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Author Topic: SHOULD I BUY?!?!  (Read 933 times)

drowles

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SHOULD I BUY?!?!
« on: April 15, 2005, 02:57:22 PM »
Im strongly considering UGA as my top choice right now..

Coming from New Orleans and currently living in DC, I am in shock at the cost of living in Athens.. It is sooooo cheap.. Im thinking I should buy a condo or house instead of renting for my 3 yrs. of law school.. Will my loans cover the mortgage (they dont care what you do with your money once you have it.. right).. I mean, Ive already got enough saved to put 20% down (Ive been working 3 yrs. as an engineer).. I just have never thought about buying before.. Should I get an agent?  Is it a long process?.. recommendations??!?!  Anyone know anything about Athens realestate?!
ATTENDING... UGA.. GO DAWGS!!!
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Montanahopeful

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Re: SHOULD I BUY?!?!
« Reply #1 on: April 15, 2005, 03:48:43 PM »
Don't know about your particular area, but definately buy. Not only do you get to write all mortgage interest and prop taxes off your taxes, you will most likely make some cash on the property you purchase. We are selling our house of two years, which has appreciated 37 percent in the last two years!! This money is a gift from the universe that is making our transition to ls much easier....a few things to keep in mind if you buy 1) get your mortgage now, when you have a job (quite simply, you need a job or a steady source of income to qualify for a mortgage, and I'm not sure the debt of student loans counts. In fact, it will probably hurt and count against the amount of mortagge you can borrow if you tell them) and 2) consider your property's LOCATION and resale. I'm assuming you're not staying in Athens after ls, and you want to be able to flip it. Get a realtor (Seller pays their costs) and start asking about the most desirable locations for resale value - that should be your prime consideration, esp. if Athens is a buyer's market. Other than that, its soooo great to own a home. Go for it!
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rcunio

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Re: SHOULD I BUY?!?!
« Reply #2 on: April 15, 2005, 04:17:47 PM »
I am about 90% sure I'll be attending UGA in the fall.  Thought about the same thing, but can't realistically do a real estate search from 2000 miles away.  Drowles, if you end up buying and are looking for roommates, keep me in mind.

limonjello

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Re: SHOULD I BUY?!?!
« Reply #3 on: April 15, 2005, 04:34:30 PM »
Don't know about your particular area, but definately buy. Not only do you get to write all mortgage interest and prop taxes off your taxes, you will most likely make some cash on the property you purchase. We are selling our house of two years, which has appreciated 37 percent in the last two years!! This money is a gift from the universe that is making our transition to ls much easier....a few things to keep in mind if you buy 1) get your mortgage now, when you have a job (quite simply, you need a job or a steady source of income to qualify for a mortgage, and I'm not sure the debt of student loans counts. In fact, it will probably hurt and count against the amount of mortagge you can borrow if you tell them) and 2) consider your property's LOCATION and resale. I'm assuming you're not staying in Athens after ls, and you want to be able to flip it. Get a realtor (Seller pays their costs) and start asking about the most desirable locations for resale value - that should be your prime consideration, esp. if Athens is a buyer's market. Other than that, its soooo great to own a home. Go for it!

Generally agree, but a couple of notes:

Writing off the interest and property taxes won't buy you much next year if you don't have an income, but it certainly is nice when you can. 

Your aid package won't cover the property taxes or insurance, plus, you WILL have some maintenance unless perhaps you are in a condo, and then you will have the condo fees instead at least (plus you might still have maintenance).

I think it's great to buy when you can, but make sure you consider all the costs and the timeframe for return.

Good luck.

ElizaB

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Re: SHOULD I BUY?!?!
« Reply #4 on: April 15, 2005, 05:54:54 PM »
I will tell you what my real estate and my Mom (who used to be a real estate broker) told me.  They said that you should never buy unless you plan to be somewhere at least two years because you will not recover your money from closing costs and from agent fees (6 %) that you will have to pay when you sell.  Technically, you will be in law school for more than two years, but you have to consider if the extra year is enough to make up for it.  And it is just easier to rent.
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ErinKG

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Re: SHOULD I BUY?!?!
« Reply #5 on: April 15, 2005, 07:27:04 PM »
Don't know about your particular area, but definately buy. Not only do you get to write all mortgage interest and prop taxes off your taxes, you will most likely make some cash on the property you purchase. We are selling our house of two years, which has appreciated 37 percent in the last two years!! This money is a gift from the universe that is making our transition to ls much easier....a few things to keep in mind if you buy 1) get your mortgage now, when you have a job (quite simply, you need a job or a steady source of income to qualify for a mortgage, and I'm not sure the debt of student loans counts. In fact, it will probably hurt and count against the amount of mortagge you can borrow if you tell them) and 2) consider your property's LOCATION and resale. I'm assuming you're not staying in Athens after ls, and you want to be able to flip it. Get a realtor (Seller pays their costs) and start asking about the most desirable locations for resale value - that should be your prime consideration, esp. if Athens is a buyer's market. Other than that, its soooo great to own a home. Go for it!

One thing to note about writing off interest and property taxes - you'll be able to deduct it, but only the amount beyond the standard deduction will actually lower your taxes. If you have state income tax, you can add that to it as well to get beyond the standard deduction. Many people believe that their taxes will go way down when they buy and are very surprised when they only decrease a little.

Erin

pepem

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Re: SHOULD I BUY?!?!
« Reply #6 on: April 18, 2005, 12:09:50 PM »
i am also considering buying for reasons stated above.  plus, who knows i fyou get that good job and can afford another down payment when you graduate, maybe you can find a renter and keep the place.  build up the assets quick. ANyone else iwth advice on buying a condo please post here..

Highway

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Re: SHOULD I BUY?!?!
« Reply #7 on: April 18, 2005, 01:00:43 PM »
Something else to consider about buying vs. renting is when things break down. The water heater in your apartment blows up...hey, no problem. Call maintenance and they will come by and let themselves in and replace it. If it blows up at your condo, you have to be there for the guy to come out, then you have to be there for them to replace it. This goes for all appliances. Somebody needs to be home for them to fix or install new. If you are going it single, you may miss a lot of class if the place needs work and general upkeep.

gmon72

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Re: SHOULD I BUY?!?!
« Reply #8 on: April 18, 2005, 01:58:40 PM »
if you can swing it do it.  I own a house and a condo.  Check public records and see how the prices have been over a 3 year period.  Do it and get a roommate and make $$. 

Highway

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Re: SHOULD I BUY?!?!
« Reply #9 on: April 18, 2005, 03:17:40 PM »
if you can swing it do it.  I own a house and a condo.  Check public records and see how the prices have been over a 3 year period.  Do it and get a roommate and make $$. 

Some associations (condo/townhouse) won't let you rent out rooms. Make sure you check into that before thinking you can make some cash by renting to other students.