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I am an incoming non-US grad student to Duke Univ (Fall 08). I will be renting for the 1st year and take that time to find a suitable place to buy. I would not need a mortgage if the property is below 140K. Will only be living with my partner and pets.
I have looked to places like Crest Rd (27705) - which is within walking distance to Duke... but those houses look pretty dilapidated...
I hope to get the house before the housing market picks up again... Am not very sure how to proceed but the house need to have resale value.. (will sell after I graduate in ~ 2013)... and smooth commute to Duke West campus. Any advice would be wonderful.
Finding something in that price range is not going to be easy anywhere but may be possible. If you don't need a mortgage there should not be a problem with your immigration status.
However, we bought a house while I was on an F1 student visa and my husband was on an H1 work visa and we had a lot of hoops to jump through with the mortgage company which included letters from our employers confirming they would be sponsoring green cards when the time came. Now we have our green cards the mortgage process is much easier.
Would you be buying a car for commute? If you are, you could look at buying something in 27713 zipcode. Good re-sale value and you are probably looking at a short commute as well.
To be honest, the only really short commutes to Duke are 27705 and 27701 (and I guess parts of 27707). I was a grad student once and I can't count the number of times I had to go between my office/library and home when working late. You've got to be within 5 minutes and encounter minimal traffic for life to be manageable. The difference between those 2 zips and any others will add up quickly. And considering gas prices, it might be wise to think about the bus. Again, those 2 zips will be wisest for that purpose.
Hey, I'm in the same boat as you (also starting grad school in Duke this fall, the UPGG program). I'm buying a townhouse right now, about 5 miles south of Duke in the 27707 zipcode. As far as I could tell there is no traffic in Durham, so I expect it will take me about 10min to drive in by car, or 15-20min on a bike.
In addition to the other suggestions, you might check out some of the 70s-80s brick ranch homes in American Village. I'm not sure if they'll be in the 140Ks though (maybe 160?). Check it out though. It's within the 27705 zip. 5 minutes to Duke, unless you prefer to take your bike!
I don't have a US licence. But I drove with my own country's licence in US before (I could prove it with a speeding ticket I once got when I was there)
I have an original autoinsurance letter certifying my accident-free driving history.
What are my chances of getting a good insurance deal?
Are asking prices on Zillow.com realistic figures? Also,
lets say if we bought a home for 150K, how much more money should we have to put aside for out-of-pocket expenses? I was just thinking if I have 150K and spend all of it on the home (I can't take out a mortgage because I am a foreigner), whether I will get into trouble if there are other compulsory (and high) out-of-pocket expenses once we move in
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