EEEEE said:
Anyone considering purchasing a condo though? Considering how much money we will be putting into renting an apartment over 4 years, purchasing one would not be a bad idea. Anyone considering. Pros and Cons...
I am, as I will be in Houston for at least another 5 years (MD/MPH) which means that I am now hunting for a better paying job in order to save up some scrilla for a downpayment. Here's what I'm thinking:
Pros:
-Don't end up wasting four years of rent money
-Build equity and your credit
-Have your own place
Cons:
-the initial expense is much higher than that of an apartment
-Responsible for all maintenance
-It's an investment, so there is risk that the price may fall or that you may incur serious maintenance costs, which could kill your return
-You have to spend the time and money to buy it and eventually sell it
-If you get a 2-bedroom, finding a roommate could be tough
-UT-H housing is really convenient, affordable and you'll be surrounded by students and not post-menopausal women bitching that your studying is making too much noise
Bottom line, my credit sucks, the 'rents are interested in buying real estate in the loop and are willing to invest with me (which will lower my monthly payment), I have time to find a place, my bro works in Houston and would be willing to live with me (whether I am willing to live with him remains to be determined) and I hate the idea of wasting my money on an apartment over the course of five years when I could be investing it instead. That's about as much incoherent thought as I can muster on the topic for now. I'd be interested to hear what other people are thinking about this. Late
AJ