buying a house

[MarxistPreVet]

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I'm getting the itch to look into purchasing a home.

I am a nontrad pre-vet student, as I was a married homeowner a few years ago before my life turned upside down. My credit isn't great (thanks ex-husband!) so that's working against me. I have a toddler, a golden retriever, and a cat, and we all live with my parents and sister. However, my mom and I are butting heads more and more often in this arrangement. She recently told me, during a verbal disagreement, that she wants me to move out. The next day I tried to bring up going to look at places for me to move, but she brushed me off. So now I'm confused, but the seed is planted and I am chafing at the bit to get out of here.

There are two starter homes in the immediate area for sale that I am in love with.

Is it crazy to think about trying to live totally on my own while still maintaining vet school-quality grades?

 

[LetItSnow]

I'm getting the itch to look into purchasing a home.

I am a nontrad pre-vet student, as I was a married homeowner a few years ago before my life turned upside down. My credit isn't great (thanks ex-husband!) so that's working against me. I have a toddler, a golden retriever, and a cat, and we all live with my parents and sister. However, my mom and I are butting heads more and more often in this arrangement. She recently told me, during a verbal disagreement, that she wants me to move out. The next day I tried to bring up going to look at places for me to move, but she brushed me off. So now I'm confused, but the seed is planted and I am chafing at the bit to get out of here.

There are two starter homes in the immediate area for sale that I am in love with.

Is it crazy to think about trying to live totally on my own while still maintaining vet school-quality grades?

Without knowing your financial situation and other life situations (child care, etc) it's pretty hard to say.

On the face of it, my first thought is "Yeah, it's crazy." But that's just a reflection of my own situation - I have a wife and three kids and even with her taking care of the kids full time I can barely keep up on house chores. Ok, who am I kidding, I'm about two years behind on major projects and months behind on minor chores/projects.

So it's hard for me to imagine being a vet student, taking care of a kid, managing upkeep on a house/yard ... ya know?

But if you've got arrangements for the kid... and you're one of those people who find doing household upkeep/projects to be relaxing... and it's a newer home that isn't in that phase of requiring CONSTANT attention to one problem or another... dunno, maybe it could work. I don't want to discourage you just because it sounds like a stretch to me.

Dunno how you and your sister get along, but have you thought about the two of you going in on something together?

 

[twelvetigers]

A lot of people will rent a place while in school, and many people choose to live alone. The big things to consider with home ownership are:

1. Are you sure you will be staying in the area? I mean absolutely 100% positive that you will go to THAT SCHOOL and this will be there to live in the house at least five years or so?

2. Is it going to be more expensive to pay mortgage than a reasonable rent for an apartment or rental house for one? If it costs more, do a little calculating about the extra cost in loans and how much you will be paying back from that - make sure it's worth it.

3. Are you going to have time to do the upkeep and potential repairs on a house? Mowing the lawn every week, replacing a broken hot water heater, fixing the stove, whatever. I do okay but I have a husband that definitely helps, especially during the school year.

You will own a home again someday. Definitely. You just need to decide if now is the right time for that.

Even so, wanting to NOT live with your mom for personal sanity reasons is understandable. There are other options available, though.

 

[MarxistPreVet]

Dunno how you and your sister get along, but have you thought about the two of you going in on something together?

We get along as well as most sisters do. We thought about getting a place together, but she is at such a different place in her life than me. She is still in undergrad, party-all-night, come home at 5 a.m., no chores whatsoever mode. I decided against it because it could go very very badly.

 

[MarxistPreVet]

A lot of people will rent a place while in school, and many people choose to live alone. The big things to consider with home ownership are:

1. Are you sure you will be staying in the area? I mean absolutely 100% positive that you will go to THAT SCHOOL and this will be there to live in the house at least five years or so?

2. Is it going to be more expensive to pay mortgage than a reasonable rent for an apartment or rental house for one? If it costs more, do a little calculating about the extra cost in loans and how much you will be paying back from that - make sure it's worth it.

3. Are you going to have time to do the upkeep and potential repairs on a house? Mowing the lawn every week, replacing a broken hot water heater, fixing the stove, whatever. I do okay but I have a husband that definitely helps, especially during the school year.

You will own a home again someday. Definitely. You just need to decide if now is the right time for that.

Even so, wanting to NOT live with your mom for personal sanity reasons is understandable. There are other options available, though.

1. Yes, my IS school is nearby and it is literally my only option, thanks to child custody laws. My kiddo visits her father every week and moving out of the state would force a custody reevaluation.

2. Mortgage payments in this area are MUCH less expensive than renting, and most landlords (with one semi-affordable exception in the area) do not allow any pets.

3. Probably not. This bums me out because I enjoy projects and housework, but something would have to lose if I had a major school project due or an upcoming exam, and it definitely wouldn't be my grades.

The other thing that worries me about renting is that my ex kept our home, so if I start renting it could potentially look like his living situation is much better (i.e. more permanent) than mine. Living with my parents in a home they own looks good to a family court judge. Living on my own and renting is not an improvement over my current situation, unfortunately.

 

[dyachei]

Keep on mind that to lose less than renting, you probably need to sell at the end of 4 years. Is that feasible?

 

[Emiloo4]

I am still trying to sell the house I bought in undergrad. 8 years ago, trying to sell it for 4. It doesn't always go as planned. Just keep that in mind.

 

[drbigidea]

I would caution strongly against buying a place while in school and with the scenario you've laid out. Renting may be more expensive monthly but it's never going to be less expensive overall, and it's a huge hassle to deal with maintenance issues. What happens if your heat goes out, or your roof leaks? Right now you have support, if you rent you have a landlord to call...if you own you have to handle it yourself even if it's the night before a final.

 

[485501]

The other thing that worries me about renting is that my ex kept our home, so if I start renting it could potentially look like his living situation is much better (i.e. more permanent) than mine. Living with my parents in a home they own looks good to a family court judge. Living on my own and renting is not an improvement over my current situation, unfortunately.

I don't know anything about family courts. Would it look better if you signed a 4-year lease?

 

[StartingoverVet]

I would caution strongly against buying a place while in school and with the scenario you've laid out. Renting may be more expensive monthly but it's never going to be less expensive overall, and it's a huge hassle to deal with maintenance issues. What happens if your heat goes out, or your roof leaks? Right now you have support, if you rent you have a landlord to call...if you own you have to handle it yourself even if it's the night before a final.

Careful making such a blanket statement... especially when it is probably not true.

Maintenance doesn't have to be any more difficult than calling the plumber instead of the landlord. At least it will get taken care of right away.

IF you don't have enough money to pay maintenance, that is another story... You need to budget in expenses of owning a house ... but you should be having a lower payment so you should be able to save for that.

Your statement is flawed, and way too general.

 

[MarxistPreVet]

I don't know anything about family courts. Would it look better if you signed a 4-year lease?

Probably, though it really depends on the judge and whether he/she is having a good day or not. Gotta love family court!

But I do like that idea. I am taking a second look at renting for the moment, but other posters here have me sort of thinking maybe I just need to stick it out, at least for the time being.

 

[hygebeorht]

I don't know anything about family court (thank goodness, and I want to keep it that way...sounds like a hellish experience OP, very sorry) but financially and for flexibility reasons, buying a place right now could be risky. It depends on how far out you are from applying. If it will take you four years to get ready to apply, maybe buying makes sense, but if you get in at a school that's far away, you'd need to sell and move - headache. (Also you'd need your ex's permission before moving the kids across state lines, no?)

Also, vet school costs are a kick in the teeth equivalent to a mortgage. You may want to keep your financial obligations at a minimum. If **** hits the fan, you can always move to a place with cheap rent. As we've seen over the last five years, mortgages are not so flexible.

But you have other considerations as well. I wonder if there is a solution that can get you an independent living situation that does not look less-stable to family court judges?

 

[drbigidea]

Careful making such a blanket statement... especially when it is probably not true.

Maintenance doesn't have to be any more difficult than calling the plumber instead of the landlord. At least it will get taken care of right away.

IF you don't have enough money to pay maintenance, that is another story... You need to budget in expenses of owning a house ... but you should be having a lower payment so you should be able to save for that.

Your statement is flawed, and way too general.

How much real estate investment have you done? How many homes have you owned? I am willing to bet it's far less than the 250-300 my brother and I currently own and rent out. I can assure you, renting is far less expensive in the short term(under 5-10 years) than buying a home.