College undergraduate and graduate students of the world, where are you planning to live upon graduation? Where will your Future Estate be, and do you plan to move out shortly after graduation? You likely hope to be out of your parents’ house and on your own soon, and your debating renting an apartment verse owning a condo, co-op or a house. What are the advantages of buying and owning?
With a rental, restrictions may exist on what you’re able to paint, if you can put holes in the wall to hang up pictures and so forth. However, when you own your home, you’re basically able to do whatever you want. Some towns do have restrictions on certain components such as in-ground pools and so forth. Be sure to check with local ordinances before making any of these major changes.
House Guests and Moving In
Although the laws do vary, you may have to pay more money to your landlord if a second person moves into the rental with you. When you own a house, you are free to invite your significant other to come live with you or to host extended family at your house for as long as you so please. Furthermore, you will not have to worry about these extra house guests bothering the landlord with noise or using up more of the water.
With co-op and condo purchases, you generally will have some of the same privacy issues as with a house. However, when you buy a house, you do not have to worry about bothering anyone with noise levels when you wake up at the crack of dawn for your 5 a.m. job. On the other side of the coin, you do not need to be bothered either. If you want to have pets in your house, you are free to do so. The dog’s barking won’t be waking up children who are sleeping on the floor below you, and an allergic person down the hall cannot have his or her allergies triggered.
Once you have owned the property for awhile, you might decide that it’s time to sell it. As long as the market is doing well, you can likely make money. Just be sure to price the house appropriately, and be sure to wait awhile to get your desired price, especially in a time when economic conditions are not exactly favorable. Let’s say that you originally purchased your house for $300,000. Now, the appraisal value is $375,000. You’re able to make $350,000 off of it, and you’ll have $50,000 (minus any fee that need to be paid) to put as a down payment for a larger house or in a more desirable location.
In order to own your own piece of property, you are going to need to save up the money for a down payment. Be smart about it. Don’t wait until you are done with graduate school; start saving up your money now!
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