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PlasticTrees | Can I have your financial advice? What will pay off more in the end? |
Summer is approaching and I have 3 options: down payment for either a house OR a new car, or go to summer school.
If I go to summer school I can graduate next spring. I need a car but it's not necessary, my bf drives me to work. I have enough for a down payment on a house, but I wouldn't be able to go to school or buy a car.
What will benefit me financially in the end? The sooner I graduate the more $ I'll make, but if I buy a house now I will save in rent $. If I buy a car I could still take summer classes, but I'll have the headache of insurance and gas $. |
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SG Elite
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Drop the house. It's too big a ticket for you at this moment. Consider buying a house only when you're financially secured. |
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Driven Daddy
 |
If you can select only 1 choice of the 3, I would eliminate the car option immediately. Unlike the other two options, cars are known to depreciate / decline in value after you purchase, whereas homes generally increase in value over time (but are subject to fluctuations both up and down) - and of course the sooner you start earning money in your career the better for your financial situation.
The housing market is in a bit of a slump right now so it is a buyer's market - BUT it could decline further before it goes back up. So hard to tell if now is a good time for you to buy. But there is another probably bigger reason not to buy a house at this time - after down payment, you will still have other costs, not the least of which is making monthly payments on your mortgage. Depending on the conditions in your market and how much house you buy, you may pay significantly more on your mortgage monthly than you do in rent, and this could put you in financial hardship or even default (in which case you would lose the house including your downpayment). There are also additional costs in purchasing and moving into a house (buyers portion of real estate transaction costs, property tax, homeowners insurance, utilities such as water & electric, additional furnishings for house, items to care for your lawn/property, etc.), and if you haven't considered these than the cost of the house option may be too much at this time.
So I am definitely in favor of the 'summer school so you can graduate earlier' option for you. |
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Joe T
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My advice is finish the school first. With the education, you can land a job making enough to save for the car and the house. If you buy the house first, you may be spending more than if you just kept renting (i.e. property tax, maintenance, moving costs, etc.). |
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Volleyball Socrates Jr.
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Buy the house, then take a home equity loan to pay for school, and get a tax break on the mortgage interest, and the home equity interest.
Forget the car. |
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COON DOG
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The car is a sucker bet never invest in anything that depreciates.
The house may be a good investment but it depends on if the market for houses is going up or down. My bet is that houses will continue to fall in price so that you would not benefit from buying at this time.
So That leaves school however Why can't you invest the money? |
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needanid_99
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Buy a house. A house is the greatest investment you ever make in your life. A new car is not always necessary and it will lose its value. A car that is $15k will be worth $1,000 in 5 years. A house that is 150k might be worth 200 to 250 k in 5 to ten years. Think about it. Find out how much house you can afford. If it turns out that you may not be able to afford payments on a house, consider using your money for school or just keep saving it.
As your your school.....You are always able to get school loans or grants. Grants you do not have to pay back. Depending on the state and school, you might be able to qualify for 2000 to 4000 in grants. Also consider school loans. School loans are good loans. Low in interest and you don't have to pay back until you are done with school
PS Do not get a house loan with your BF. Consider unexpected events such as him finding another GF. |
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anwarulkabir02
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I think you should go to summer school , because you can increase your earning for the rest of your life.
If you invest in new home , you can only save rent .But you have to pay the monthly mortgage installment. It is a nice investment because you can sell the house in the future.
You don't need to buy a car because your bf gives you the ride.
so , you have to choose the option of buying house or go to school.
If I were in your place i must go for school as your earnings ability would increase and it would last till your death. |
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RealTruth
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Don't buy a house now. Prices will continue to drop for a while longer. Graduate as soon as possible. Conserve $$$ now and only worry about getting your degree. |
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George W. Bush, Jr.
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Go to School. You can buy a house next year, probably for less than you can now. No one can take away your education. They can take your house or your car.
Also, keep your BF, he sould like a sugar daddy. |
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Lisa A
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Cars never pay off. They are money sinks, and they are a liability rather than an asset. Plus you'll likely be upside down on the loan the minute you drive it off the lot. Taking out a loan to buy a car is never a sound financial decision.
So it's between the house and schooling. Both are good investments.
How confident are you in your school, and your degree, and your ability to find a good job as soon as you graduate?
How good of a loan can you qualify for on the house? If it's anything besides a 30 year (or less) fixed rate loan at a good, market interest rate, pass on the house. Never get one of those sub prime loans. If you qualify for a good loan though, the house is still in the running.
Which of the two do you feel better about? |
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bob shark
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Do you work now, Can you make payments and maintain a house and pay the yearly taxes and utilities?
Do you have at least a 20% down payment and qualify for a normal mortgage? (not an ARM, or any mortgage that has low payments for a year or two, then higher payments.)??
If not, don't buy a house.
Don't buy a car unless you absolutely need one.
Finish your schooling, the more the better, and things have a better chance of working out in life. |
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mntndo
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A house and a car are liabilities, in other words, you have to keep throwing money at them to keep their values up, meanwhile they deplete your savings. Go to summer school, increase your income, then concern yourself with a new car or home. In the long run you'll come out way ahead. |
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