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What are your opinions on buying a house during medical school? I just can not see the wisdom in renting for another 4 years. Keep in mind that I am a non-trad. student (wife and 2 kids). Thanks
Buying a house
- Thread starter SCHOOCH
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I'm a non-traditional student as well and in my first year of medical school. At first we were reluctant to purchase a home. We first wanted to see if we liked the city and felt like we could live here (for a long time, if necessary, not just through med school but residency as well) Now with the interest rates below 7% we are searching every weekend. We hope to have a contract on a home by the end of February. I would say if you are happy with the area and can qualify, go for it!!! Its kind of fun and a great diversion from biochem and gross.
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I agree with that. I'm a n/t student with a wife and children. We're currently looking for a place to buy and are considering a contingency contract on one now. (Purchase is contingent on the sale of our current home.)
Buying gives you the freedom to do what you want with the property as long as you're there. Renter's don't always have so much freedom.
Buying gives you the freedom to do what you want with the property as long as you're there. Renter's don't always have so much freedom.
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Does anyone think that owning may be too much work, however, during med school? I also am married and we recently had a baby. We really want to purchase, but are a bit concerned that my academic schedule may be too grueling for me to ever lend a hand around the house. Any thoughts?
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"Be wary when one says impossible, for it most likely means that they have just never seen it or done it before..."
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"Be wary when one says impossible, for it most likely means that they have just never seen it or done it before..."
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I am a 3rd year student and it has made a major difference buying home. It is nice to have the added stability that owning a home seems to bring. And it didn't make sense to shell out money for rent for 4 years. Our house payments are less than what we would be paying to rent. There was the worry that I wouldn't be able to take care of the home like I wanted to. And there is some truth to that. I haven't had time to improve the home but, fortunately, we bought a home that is in pretty good shape and little things that can slide by until I have a free weekend. I would definitely suggest buying a home that doesn't need any fixing up unless your wife has a lot of free-time and talent in that area. We also looked for a home that was low maintenance in regards to the yard etc. It has been a good experience for my family.
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I am in house buying mode!!!!! As a non-trad that's been renting since I moved out of my parents at 16, I am sick and tired of dealing with rental problems!!! No privacy, annoying neighbors, pet issues (I have a 60lb dog, macaws, and 6 fish tanks!), and landlords that treat me like I'm a second class citizen!
My husband is active-duty so we will qualify for a VA loan, making a purchase much easier, but I am concerned with what exactly we will qualify for considering our substatial debt load right now (50K in student loans, 13K on one car, 21K on the other, and a little on credit cards).
On a good note, I know of a 4th year resident (he just finished up) who just sold his 100K home to purchase a ~300K home. Frankly, I had NO idea how he could accomplish this considering HE had student loans to pay and his income for the past 4 years was a typical ~40K while in residency. He told me that when they went in for financing that they were approved based on "anticipated" income (he just signed a 150K+ contract with a partnership). Light at the end of the tunnel I suppose!!
I plan on starting my search AS SOON as I find out where I'll be going!!!
My husband is active-duty so we will qualify for a VA loan, making a purchase much easier, but I am concerned with what exactly we will qualify for considering our substatial debt load right now (50K in student loans, 13K on one car, 21K on the other, and a little on credit cards).
On a good note, I know of a 4th year resident (he just finished up) who just sold his 100K home to purchase a ~300K home. Frankly, I had NO idea how he could accomplish this considering HE had student loans to pay and his income for the past 4 years was a typical ~40K while in residency. He told me that when they went in for financing that they were approved based on "anticipated" income (he just signed a 150K+ contract with a partnership). Light at the end of the tunnel I suppose!!
I plan on starting my search AS SOON as I find out where I'll be going!!!
My wife and I owned our home during medical school and loved working on remodeling and fixing it up. It was a great distraction from the rigors of school and paid off when we sold it because of all the sweat equity that we had put into it...
Plus, when we moved for residency we had a great down-payment for a really nice house here... Why pay 100% interest renting when you can get such good rates now and build equity?
Plus, when we moved for residency we had a great down-payment for a really nice house here... Why pay 100% interest renting when you can get such good rates now and build equity?
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I am currently living at home during my undergrad. Anyway I was wondering how much money I should end up saving to pay for rent if and when I am accepted to a medical school.
Thanks in advance
Thanks in advance
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Doc-H,
It's hard to tell you how much to save because rents can be VERY different depending on where you live (what part of the city, what part of the country)! Down here in the "minimum wage belt" my 2-bedroom, 1900sqft townhouse runs $460 a month...a pretty good deal. However, when I lived in Norfolk, Virginia our 1-bedroom apartment was $625. In places like California, New York, (any major city) you can expect to pay at LEAST twice that! Basically, you need to start looking at where you're interested in going and do a little research. As for saving up, you will need a pretty good job to do it...even at my piddily $460 a month, it would be $22,080 to pay the rent for 4 years of med-school. Better plan on loans instead!
It's hard to tell you how much to save because rents can be VERY different depending on where you live (what part of the city, what part of the country)! Down here in the "minimum wage belt" my 2-bedroom, 1900sqft townhouse runs $460 a month...a pretty good deal. However, when I lived in Norfolk, Virginia our 1-bedroom apartment was $625. In places like California, New York, (any major city) you can expect to pay at LEAST twice that! Basically, you need to start looking at where you're interested in going and do a little research. As for saving up, you will need a pretty good job to do it...even at my piddily $460 a month, it would be $22,080 to pay the rent for 4 years of med-school. Better plan on loans instead!
