Question about Buying near Philadelphia University (Drexel Hill, Springfield: city hall, to rent, condo)

[ran2much]

Hi,

I am moving to Philly this summer for grad school. I'm an older student at 34 and am looking to move some place where I can get to school (driving) within 25 min on a weekday at 8 am. I want to try to live someplace w/ good resale value as I will be selling again when I finish in two years.

1) Where would you go if you were my age and wanted to be fairly near the school (but not living with the younger college crowd)? My budget is 300k and lower.

2) Should I be looking for an older house or a newer condo? What is likely to sell better in a couple of years?

Thanks.

[orrmobl]

I would recommend that you not buy, just rent. Live wherever you like, spend as much on rent as you like and invest the rest of that money in stocks. You will come out way ahead as opposed to way behind when you take into account settlement costs, maintenance costs, taxes, and the fact that you will have overpaid if you buy now. You will be selling a house that is probably worth less than what you would pay for it today.

Trust me on this one - just rent while you're here and invest the rest, you'll be glad you did. You need about 7-10 years in a house to break even with the rent costs...2 years is just not enough time to build the equity you need to justify the purchase.

As for where to live, it depends what you like. Yuppie type? Manayunk Artsy trendy? Northern Liberties Eclectic and close to school? University City, Powelton Village, Lansdowne Down towner? All over center city East and Southeast of City Hall
Walkable burb? Media, Havertown Walkable near the city with small town feel? Narberth Cheaper burbs Drexel Hill, Springfield More expensive burbs: Lower Merion, Ardmore, Bryn Mawr, Bala Cynwyd

[newmarlig]

Question - if you are planning to sell in 2 years, why not rent? Nobody has any idea what the housing market will be in two years. That being said, I would suggest you look in Manayunk. You would have about a 5 minute drive to school.


Manayunk.com - Home

Orrmobl - we were responding at the same time with like minds.

[ran2much]

Thanks. I'll take your advice... now, what neighborhoods over there are good if i'm going to rent an apt instead?

to drill that down even farther, are there specific apts communities anyone would wholeheartedly recommend? i am tryin to find someplace that is not known for wild parties.

thanks.

[newmarlig]

As I said in my earlier reply:

Manayunk.com - Home

Another place would be West Mt. Airy. That's about 10-15 minutes away.

West Mt. Airy Neighbors

[Ohiogirl81]

East Falls is about as close as you can get. You could walk or bike to class.