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cmhohioman | I'm contemplating buying a 1 bedroom condo (858 square feet) in Columbus Ohio while I'm in Graduate school.. |
I'm in Graduate School full-time.The condo is $160,000. My income from my inheritance generates $1400/month...more than enough to make the condo payment with no money down..and I can work part-time as a nurse RN. or should I wait until I graduate and just continue to rent?????
Additional Details
It's downtown Columbus......not out in the suburbs....Condos in suburbs you can get for very cheap money.....but who wants to drive 24 miles to meet up with friends for a late night beer..... |
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chuck
 |
$160K for a 1 br 850 foot condo in Columbus? Um, I think you better think that over. The real estate market is going down, and condos are always hurt the most in a real-estate slide. The chances you won't have any equity in your home after a few years are very good, I think. Rent yourself something cheap in Reynoldsburg and take yourself out for a few nice dinners when you get stressed out from studying. |
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Dylana M
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Its always better to own. If you buy you are paying yourself rent. You should get the money back when you sell if you get enough equity. Why give your money to someone else? |
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LandOfMisty
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Because of your age.........and what the future can be.....I would say Buy if you can afford it.......but I don't think an apartment is what you'd want. Because that is all a condo is....think of it like that...........would you then want to buy it.
You'd be paying for upkeep each month too.....why not keep up just what is yours.
with that here in Iowa you could buy a 3 bedroom house. |
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glamour04111
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I would work part time as a RN and go ahead and get the condo. Why waste your money on rent. Go for it!! Welcome neighbor, I live in Zanesville. |
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Bigpanda
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i think you should continue to rent ur house since ur salary is only $1400 |
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Dom
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Well, you said that you can be a part time nurse so I am assuming that buying this place is not so much of a risk. When you become a nurse I am sure that you will be able to own the condo and pay for it with no problem.
If you like it, go for it. |
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Jean O'Neil
 |
Can you buy other real estate instead of a condo? Real estate prices have plummeted in many areas and this would be a good time to invest in a house. Condos have had a history of not retaining value unless they are in a metropolitan area. The downside to a house is that you are the one who has to maintain the house, whereas a condo you might pay a fee to keep it maintained . You should talk to a Realtor or investment manager about how to best use your money.
I am also in graduate school and if you can get away without working while in graduate school, you are a lucky person. |
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Angie
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How long are you planning on staying? Will you stay after you graduate? How is the market? Are condos selling and reselling w/o being on the market longer than you are willing to wait? If you rent you are throwing your money away but if you buy then if the homes/condos in the area have been gaining equity then go for the buy! |
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bevrossg
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That seems like a high price for that many (or few) square feet. Keep in mind that you also have to pay insurance and taxes and upkeep and utilities. You might find it cheaper to rent one of the condos in that same place. Look into it before making that decision to buy... |
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googie
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Since you did not indicate what rent you are paying monthly, that figure would be useful in making an economic calculation of whether to rent or buy. Your investment is earning $ 16,800 per year. If you purchase you are responsible for mortgage interest and principal,on $160,000 over the life of the mortgage, property taxes, condo fees for grounds and maintenance,all interior maintenance work, utilities including heat. At the end of grad school (? yrs.) will you be able to get back the remaining principal through the sale of the property or will the fact it is one room be a deterrent? If you plan to settle in the Columbus area aftergrad school that might also convince you to buy.Suggest you do the homework prior to committing! |
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joshua_m_carpenter
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If your studies will take you somewhere else you might want to think about it. Then again, the housing market is the place to be. So maybe look into a house as opposed to a condo and as the market clears you'll have a nice marginal profit. Regardless, take the estimated amount you will spend during the span of time you expect to own the house, including payments, insurance, rent, groceries,etc.... Add it to the present value of your house. Then subtract it from the price you expect to sell it at in the future. Take the answer of the previous problem and subtract it from the amount you expect to make at your job in that same time. Then ask yourself, is this worth it? That's what I would do. Hope I helped. |
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