant Teacher or something (friend did that).
2007-01-30 17:28:44 · answer #1 · answered by AmplePressure 2 · 0⤊ 0⤋
Thats not such a hard decision. Its facts and figures, not emotions. First, the cost of buying the house, vs the cost of renting. Which will cost you more. Potentially the purchase, thinking of the downpayment and taxes and insurance. Next, how much more? Then speak to a local realtor and do a bit of due dillegence. How is the real estate market in the community? Is it flat, is it moving up, did it go sky high (thats how florida did). What is your exit plan after school. Will you want to sell the house? Will you rent it, or stay there. Selling it wont be a bad idea, if you have appreciation. Your primary home (I am not giving tax advice, I am not a tax expert, check with your cpa), your primary home, if you live in it for 2 out of the last 5 years can be sold with no capital gains on it. If your house goes up in value say, 30,000 in the 4 years you are there, just over a 7% increase per year (which is a decent increase, you may figure lower)...then when you grad school and if you find a buyer, you have 30K to begin your new life with, pay off debts, or truly, even better, use 20K to start anew, put 5 k into a retirement account, and use 5 K to buy a car.
Good Luck
2007-01-30 17:32:30 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
2
2016-09-10 00:14:36 · answer #3 · answered by ? 3 · 0⤊ 0⤋
In the long term it is always better to own than to rent - but a house is not something that you can generally flip quickly (unless you are buying run down homes/repo's etc. and fixing them up). Weigh the costs between renting and owning over how long you plan to be in that area. Look at the past few years of real estate prices in the area and see what you can surmise from the data about how the market will be in 2, 5 or more years.
2007-01-30 17:28:43 · answer #4 · answered by bigej65 3 · 1⤊ 0⤋
I would rent at first. See if you like the area you are in. Once you buy a house you are stuck with it for awhile. If you rent and move into a bad area you could always move.
Once you find an area that you will be happy in, then buy. You could always rent out a bedroom to help with expenses. Depending on the area, your house could increase in value and you could make a nice little profit when you are ready to move to another state.
2007-01-30 17:41:38 · answer #5 · answered by Vicky C 2 · 0⤊ 0⤋
that depends on how much you're willing to drop on a house. If you have enough in your budget to put a downpayment on a house, then go for it. In the long run, the house will be YOURS, and you won't have to worry about anyone (landlord) tearing it up from under you when the house is sold.
If you decide to rent, there are rules and fine lines you need to abide by, and chances are, you are often wondering if the landlord will hand you a notice to move out, in 30 days, because the house was sold. Then you'll have to worry about finding another location.
I would possibly choose to purchase a house, even you can put enough money down on one, with your family's support (financially, or independently).
2007-01-30 17:32:54 · answer #6 · answered by argamedius 3 · 0⤊ 0⤋
Because of your age you really should buy. You have a little over a dozen years left until retirement and owning a home is thebest investment you can make. The market is south so you can buy now low. Just make sure you shop around for a good rate and plan for the future. If you plan on getting married again and having kids, you might want to buy a bigger house now. forget all the above if you are moving in the next 3 years. db
2016-03-28 21:53:50 · answer #7 · answered by Gail 4 · 0⤊ 0⤋
investing your money wisely is always a good choice if you buy the house you can always add to it and remodel it how you want it and ge tyour money back out of it and mabe even plus some vs. renting and you have nothing to show for it but if you rent and something goes wrong then they come out and fix it but if you buy you have to fix it but just think if you go to rent it out that is one less thing you have to fix anywayz and what are the chances something will be majorly broke unless you buy a fixer upper as they call it but trust me you will want to buy if it is possible for you and even after your done with school you can always rent the house out yourself and have the extra income coming in little less work on your part and you make your money back anywayz so I would say buy all day long have something to show for your money and make your money work for you ~best wishes Abby a fellow invester as of 5 days ago lol
2007-01-30 17:36:59 · answer #8 · answered by p-nut butter princess 4 · 0⤊ 0⤋
It's nicer to buy a house than to rent if you rent you'll get problems of getting money, If you buy a house you'll have to pay just once, besides having a house will be considered as your property.
2007-01-30 17:31:51 · answer #9 · answered by eunismb 2 · 0⤊ 0⤋
As a student renting is not too bad of an idea since you don't have that much income anyway. The advantage to buying is that you save on your taxes from the interest you pay.
2007-01-30 17:27:33 · answer #10 · answered by alwaysmoose 7 · 0⤊ 0⤋