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indymed

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Hey, I was wondering if there are any PCOM students who have purchased condos in Philly as opposed to renting apartments. The plan would be to sell after four years and make back most of the money paid. Anyone? Is this a good idea? I talked to a PCOM administrator, and they said that students don't do this simply because its not a good idea. He didn't give any reasons though. I'd appreciate any advice on this.
 

BklynWill

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I've been thinking about this b/c I'll be an MSI next year. I think a few reasons why it's not such a good idea are that:
a) Condos cost a lot of money to lay out up front while you are trying to secure loans and already putting yourself 150-200K in debt.
b) You still have to pay taxes/ utility fees, which can equal the cost of rent.
c) Just another major investment to worry about besides your education.

Just my thoughts. I haven't experienced any of this first hand.

btw, if you decide to go with an apt, let me know. I'm looking to (find and) split a 2-3 BR apt next year with some PCOM/ Drexel students.
 

raptor5

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My wife and I bought our condo in June of 2003. The value has already gone up 27K. I can not see how, but a few of the ones next to ours are going for that much more than we paid. I figure by the tiome I graduate in 2008 from PCOM that we will have made back all our mortgage payments and will have a nice downpayment on a place whereever I do residency.(Note: I live about 20-25 minutes away from PCOM towards King of Prussia )
 
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indymed

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raptor5,

Wow! That is phenomenal payback. I've been looking into property near the school, but it is tight. Do you know of any property closer to PCOM? King of Prussia is a rather long ways away. How is the traffic on the way into Philly?
 

Dr JPH

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The area around PCOM (Bala Cynwyd, especially) has some beautiful homes and condos. Not sure as to the cost. Going out towards King Of Prussia wouldn't be a bad idea, but again you mentioned traffic which during certain parts of the day can be pretty bad.

You may also want to consider something out psat Roxborough or in Roxborough. It's not a bad commute to PCOM and the area is really nice.

If you are looking for an apartment, I have several suggestions, PM me and I will help you out.
 

raptor5

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King of Prussia is a rather long ways away. How is the traffic on the way into Philly?
King of Prussia is not that far. 15 minutes on a good day. I actually live north of KOP.
I can not comment on traffic for sure b/c I start at PCOM in August. However, what I do know is that I will have to leave early in the morning. On the day of my interview I left my place around 6:45 and was at PCOM at around 7:10. But if I was to leave at 7:00 I probably would not get there until almost 8:00. So I think I might leave early and go to the gym before class starts. (Don't know the gym hours though). The only problem with commuting I see is the ride home. If I leave around 3PM I will be OK, anytime after that I probably will not leave until 6PM just so I do not have to sit in traffic for an hour. Of course every day varies b/c the infrastructure in/out of Philly sucks A*S. Could be worse though.
 

agl108

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Manayunk is the place to buy. Real estate value has risen dramatically the past few years and looks to continue that way. It takes me 10 minutes to get to and from PCOM.
 

Dr JPH

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agl108 said:
Manayunk is the place to buy. Real estate value has risen dramatically the past few years and looks to continue that way. It takes me 10 minutes to get to and from PCOM.
Just be careful buying in Manayunk. Manayunk is often overrated simply because MAIN STREET Manayunk is nice. The entire area is not. IMHO and 7 years in Philadelphia, its worth the extra 5 minutes up the hill into Roxborough.
 

indymed

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Thanks all for the info, this has been very helpful. But I do have one question. Do many PCOM students buy condos or houses? If not, why? There must be a reason, and I would love to know all the pros and cons.
 

Dr JPH

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indymed said:
Thanks all for the info, this has been very helpful. But I do have one question. Do many PCOM students buy condos or houses? If not, why? There must be a reason, and I would love to know all the pros and cons.
I think there are a few reasons why PCOM students (or any medical student) wouldn't buy a house or condo.

#1, it's one less thing to worry about. Rent around PCOM is fairly affordable so I think most students don't have an issue with paying that.

#2 some people have lived in the area since college (like myself) so they stay in the apartments from college.

#3 I think many people don't know how to go about doing this...again....rent check is easy and all that comes along with apartment living.

I think for the most part because of the abundance of apartments (with reasonable rate) make it less of an issue for many PCOMers as opposed to students who may be going to school in a more rural area.

Hope this helped.

JP
 

UltimateDO

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I currently live in Phoenixville (just outside of KOP) and plan on buying in the Conshohoken/Roxborough area before I start this fall. For property value increase potential, Conshohoken is probably going one of the better places to be in the next four years since there is a lot of professional offices going into place "down by the river". Commute is a little longer than right beside school but it pays to know the back ways. :D
 

medhacker

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Hi PCOM people

Anyone feel different about purchasing a home now that some time has passed. I am interesting in purchasing as well, thanks.
 
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