Is it normal for a college kid to buy a $250k House?

[Kenji4861]

I have been working for about half a year out of college now, and people are telling me to get a loan and buy a place to stop wasting money on apartments.

I'm currently paying about $1.1k/month for my apartment right now.. I guess it is a waste. Any suggestions for someone that's already been through this path?

 

[MaxFusion16]

how about gettting a roommate

 

[Excelsior]

Originally posted by: MaxFusion16
how about gettting a roommate

yep.

 

[oniq]

Damn, $1100/mo?! You should get a house. If anything, get a house and a roommate. That way someone is trying to help you pay off YOUR house

 

[iamwiz82]

that is crazy. Move out of california.

 

[amdskip]

Originally posted by: oniq
Damn, $1100/mo?! You should get a house. If anything, get a house and a roommate. That way someone is trying to help you pay off YOUR house

I agree with this

 

[JBT]

get a freaking house man. ur wating ur money.

 

[Turkish]

omg dude, get a house...

 

[rudeguy]

I am 25 and see no need to get a house. Sure I am just paying a bill every month instead of paying off a house, but I dont want the hassles of owning a home. I barely even have to change a lightbulb around here, let alone mow lawns, fix walls and pipes and all the other BS that goes along with being a homeowner.

I vote for being lazy

 

[shimsham]

i say wait. you never know where life will take you and where you will settle down. plus, when you rent and something goes wrong, you can just call up the landlord and they fix it, nothing out of your pocket. not to mention taxes, homeowners association fees and regulations, etc.

wait to buy a house until you settle down.

edit: just saw that you are out of college. if you are living where you plan to stay the rest/most of your life, then definately buy if you can.

 

[Gravity]

Originally posted by: MaxFusion16
how about gettting a roommate

Um, ya.

 

[Yossarian451]

Damn, my brother is paying about 200 a month, and my dorm is more but not anywhere near 1100 a month. It is not the biggest apartment in the world but it is pretty good sized. I could never live in california, cost of living is just ridiculus.

 

[thomsbrain]

if you can afford the downpayment and will be in the area for a while (plus don't mind the yard and upkeep), there is no reason not to buy a house. your monthly payment will be the same and now it will be going towards full ownership instead of down the toilet.

 

[Jgtdragon]

Where can you find a 250k in San Jose?

 

[PatboyX]

where are you living?
that is a lot of cash...but not for living alone, i guess.

either get a roomie if possible or go for the house, it would seem like the best idea considering how much you are paying now.

 

[RU482]

my wife bought a $169K house before she graduated college

 

[StormRider]

Originally posted by: rudeguy
I am 25 and see no need to get a house. Sure I am just paying a bill every month instead of paying off a house, but I dont want the hassles of owning a home. I barely even have to change a lightbulb around here, let alone mow lawns, fix walls and pipes and all the other BS that goes along with being a homeowner.

I vote for being lazy

Buy a condo like I did! I don't have to cut the grass.

 

[Scootin159]

$250k? What is the cost of living where you are? Around here $250k will get you like the biggest house in town. I'd have to believe you could get something real nice for a lot less than $250k, unless you live in beverly hills or something.

EDIT: BTW....it quite often does make economic sense to buy rather than rent while you're in college, especially if you can go in with a couple people and have another 3 years of college (or plan on living there after graduation).

 

[Syringer]

$250k in San Jose will at MOSt get you a 2 bedroom, 1 bathroom house..

You people need to put things into a Californian perspective first

We're paying $2400 a month for a 2 bedroom, 2 bath place near UCLA..check out some of the rates here for Bay Area apts.. http://www.craigslist.org/apa/

 

[beer]

He's in san jose. I doubt a house can be found for $250K anywhere in that region.

 

[Kelemvor]

Damn that's an expensive monthly bill for a Rental. At least compared to where I live. My mortgage is only a couple hundred more than that for a decent sized house with a big yard. Problem with Rentals ais you gain no equity and have nothing to show for your money. Buying is always a better option when you can beacuse you build up the equity which will help you later in life.

But, do anything you can to NOT have to pay any PMI. My mortgage guy gave me a small mortgage for the down payment on the big mortgage so I technically paid 2 mortgages but no PMI.

 

[AgaBoogaBoo]

Save the money!

Share the current apartment with atleast 1 more person, if not 2 people. Save a ton of money and keep it aside. Years down the road use it towards a home and/or a really nice car payment. Also, save atleast 2 months of your paycheck and keep it aside in something very lucrative and safe to it gains some money. Use that if you ever lose your job.

 

[T2T III]

i say wait. you never know where life will take you and where you will settle down.

I tend to disagree with this statement. It really depends on the area where you live. For example, my county has witnessed house prices that have risen 20% for each of the past few years. Even if you just owned a place for 2 years, the return on your investment would be wonderful. However, this depends on the area - and the real estate market, too.

 

[ScottyB]

Originally posted by: Tiles2Tech

i say wait. you never know where life will take you and where you will settle down.

I tend to disagree with this statement. It really depends on the area where you live. For example, my county has witnessed house prices that have risen 20% for each of the past few years. Even if you just owned a place for 2 years, the return on your investment would be wonderful. However, this depends on the area - and the real estate market, too.

Property around my parents house has went up a lot. It is now $3,000 - $4,000 an acre and when they bought our property like 8 years ago it was ~$900/acre.

 

[LongCoolMother]

Originally posted by: Elemental007
He's in san jose. I doubt a house can be found for $250K anywhere in that region.

what i was thinking. we have a crappy@$$ townhouse here thats already $500k. it only goes up from there.
-_-....