ineptimusprime wrote:To the current Tech Law students and those familiar with Lubbock..
Do many law students buy homes?
If I attend Tech, I'm considering buying a small starter home (probably under $100,000). I noticed there's a dearth of 3 bed/2 bath starter homes in that price range that were built recently (2005 or sooner). Is there a reason these houses are so cheap?
My monthly mortgage payment estimates are WAY lower than comparable apartment rates. I feel like I would be stupid to rent when I can actually put equity into something and live in a nicer place for less.
Is the housing market in Texas pretty stable? These prices are ridiculously cheap even compared to Idaho/Utah prices. Is this a colossally bad idea? I know conventional wisdom says a mortgage and student loans at the same time is a stupid idea, but my wife will be working (not sure if it will be part or full-time, though) and my parents have given me an assurance they will help out financially with school (and will co-sign on a mortgage if we want to buy).
Somebody confirm my logic, or talk me out of this.
I rent, so I hope someone else will provide more information. The major drawbacks are of course the possible extra debt and risk of not being able to sell. Also, I dont know your exact situation, but i think if you plan on using federal student loans to pay for school, it may be harder to get a mortgage, unless your wife has a nice income. I rent just because I wanted a place closer to campus and didn't want to have to deal with repairs, the hassle of buying, and the risk of not being able to sell when or for how much I wanted. Plus, renting is a lot more convenient and hassle-free, I would think.
Lubbock has a very low cost of living. I only pay $530 a month for an apartment. My girlfriend pays $650 for a two bedroom duplex. I know of classmates that have a mortgage, but they are all married with a spouse that brings in a stable income. So my vote is that unless you plan on staying in Lubbock more than three years, the equity you would earn during school isn't worth the risk and hassle.