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

[Mill]

Originally posted by: 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.

Heh, are you sure about that? I live about 20 miles from downtown, and property here still costs about 13-18k for 1/2 acre. Hell, the Skoorbs live closer to the city and I think their lot would run about 40k. 900 an acre? Move out of the sticks man...

Hey, if you can afford it and plan to stay in the area, then by all means buy. I just bought a house this summer and I am still a Freshman in college.

 

[T2T III]

Originally posted by: 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.

I own a < 2,500 square foot lot - and my land is worth $69K. Granted, it's not near "California expensive" - but, still quite high.

From the on-line tax records for my property:

Assessment Date Land Value
1/1/2003 $69,000

 

[Siddhartha]

How much money do you make and how big a down payment can you put up?

 

[Ausm]

Originally posted by: 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?

1100 bucks ?!?!? HOLAYSHEEIT


Ausm

 

[Ryan]

1.1k?!?!?!?! Jesus, someone's really raping you!!!!

Seriously, you should be able to find a house around 130k-150s and have payments MUCh lower than that!!!!!! :Q

 

[beer]

Originally posted by: rbloedow
1.1k?!?!?!?! Jesus, someone's really raping you!!!!

Seriously, you should be able to find a house around 130k-150s and have payments MUCh lower than that!!!!!! :Q

In San Jose?

Are you really that much of a dumbass? Or do you just play one in OT?

 

[Ryan]

Originally posted by: Elemental007

Originally posted by: rbloedow
1.1k?!?!?!?! Jesus, someone's really raping you!!!!

Seriously, you should be able to find a house around 130k-150s and have payments MUCh lower than that!!!!!! :Q

In San Jose?

Are you really that much of a dumbass? Or do you just play one in OT?

WTF Dude? That IS too much. I would rather move to a smaller city that has cheaper housing cost and commute.

 

[virtuamike]

Originally posted by: rbloedow

Originally posted by: Elemental007

Originally posted by: rbloedow
1.1k?!?!?!?! Jesus, someone's really raping you!!!!

Seriously, you should be able to find a house around 130k-150s and have payments MUCh lower than that!!!!!! :Q

In San Jose?

Are you really that much of a dumbass? Or do you just play one in OT?

WTF Dude? That IS too much. I would rather move to a smaller city that has cheaper housing cost and commute.

And in the Bay Area, where would that be? Housing everywhere in the area is expensive. You won't find anything cheap unless you move to like Tracy.

Commuting to San Jose sucks. I did it for a summer job and it'd take me 2 hours to get home on Fridays, barely 30 miles.

$250k in Sacramento on the other hand will get you something decent.

And yeah I'm in the same situation, my parents are pressuring me to buy a house. If I can save up enough I might get something in Elk Grove for next year. You can't live in an apt forever, money isn't going towards anything.

 

[ReiAyanami]

houses go for $500k+ in san jose, do u even have the 20% cash for downpayment? (that is $100k sitting around)

funny is that a $500k house in san jose is smaller than a $100k house in houston

 

[Ryan]

Originally posted by: ReiAyanami
houses go for $500k+ in san jose, do u even have the 20% cash for downpayment? (that is $100k sitting around)

funny is that a $500k house in san jose is smaller than a $100k house in houston

But I'm sure that there have got to be some neighborhoods where houses don't cost that much, like on the outskirts of the city, in the outer suburbs.

 

[KLin]

Originally posted by: rbloedow

Originally posted by: ReiAyanami
houses go for $500k+ in san jose, do u even have the 20% cash for downpayment? (that is $100k sitting around)

funny is that a $500k house in san jose is smaller than a $100k house in houston

But I'm sure that there have got to be some neighborhoods where houses don't cost that much, like on the outskirts of the city, in the outer suburbs.

Not really. San Jose is in Silicon Valley, and is a hop, skip and a jump from the Bay area. All of the houses in that general vicinity are extremely expensive, kind of like how SoCal is like.

 

[Jgtdragon]

Since San Jose is heart of Silicon Valley, the pricing is high and raising. FYI for people not in the Bay Area.

 

[Sust]

Heh, this sounds familiar.
I say go for it. I did it and I couldnt be happier.
I was in a similar situation where the amount paid to rent could have been a monthly mortage payment instead.
So, me and my fiancee bought a townhouse in Northern VA before the craze.
Now the house has doubled in price of what it originally cost to buy it.
WELL worth the money I am still paying for it and I will actually see something from it when I leave too.

It's all up to you I guess. The profit potential is there if you're ambitious enough to find the right place and take care of it
If youre lazy then dont buy a house. If you get lazy and screw up with a house payment or something, we're not just talking about losing some 800 dollar security deposit. We're talking at least tens of thousands of dollars here in addition to your future credit record.
Plus, you have to be responsible and crap b/c if you screw up and become liable(doing something stupid that hurt others and your insurance dont cover it), lawyers can come and take your house!
You know, someone already said it, but there's always condos too...

 

[Kenji4861]

Originally posted by: Jgtdragon
Where can you find a 250k in San Jose?

It's here and there, not a "HOUSE", but things like 2-3 bedrooms / bath.. can be found.

 

[Kenji4861]

Thanks guys, now I know I'm being ripped.. and will be ripped until June of next year. I'm going to start looking into morgage rates and what I want to do. Thanks again!

 

[KLin]

Here's a nice house


only 489,999.99. That same house in Fresno would go for about 125-150k.

 

[Nebor]

Originally posted by: KLin
Here's a nice house


only 489,999.99. That same house in Fresno would go for about 125-150k.

Half a million dollars for 1300 sq ft. YOu've got to be fvckin kidding me. Half a million dollars would buy you a 4500sq ft house here in dallas.

 

[Jgtdragon]

Kenji4861
If you can handle it, I would recommend do it! Its a good investment in the long run.

 

[KLin]

Originally posted by: Nebor

Originally posted by: KLin
Here's a nice house


only 489,999.99. That same house in Fresno would go for about 125-150k.

Half a million dollars for 1300 sq ft. YOu've got to be fvckin kidding me. Half a million dollars would buy you a 4500sq ft house here in dallas.

You know what's amazing, I've been googling for property companies in San Jose, and most of the listed properties are showing as SOLD. How can people afford these prices?

Property company Link

Do a search and check out prices on those houses :Q

 

[KLin]

Originally posted by: Jgtdragon
Kenji4861
If you can handle it, I would recommend do it! Its a good investment in the long run.

It's definitely a good investment. the pros of owning a house far outweigh the cons.

 

[Mookow]

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

Not only no, but HELL no.

 

[Ryan]

Originally posted by: KLin

Originally posted by: rbloedow

Originally posted by: ReiAyanami
houses go for $500k+ in san jose, do u even have the 20% cash for downpayment? (that is $100k sitting around)

funny is that a $500k house in san jose is smaller than a $100k house in houston

But I'm sure that there have got to be some neighborhoods where houses don't cost that much, like on the outskirts of the city, in the outer suburbs.

Not really. San Jose is in Silicon Valley, and is a hop, skip and a jump from the Bay area. All of the houses in that general vicinity are extremely expensive, kind of like how SoCal is like.

I don't knwo - my father worked on March ARB in Riverside, he found a nice 1900 sq ft new house in Sun City, about 15 minutes away. 3 Room, office, and a huge livingroom decent kitchen, 3 car garage, nice yard, good neighborhood, etc for 150k. It's no impossible.

 

He lives in Cali, 1100 a month isn't going to get him sh!t.

 

[Ameesh]

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

i was kind of in the same boat but i decided to go for it and i just hires a maid and a gardner and such to make sure the house stays in nice shape.