Is it responsible to buy a house right after graduating college?
I'll be graduating college in May, and I'm wondering if it would be more beneficial for me to buy a house instead of renting an apartment or (even worse) moving back in with my parents. First, a little background: I'm graduating with a BA degree in Political Science (though I also attended another college for health-related professions and I do have experience in the medical field). I was originally planning on going to graduate school for speech-language pathology, but I just had major ankle surgery last week and thus will not be healed in time to begin classes in the summer. I do, however, plan to return to school with a slight change in focus -- probably public health or an MBA, depending on the job I ultimately get. As of right now, I plan to apply to jobs as a clinical research coordinator/associate. Assuming I get the job that I want, I'll be making $45-50,000/year. I'd be working in a major city (about an hour away from my current home) and thus I will need to move closer for work. I've considered apartments, condos, and houses. First, let me tell you that I am not the typical college student in that I am very fortunate to have a trust fund. Should I use this money to put a down payment on a house? I'm excellent at budgeting my money and I don't intend to buy myself some extravagant $3 million dollar mansion. Rather, I'm setting my budget around $250-300k, which I believe is reasonable. I will also be moving in with my boyfriend (and soon-to-be fiancee) -- and trust me, we've talked about this a LOT. We know we're young, but we are getting married eventually; we've known each other since we were 11 years old and we've been dating for about 2 years now, so we're not rushing into anything. So, he'll also have a job that will land him a similar salary ($45-50k/year) to start. So, would it be better to get an apartment, condo, or house? We need to live close to a city and we would most likely commute in via the subway, but we would like to keep our cars for emergency purposes. Obviously, I'll also meet with a financial advisor about this too because I realize it's a major decision, but I just wanted to get some initial ideas. Thanks!! :) Also, I should add that apartment rentals near where we would like to work are approximately $2200/month, which is more expensive than a mortgage payment would be on a 4bed/2bath house slightly outside the city.
Asked By: - 12/2/2012
Best Answer - Chosen by Asker
I wouldn't just yet - wait until you're a bit more settled in your career. Some people graduate thinking they know what they wanted to do only to find themselves not liking the job itself once they find it, or have trouble finding a job and thus have to relocate. Until you've had a couple of years under you belt and... More
Answered By: malica - 12/2/2012
Additional Answers (4)
Two years worth of solid employment for income to qualify for a home. With tax returns to back it up. You would have to buy the house in cash from that trust fund. All cash.
Answered By: Go with the flow - 12/2/2012
Houses cost money. Utility bills are higher than apartments. You have insurance. You have property taxes. You have other expenses--ever price a 40-50 gallon hot water heater? Or a new roof? Or landscaping? You need 2 years of employment, 10% downpayment and an emergency fund.
Answered By: Quick Answers - 12/2/2012
Go back home to your parents for a couple years, save some money and then buy a home.
Answered By: car253 - 12/2/2012
You will need to establish your working career before obtaining a home loan. The lenders usually require at least 2 years of steady employment as well as good credit,substantial down payment and few debts. Good Luck
Answered By: Bill - 12/2/2012
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