house upgrade timing

[mommy2three]

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so i am trying to keep my mind busy and off of the fact that i am waiting for word 🙄
anyway, hubby and i were debating relocating next summer (which if i am accepted will be the summer between 1st and 2nd yr) as we have a 3 bdr house and are in need of a 4 bdr house so the munchkins can each have their own room. we bought our house in 2005, the value has dropped slightly but not as much as the houses that were higher in the market to begin with. we like the town we live in and would like to stay here.
but herein lies the problem.....as hubby noted the other day we may chose to move possibly again when i get my residency as i may end up in milwaukee or farther south of chicago in which case we would want to move to minimize commute time and maximize family time. i think any hosue we would buy would increase in price by then but the questiona arises do we want to move twice in such a short time and have to do all the selling/searching/etc that goes with it?

have you all thought about when you may buy a home or relocate from your current home in the midst of your education??

 

[sumstorm]

In my opinion, the time cost, moving costs, and closing costs of buying and selling are rarely worth it if you aren't going to live in a place for at least 3 years. More so if the market isn't at least warm. The only exception is if you are able to do handyman specials in that time, or foreclosure purchasing, or you are moving from renting at at higher monthly rate than the mortgage.

I personally don't believe it is harmful for siblings to share a room, but if it is a major issue, another option include partitioning rooms (either a current bedroom, space off a main room.)

 

[sindadel]

I wouldn't consider buying/selling with such short timelines. I rent an apartment in my med school city and commute home on the weekends (3 hr drive). If we had decided to move the whole family, we likely would have sold the house and rented something.

 

[montessori2md]

If the space/location really bother you/fam, then sell and then rent, rather than buying. If you end up staying in place for residency, you will know that just a couple of years after move #1, and can start shopping for a house and move at the tail end of your fourth year. You will lose money, what with closing costs, if you sell twice w/in a timeframe that short.

 

[Scottish Chap]

so i am trying to keep my mind busy and off of the fact that i am waiting for word 🙄
anyway, hubby and i were debating relocating next summer (which if i am accepted will be the summer between 1st and 2nd yr) as we have a 3 bdr house and are in need of a 4 bdr house so the munchkins can each have their own room. we bought our house in 2005, the value has dropped slightly but not as much as the houses that were higher in the market to begin with. we like the town we live in and would like to stay here.
but herein lies the problem.....as hubby noted the other day we may chose to move possibly again when i get my residency as i may end up in milwaukee or farther south of chicago in which case we would want to move to minimize commute time and maximize family time. i think any hosue we would buy would increase in price by then but the questiona arises do we want to move twice in such a short time and have to do all the selling/searching/etc that goes with it?

have you all thought about when you may buy a home or relocate from your current home in the midst of your education??

This is a tough one. When I started medical school in 2005, we chose to buy a nice 3BDR house in a nice area with a great school district as we intended to stay for residency. Things change. We ultimately decided to move in January 2009 after attending all the residency interviews and we had a three-year-old at that time and another kid on the way. We had three months to sell our house (without a realtor) right in the middle of the market crash last year. We ultimately sold it for the price we paid for it four years ago and walked with our down-payment. Do we regret it? No. We lived in a great place that was our own and we had a mortgage for less than what we would have paid in rent. There were a few other fiscal benefits.

If you have a family and are about to start medical school, the only advice I can give you is to fully anticipate a move after medical school. You have no idea what you will become interested in, how competitive it will be, how you will change in four years, and you have no control over the match result. Good luck, and congrats.