I'm a high school senior, and I plan on going to college in the fall. I'm planning on living with a group of my friends....5 to be exact. and I was just wondering...would it be a good idea if it was an apartment we have to pay rent on, or a house we can pay rent on...or actually buy the house. I saw a beautiful house for $73,000 divide that by 5 people. Which is the better idea?
2007-04-02 07:20:12 · 28 answers · asked by **Angel_Eyes** 2 in Entertainment & Music ➔ Polls & Surveys
P.S. we found a house to rent for $775...is that easier
2007-04-02 07:31:53 · update #1
P.P.S. One of the people moving in is my fiancee...so i guess that kinda helps with the who keeps the house bit.
Thank you guys, you're really helping
2007-04-02 07:33:56 · update #2
I would rent or lease before ever buying. Group relationships/friendships are unstable and if things don't work out SOMEONE will be held liable for the mortgage and can possibly be stuck with a HUGE bill that they cannot afford.
2007-04-02 07:27:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Real estate can be an excellent investment, but it can also be a real headache if you don't know what you're doing.
The other big issue would be, who would own the house. Don't even think about trying to split ownership 5 ways, that would be... insanity.
If you're interested in owning, then the best idea would be to see if your parents or someone could help you to make a down payment, and put it in your name. But ask yourself first if you are realy cut out for landlording. If someone doesn't pay rent, your mortgage payments will be due regardless, and it's all in your lap.
Basically, if you are inclinded to dabbling in the real estate business, it could be a great way to have some additional income through school, and start building some investment equity. If not, you are far better off simply renting.
But seriously, do not try to buy a house with 5 people. that's just asking for trouble.
2007-04-02 14:24:53 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You're a little to young for house ownership. Besides, getting a loan to buy a house and a loan for education at the same time is very costly. Both in the interest and long run departments. As the bank see's it, if you can afford a house, why are you asking for money? You'll pay more in taxes and if you miss out on one dime, you'll be facing fraud charges. It happened to me just a few years ago.
I advise the five of you rent a house. That way you have the space of a house yet you don't have the burden of responsibility of owning a house. Owning is good once you're calmed down and ready to live a mature, stable life. College and home ownership does not go together very well.
2007-04-02 14:25:04 · answer #3 · answered by Dr. E. Bunny A.K.A. Andy. 7 · 0⤊ 0⤋
I would go with a house for sure, I don't know if I would buy one. That is going to create way too many problems with who is going to end up with the house in the end and have to take on the responsibility. Not to mention yearly taxes, keep up, etc. Remember the person who rents to you is going to be responsible for all of that and you will only have to pay the rent. Good luck.
2007-04-02 14:27:59 · answer #4 · answered by Molly 4 · 0⤊ 0⤋
Don't buy a house with that many people. Almost always, someone can't get along with the others,and then you have a real mess on your hands. Rent a house or an apt. Make sure everyone signs the lease and understands his obligations. Make sure you have a clear understanding about cleaning up, cooking, providing food, pets, privacy, overnight guests, paying for utilities, etc. Get it all on paper to avoid hard feelings later.
Buy a house by yourself or with a spouse, never with anyone else for legal reasons.
2007-04-02 14:27:15 · answer #5 · answered by notyou311 7 · 0⤊ 0⤋
If you can afford it I'd buy the house and charge each person what the payment is, like if its $1200 a month, then charge each $300 each. You dont pay rent, you have to pay for ins. taxes, upkeep. Two things can come of this. One you own the house and can either sell when you graduate or you can lease it out for more money so you have an extra income in your future after college.
2007-04-02 14:31:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think you are better off renting a house together. If you buy, then what happens later? When you all move out, who gets to keep the house? How can you get all 6 people agree on one price if you are to sell it? Just rent.
2007-04-02 14:24:39 · answer #7 · answered by Princess of Egypt 5 · 0⤊ 0⤋
assuming you and your 4 friends don't plan on living together for more than 10 years a house is not the best idea.
there is alot that comes with owning a house that doesn't come with renting an apartment. true $14,600 is not a bad price, it comes with many added expenses. You being 17 or 18 is not a time to invest in such a large purchase.
2007-04-02 14:28:59 · answer #8 · answered by katiegrace 4 · 0⤊ 0⤋
Buying the house would be a good idea, but is everyones credit up to par? And then you might not know these people well enough to buy a home with them--there are taxes and ownership issues that you might not want to handle. Plus when things get broke you're going to have to pay for them. Renting a house or apartment would be better.
2007-04-02 14:24:21 · answer #9 · answered by mphsgurl79 3 · 1⤊ 1⤋
I personally think that a house and pay rent would be better u can divide the 73,00 by 5 and get $1460 so each 1 can pay that amount
2007-04-02 14:23:54 · answer #10 · answered by What up!! 2 · 1⤊ 0⤋