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House or school?

Well, me and my DH got an accepted offer on a house. . . We currently rent, 650/mo. Buying a house would be 700/mo but it would be ours. I do not work currently, though. I am planning on going back to school in the fall or in the spring of 11, so that I can get a good job when our DS is old enough for school in 4 years. We're not sure if buying the house would affect the schooling. . What do you think? What would you do?

Answer Question

Asked by Zennie2005 at 9:48 PM on Apr. 29, 2010 in Money & Work

Level 2 (9 Credits)
Answers (7)
  • It might. There is a lot of up keep in a house beyond just the larger payment. Even if the home is in perfect condition upon moving in things can break. Then there is all the little things you buy to go along with it. Flowers for the garden, out door equipment, things you didn't have to own as a renter. It adds up pretty quickly.


    Answer by BlooBird at 9:51 PM on Apr. 29, 2010

  • If your mortgage would really only be $50 more, BUY. Home ownership is a wonderful investment. Even with the economy being where it is NOW, values always go up eventually.


    Answer by KairisMama at 9:58 PM on Apr. 29, 2010

  • Buying a house is more than a mortgage. How much are the property taxes? How much is homeowners insurance? Do you have a savings account for repairs (we just put on a new roof for $5400).

    A house can be a black hole for money.

    Answer by rkoloms at 6:32 AM on Apr. 30, 2010

  • A house is not an asset, its a liability, which means it does not build wealth just debt.

    Answer by Anonymous at 7:44 AM on Apr. 30, 2010

  • When you pay off that house you will be so glad. How would you like to be paying ever increasing rent in your retirement years? If the $700 includes property tax and home owners insurance you are doing really well. And don't forget the schedule A deduction on your income tax. Do make sure it is in good condition - get an inspection. And you will need to keep an emergency fund for the stupid things that sometimes go wrong. And nobody says you have to plant flowers the first year or buy all new furniture. Chances are you will need a lawn mower. BTW you will qualify for more financial aid for school if you have no cash in the bank than if you are sitting on a down payment in your savings account.

    Answer by Anonymous at 10:16 AM on Apr. 30, 2010

  • I'd say buy the house. If you've done all the math and owning is only a little more than renting, do it. There will always be time for school later if it does mess with it. You can always find out about financial aid available to you for school as well. I'm paying more to rent than you'll be paying to own. I have a roach infestation coming over from my neighbors to the left, the ceiling caving in from a flood upstairs (second time since we moved in)..the list goes on.
    And think of how wonderful it will feel to walk in the door to 'your home'. You don't have to buy all new things and flowers can wait or be found for cheap during sales.

    Buying the house will be better in the long run for the whole family. Congrats on the house. :)

    Answer by flitpixie at 11:42 AM on Apr. 30, 2010

  • OWNERSHIP is better than renting. It is a wonderful investment, I agree. Those who are against it must not own. Yeah, it will be more costly , that's LIFE. Do you really want to throw your money away on rent. That's what you do when you RENT - you THROW your money AWAY.


    Answer by Anonymous at 12:51 PM on Apr. 30, 2010

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