Law School Discussion

Housing Plans During School

Housing Plans During School
« on: November 09, 2006, 02:13:43 PM »
As 'non-trads' many of us are older, have spouses, kids, pets, etc...What are your plans for housing for the law school where you will attend.  Apartments, condos, townhomes, rent a house, buy a house?  I myself need a house with a yard, so my decision will be buy vs rent, with renting probably making the most sense.

While I am spending the majority of time obsessing over schools and apps, I still find myself sweating the details of the whole thing, including housing.

juliemccoy

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Re: Housing Plans During School
« Reply #1 on: November 09, 2006, 02:14:35 PM »
Buy or rent a house and get a roommate. Preferably one who is not a law student and who has a dog to pal around with my dog.

sck

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Re: Housing Plans During School
« Reply #2 on: November 09, 2006, 02:25:09 PM »
We don't have to worry about this for a while, but...

Depends on where I end up. I really want to buy, but I'm afraid to until I know where I'm going to school... so that won't be until some time in 2008 most likely. If we stay in town or I miraculously get into UT... we'd buy if we could afford it. We want a yard.

Almost anywhere else... we'd really have to evaluate if we'd be staying there afterwards.

Re: Housing Plans During School
« Reply #3 on: November 09, 2006, 03:04:05 PM »
Buy, buy, buy. Us non-trads have two huge factors in our favor: CREDIT and down payments! Renting is merely mortgage-paying for the owner, and while it may work well for roomies, folks with families should buy if they can. Of course, this is site-specific, but overall, if you can get into a house, your mortgage payment won't be any more than (and in many cases will be less than) going rates for comparable rent/lease costs.

If you've got the down payment and the credit, buy a house when you go to law school. Live on the rest of your savings, loans, SO working income, etc., and when you finish school, you'll have your original investment, equity you've built over 3 years, and perhaps a modest appreciation.


Re: Housing Plans During School
« Reply #4 on: November 09, 2006, 03:06:54 PM »
Buy, buy, buy. Us non-trads have two huge factors in our favor: CREDIT and down payments! Renting is merely mortgage-paying for the owner, and while it may work well for roomies, folks with families should buy if they can. Of course, this is site-specific, but overall, if you can get into a house, your mortgage payment won't be any more than (and in many cases will be less than) going rates for comparable rent/lease costs.

If you've got the down payment and the credit, buy a house when you go to law school. Live on the rest of your savings, loans, SO working income, etc., and when you finish school, you'll have your original investment, equity you've built over 3 years, and perhaps a modest appreciation.



I disagree with this in some ways. The housing market is on the decline these days and there's no telling a)whether you'll be able to sell for a profit when you finish school and b)whether you'll be able to sell at all. I've had enough friends get screwed when they've tried to move that I personally decided not to buy. Unless you're in an area where you want to stay for some time, it's really something to consider seriously and not leap into. It's a real pain to have to watch over a rental property from a remote location.

Re: Housing Plans During School
« Reply #5 on: November 09, 2006, 03:15:02 PM »
Here we go with this again!  :)

I'm just pointing out that there are lots of aspects to consider and it's not a no-brainer decision.

Re: Housing Plans During School
« Reply #6 on: November 09, 2006, 03:18:36 PM »

I disagree with this in some ways. The housing market is on the decline these days and there's no telling a)whether you'll be able to sell for a profit when you finish school and b)whether you'll be able to sell at all. I've had enough friends get screwed when they've tried to move that I personally decided not to buy. Unless you're in an area where you want to stay for some time, it's really something to consider seriously and not leap into. It's a real pain to have to watch over a rental property from a remote location.

Thanks, cruella, for tempering my ambitious advice. I don't disagree at all with your points. It certainly does require significant thought, and one should seek wise counsel. For the slighly riskier prospective students, buying could lead to a return on investment where renting does not. It does, however, expose one to possible loss, too.

Re: Housing Plans During School
« Reply #7 on: November 09, 2006, 04:31:40 PM »
Here we go with this again!  :)

As I said...

That's true.  Perhaps we should illuminate the "search" button for OP.

To be fair, this topic comes up a lot less often than others- like which schools still average LSAT scores, why do I have to put my parents' info on NeedAccess, and other topics that blueb doesn't bump on a regular basis.

Re: Housing Plans During School
« Reply #8 on: November 09, 2006, 04:41:31 PM »
Here we go with this again!  :)

As I said...

That's true.  Perhaps we should illuminate the "search" button for OP.

To be fair, this topic comes up a lot less often than others- like which schools still average LSAT scores, why do I have to put my parents' info on NeedAccess, and other topics that blueb doesn't bump on a regular basis.

Yeah, and "who would you do," or "what are my chances."

And, to be even more fair, "I was here we go again"-ing Mr. Terrible.

Aren't the "who would you do" threads among the blueb variety? ;)

Re: Housing Plans During School
« Reply #9 on: November 09, 2006, 05:28:09 PM »
In med school, I calculated that 4-5 years what was required to 'break even' on buying a house.  That said, there are distinct advantages to owning, aside from not dealing with a feminine hygiene product landlord.  If you have a spouse who earns income, then the mortgage interest deduction could prove useful.  I was solo in med school so there was no real gain to this.  And yes the housing market is in flux, obviously on a downward trend.  There is certainly a gamble type element on buying now, but then I wouldn't be buying for another 6 months. (if I can sell my current house).

Sorry to rehash an old thread if this is the case, but I do feel that the current housing market would nullify some decisions from just 6 months ago.

What about just squatting in the law library and showering at the undergrad gym?  Or maybe a refrigerator carton just outside the main buildings.  Temperate climates only, of course.  In minneapolis it might have to be insulated with lots of newspaper and styrofoam....