UF students help!!!To Rent or Buy ?

[toscogo]

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Since i have been admitted to UF(Jax Campus) i have been seriously thinking seriously of buying a condo.Is this a good idea, will this venture affect my ability to qualify for fiancial aid,i plan on working 2 days a week ( 16 hrs shifts as a LPN) ,plan on finsihing my car note b4 august . Should i go ahead or wait b4 making this decision.
Dana looking to you for words of wisdom!! 😀

Toscogo
University of Florida

 

[blueclassring]

If I go to school out of state(i.e. outside of California), I am going to buy a house. The mortgage payment in Arizona is roughly about double the rent in various apartments. If I purchase a house, I plan on taking one housemate to help pay for the mortgage. With the rate of appreciation of housing averaging about 8% per year, I can sell and get my money back.

Here are the numbers

$200000 home: $7200 for mortgage * 3 years = 21600

Appreciation after 3 years(assume 8% appreciation/yr) = $50,000

After 3 years, the home is worth $250000

If I sell the home after 3 years, I can still make out with about 35K after the real estate commission. Also this money is tax free because this home has been my primary residence. It sures beats renting.... Plus I can deduct all my interest off my earnings and have no tax basis. I would not owe any taxes for three years because more than likely I will be making less than 20000 anyways.

Of course these are assumptions but the real estate market in neighboring states close to California is somewhat more inexpensive and development is everywhere.

 

[dgroulx]

Since i have been admitted to UF(Jax Campus) i have been seriously thinking seriously of buying a condo.Is this a good idea, will this venture affect my ability to qualify for fiancial aid,i plan on working 2 days a week ( 16 hrs shifts as a LPN) ,plan on finsihing my car note b4 august . Should i go ahead or wait b4 making this decision.
Dana looking to you for words of wisdom!! 😀

Toscogo
University of Florida

You can get financial aid. It's based on income. Even if you make too much money, you can still get unsubsidized loans. I take about 19K per year. After tuition and books, it leaves me with 11K for expenses. I'm going to get extra cash for rotations. We're allowed up to 31K a year.

Do you live in Jax already, or are you familiar with it?

They are building some condos in area north of Regency Mall. I think they're off of Monument somewhere. You can see them from 9A. It's a nice little area. Lots of brand new shopping and restaurants and not a bad commute to Shands.

Housing prices seem to be settling down. You may not make a bundle when you sell, but at least you're not throwing away money on rent.

I'd say go for it.

 

[toscogo]

Hi Dana
Thank you so much for the insight, i presently live in Miami but will relocated in summer to Jacksonville, i will look into the area you mentioned.

 

[DHG]

One thing to consider is will you be able to qualify for a good mortgage loan as a student? Possibly not. I bought my house when I had a full-time job, but when I went back to school and was working only part-time, I looked to re-finance it and ran into some problems because I had so little income. You likely will not be approved for a mortgage loan if you are a student at the time. Maybe there are ways around this. I don't know. But if you can buy WHILE you are employed and before you start school you will have a better chance at getting a good loan.