Renting vs Buying a home while in a BSN program.

Published

Hello everyone,

I am new to the forum. Next year, I will be attending a 2 yr nursing program in Houston,TX but I am wondering if I should purchase an affordable house or remain renting. Now a days, everything is so expensive that it is difficult to figure out how to pay for school and maintain finances. Can anyone give me some advice on this? However, keep in mind that I am not able to live somewhere rent free (like at home with my parents). I will not work while in school. I also intend on going into a graduate nursing program a yr or two after this program. Yes, I know that I will need loans as well. This question is mainly directed at RNs who have finished a program within the past 2 to 10 years from now and had no one to help out financially while in school. Did you rent or buy a home? Was it a good or a bad decision financially?

:confused:

I'm curious to know if there are any RNs out there who were in a similiar situation who have already completed school and are currently working. Is there anyone out there who knows where I am coming from? I'm talking about a 100% independent person who was determined to be successful and made it on their own. Please school me with your wisdom. I know I can do it, I just need some advice.

OKAY here is my wisdom.:typing If you are 100% independent person who was determined to be successful and made it on their own(LIKE ME) you would work full time and get smaller loans, you would make house payments, not apartment payments, and you would go back to school(LIKE I DID)and you would have no social life, but the payoff in the end is wonderful. There is no easy way out.:heartbeat

Up Vote Up Vote ×
Specializes in Ortho, Case Management, blabla.

Taking out a loan to pay another loan doesn't seem like a very good idea to me.

Up Vote Up Vote ×

Right now it is virtually impossible to get 100% financing-so I guess you have money for a down payment? Why don't you just use that money to live on? Buying a home can be a good investment but only if you have the means to maintain one (usually1-3% of purchase price) for maintaince, insurance,mortgage insurance,property taxes- which since 9/11 have continually increased nation wide(mine increased 600.00 the first year) , and with local governments feeling the energy pinch more increases are to be expected, rising energy cost my electric bill went from 99.00 winter 2006 a month, to 420.00 a month 2007! Lastly the housing market is soft nation wide and hasn't hit bottom yet-predicted to in 2009. So say you buy a house, houses right now are not holding their value, you may save by not paying rent thinking you are investing in something for yourself inspite of a loan for a mortgage-two years down the road you graduate, maybe stay in the house for another five years-but the market is still adjusting for the first two years while you were in school. You go to sell or refinace but will you be able to? You may find yourself upsidedown in your mortgage-owing more the what the house is worth, this is happening now to people who have been in their homes for more than ten years! I would say avoid taking out loans and buying a home right now unles you plan to be in that area for a long time, having a mortgage is a big responsiblity- before I bought I made sure I had 6months emergency savings, I'm glad I did! Maintance issues, foul weather had to pay 2000.00 to get a tree off my house after it fell in an ice storm. Trust me keep renting-the commitment of owning a home is a biggie, why add to the stress of nursing school having huge financial commitment like owning a home and loans, many students work while in school it is hard but not impossible. Good luck:wink2:

Up Vote Up Vote ×

I am and have always worked full time while attending school part time, so, I definitely know what you are talking about. I just don't think I will go that route while attending nursing school.

Up Vote Up Vote ×
Specializes in Ortho, Case Management, blabla.
Trust me keep renting-the commitment of owning a home is a biggie, why add to the stress of nursing school having huge financial commitment like owning a home and loans, many students work while in school it is hard but not impossible. Good luck:wink2:

That's true. For example; if your hot water heater dies when you rent, the owner will get you a new one. If you own the home, you are SOL - unless you have the money or credit to go out and buy a new one (and pay to have it installed unless you are a do-it-yourselfer).

There are so many things that can go wrong when you own a home it is crazy. I own my home and I probably spend $100 a month (on average over a year) just keeping it in shape. For instance I dropped $70 a few months ago to get the screens replaced on ONE door and a window just to keep the flies and mosquitos out and have cool air during the nighttime.

Last year we found the chimney liner had gone bad and a dead bird was stuck in it. No way to get the bird out without replacing the liner. Price? $900...in the meantime we were unable to run our furnace and water heater unless we wanted to risk getting carbon monoxide poisoning. If we rented it would be the landlord's dime to fix

Leaky roof? It would be a landlord's responsibility. If you own the home, you'd be out a couple of grand to get it repaired.

If I had a landlord it would be a bit cheaper - but i love working with my hands. I have a lot of sweat equity in my home though, being a former construction worker and everything.

Up Vote Up Vote ×
+ Join the Discussion