crazy or not: thinking of maybe buying a house in westmoreland county (Trafford: for sale, renter)

[Goodjules]

Originally Posted by SorryIMovedBack

Only you can decide whether it makes sense, financially. But there was a family in my hometown that bought a house in State College, PA because they had 5 kids. They housed their kids there and also rented to other students. They said it was an all-around better deal on a monthly-cost basis, and it even helped the kids get better financial aid packages. Unless you are planning to live in Pittsburgh for years, look to see what you can get for less than $90k, though.

I'm actually thinking about buying a cheap 3 bdr house, possibly in Beechview for my son and a few roomates to rent from me while he's in college here. Initially he will live with me, but I think we would both prefer for him to live on his own while he's in college. I think owning a rental property would be cheaper in the long run than subsidizing his rent if he moves out. I can continue to own it as a rental after he moves on or I could sell it. I have to crunch the numbers to see if I can actually afford to buy. I've never been a landlord and I'm not sure if it's something I want to take on. OTOH, working for a general contractor and being a homeowner has made me very knowledgeable about what goes into maintaining a home.

[Tirade]

Originally Posted by BarqCider

instead of renting im thinking of buying a house thats selling for 90k in westmoreland aka trafford,pa. border of allengheney county and comuting into U of pitt. mortgage be roughly to what i would pay in rent, but it would be mine.

My goal is to live in pgh, or atleast in the suburbs. commute into the city is nothing to what i deal in nova aka northern va so im ok with that.
So am i crazy for thinking of it?

You have posted here several times that you weren't sure how you were going to pay the difference between Pitt's out-of-state tuition fees and the financial aid you've been awarded. If you're already struggling with college expenses, then where are you going to get the cash to cover a down payment and closing costs on a $90k home?

I strongly recommend talking to a mortgage broker to find out what your options are before you make serious plans to buy a house.

[BarqCider]

Originally Posted by Tirade

You have posted here several times that you weren't sure how you were going to pay the difference between Pitt's out-of-state tuition fees and the financial aid you've been awarded. If you're already struggling with college expenses, then where are you going to get the cash to cover a down payment and closing costs on a $90k home?

I strongly recommend talking to a mortgage broker to find out what your options are before you make serious plans to buy a house.

i figured out most of those things out when it comes to paying for school. i just figured it might be better to buy a house that would equate to rental prices. Sure not an easy commute to campus but oh well. worst case is i move away and rent it out.

As for fixing it up, i have friends who do that sort of work and once im done and established i plan to renovate it and using them to help me do it (windows replace, wood vs carpet,etc).

you dont need a DP on a 90k home btw.

[Copanut]

Originally Posted by BarqCider

you dont need a DP on a 90k home btw.

Run that by me again.

[zip95]

Originally Posted by BarqCider

you dont need a DP on a 90k home btw.

Wait?.. What?

[Goodjules]

Originally Posted by BarqCider

i figured out most of those things out when it comes to paying for school. i just figured it might be better to buy a house that would equate to rental prices. Sure not an easy commute to campus but oh well. worst case is i move away and rent it out.

As for fixing it up, i have friends who do that sort of work and once im done and established i plan to renovate it and using them to help me do it (windows replace, wood vs carpet,etc).

you dont need a DP on a 90k home btw.

You don't? They'll give you a mortgage with nothing down? Or are you paying cash? Don't do one of those rent to own deals, they're typically bad news.

[Tirade]

Originally Posted by BarqCider

you dont need a DP on a 90k home btw.

Whoever told you this is either scamming you or doesn't know what the hell they're talking about. Because this information is completely and utterly wrong.

Again, I strongly recommend that you talk to a mortgage professional ASAP to find out your options and clear up any further misconceptions you have about purchasing a house.

[ferraris]

Sounds like a bad idea. Beginning school and home ownership at the same time is a recipe for disaster. Equating rent to a mortgage payment is also a disaster. You have to allow for increased utilities, repairs, and just random house stuff like lawnmowers and washing machines and what not.

You'll also be spending a heck of a lot of time commuting. I don't care how it compares to what you're used to, you will still be spending a lot more time commuting than is necessary. That will be a pain if you have a group project you have to meet others for, or a 2 or 3 hour break where it wouldn't be worth driving home that far. Money wise you have to consider that gas, parking, and wear and tear on the car are going to cost a lot more too.

All it takes is one problem like a leak to suddenly be incur an unexpected cost and add to your stress levels and cost you time that you could be spending on school.

[Goodjules]

Originally Posted by ferrarisnowday

Sounds like a bad idea. Beginning school and home ownership at the same time is a recipe for disaster. Equating rent to a mortgage payment is also a disaster. You have to allow for increased utilities, repairs, and just random house stuff like lawnmowers and washing machines and what not.

You'll also be spending a heck of a lot of time commuting. I don't care how it compares to what you're used to, you will still be spending a lot more time commuting than is necessary. That will be a pain if you have a group project you have to meet others for, or a 2 or 3 hour break where it wouldn't be worth driving home that far. Money wise you have to consider that gas, parking, and wear and tear on the car are going to cost a lot more too.

All it takes is one problem like a leak to suddenly be incur an unexpected cost and add to your stress levels and cost you time that you could be spending on school.

I don't disagree with your points, but she may be considering a house big enough to have roommates to offset some of the expenses. Regarding the commute, I was surprised she wanted to pay $90k for something far away when there are decent houses available in Pittsburgh proper in that price range. While owning a home is a lot of work compared to renting, I don't think it is impossible to manage while you're in college. She may have friends and family who can help out with maintenance, or is willing to take it on herself. I went back to school in my late 20s/early 30s and was a homeowner at the time. I did have a husband so I had someone to share the work with.

[zip95]

Originally Posted by juliegt

I don't disagree with your points, but she may be considering a house big enough to have roommates to offset some of the expenses. Regarding the commute, I was surprised she wanted to pay $90k for something far away when there are decent houses available in Pittsburgh proper in that price range. While owning a home is a lot of work compared to renting, I don't think it is impossible to manage while you're in college. She may have friends and family who can help out with maintenance, or is willing to take it on herself. I went back to school in my late 20s/early 30s and was a homeowner at the time. I did have a husband so I had someone to share the work with.

Having a husband where you help each other is different than managing umpteen roommates... What if they're late with their rent the same month the furnace goes.