First Home Buying for the College Student
Having a home is imperative for every person, and we invest massively to make a suitable house to live in. College students are expected to better lifestyle after graduation because of a better chance to secure a good job; therefore, they want to invest in owning a home immediately after graduation or maybe when they are in college.
You can either buy a home or rent one in the area which is in the vicinity of your workplace or college. Both options have their advantages and disadvantages. Renting a home is a good idea because you do not have to make a huge investment at once, but the pride of ownership, sense of security associated with buying a house as a student is unmatchable. Though the cost of residence has mounted almost everywhere but is still reasonable in some areas, and students may think of buying a house. Sometimes the cost of rent is nearly equivalent to the mortgage closing costs.
Buying a house in college can be a real tough decision as it has certain consequences. You must analyze those factors and then make your final decision.
If You Have a Job Already and You Can Pay the Installments
As a student, if you think you have sufficient funds to make a down payment for a home, you may think that you should go for it. But one needs to analyze that it is not only about the down payment, but the installments are also going to be a recurring expense until you get absolute ownership. College students must question themselves if they can afford to pay the installments. But if you are working and expect a continuous flow of income, you may decide to start paying for your home, and till you complete your graduation, you can have a properly furnished home with the autonomy to decorate and an established neighborhood and community.
If You Want To Make Career or Stay In the Same Area
Most of the students are settlers, and they have to go back to their home town after their graduation. So you must find a home for you if you are planning to stay for at least 5 or 7 years in that area. Make sure that you want a residence in this area in the future. If your long term plan is to get settled somewhere else, renting is a better option as leaving someone else’s home is easier than your own.
Analyze Your Monthly Payables
Rent is an expense like other payables, but owning a home and building equity is a difficult job. You have to pay for maintenance and repairs as well. If you think after you pay off these entire bills, you will remain with insufficient funds to pay your tuition fee for college, better not go this huge decision. Also, remember that nowadays you don’t only have to pay your tuition, you also avail the paid services of paper writing help providers and ask them to “do my homework online.” You have to manage all those expenses as well
Invest in Home If You Have Enough Saving
If you think that even after paying all expenses, you can save an amount and think that instead of wasting it on parties and outings, you should make a tangible property for you, better buy a home. This is good because the value of your property appreciates over time and you will be able to sell it at a much higher price
If You Want to Begin a Family Life
Having one’s own home, family, kids, a backyard with some seasonal herbs and vegetables, a pet are a dream for many of us. In case you want to start family life immediately after your graduation, better start planning for buying a home. You will have a fixed asset with little worry about paying rent every month, along with other family expenses. Make a home first and then decide about having a family.