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Should I buy a condo or keep renting?
Hello,
I am in a bit of a pickle and need some opinions and advice. I am 22 years old, I have a steady job which pays around 50k a year. I have money put away that would be a down payment (which is also all my savings).
Here is the issue: I may be leaving Seattle in 2 years to go to law school. I am taking my LSAT this June, and will be sending applications next year for admissions for Fall 2016 quarter. I am going to apply to schools outside of my area. Only one school in my area, UW Seattle, will be on my list. All others will be out of state.
So my decision lies in whether I should invest my money, buy a condo and have tenants or attempt to sell it before I go back to school OR continue renting and not stress. What should I do?
I have so many differing opinions from friends and family that I felt I'd like to get some unbiased opinions on the matter. Anything helps! Thank you!
3 Answers
- A HunchLv 77 years ago
If you don't know where you are going to be in 2 years, probably better to hold off. There is nothing wrong with renting.
Also Seattle is pretty expensive. With your income you will only be able to purchase something around $150K (amount of mortgage you are eligible for), plus what you have saved. Not sure if there is much you can purchase in the Seattle area for this amount (unless you have $150K saved).
- FredLv 57 years ago
"Here is the issue: I may be leaving Seattle in 2 years"
experts now say that purchasing a home should be treated as an Expense, like renting. Problem with ownership though, is if you have to sell, you are stuck if the market is soft.
So, until you are truly settled, rent.
- Anonymous7 years ago
If its just for 2 years Its best to just go with renting because you'll have lesser things to worry about. But if you want to make some extra cash, you could buy and sell it before leaving Seattle but bear in mind its a lot of hard work. I would recommend you to buy if you're staying for a few more years though so that the price will increase and you can earn more when selling.
Source(s): I help my dad by and sell houses
