Student and Renting? Are You Ready to Buy a House?
There are many reasons why you might want to consider buying your own home. Maybe you are tired of dealing with your landlord or sick of finding a new roommate each year. Regardless of your motives, there are a lot of things you need to mull over before taking the plunge. If you are still in school and thinking about buying a home, the following facts about homeownership may help you decide if it is a good option for you. Initial Expenses Spending for a house does not end in the transfer of ownership. You may have to do some refurbishing or repainting to make your home look appealing. In some areas, you will also have to pay for land transfer taxes, lawyers and other fees. Hence, consult a professional how much the entire ownership process would cost. Set a budget and try to stick to it as much as you can. Payments As a student, it can be a struggle to come up for monthly mortgage and utility payments. An easy way to keep a steady flow of income is to rent out rooms in your house. This can be fairly easy if your home is in close proximity to the campus. The only downside to this solution is that you will have to take the responsibilities of a landlord. You will decide how you want to split the bills, share the utilities and maintain the house. You will also have to screen your roommates before allowing them to rent a room in your home. Independence If you are the kind of person who needs constant assistance, homeownership may not be for you. There are lots of responsibilities you need to fulfill in order to successfully run the house. Aside from the paying for basic utilities, you also have to be prepared for some repairs. Do-it-yourself repairs are the cheapest way but in some cases, you may have to hire a professional plumber or handyman for the job.