Should I go back to school or buy a house?
I’m 24 and an RN, and I currently live with my parents I payed off all of my student loans, and I currently have $53,000 in savings with no debt whatsoever. I’m tired of living with my parents, so I am thinking about buying a house. I do not want to live in an apartment. However, I am also wanting to go to school to become a Nurse Practitioner. I currently work at a clinic 8-5 M-F, so I don’t think I could possibly keep my job and go back to school. Should I buy a house and worry about NP school later? Is it possible to buy a house and have a mortgage?
- Harley LadyLv 71 month ago
I would buy the house. It is an investment, & it is time to be on your own! You could always go back to school part-time. It might take longer, but you would still be crossing both items(house&school) off your list. Best wishes, She Wolf!
- LiliLv 71 month ago
I think you're too young to be working towards becoming an APN now. You need more experience. The nurse-practitioners I've had have returned to school in their 30s and been the better, in their view, for the years of experience they had acquired.
Buy that home and make your decision about further education later. You could put aside some of your savings and invest it carefully to help pay for the graduate degree when the time comes but use the rest to make a down payment and cover settlement costs on your home.
- Christin KLv 71 month ago
You have substantial savings. So you have to ask yourself this question: would going back to school significantly increase your income and job security? If so, it might be a good bet. BUT you already have one degree--and RNs are in demand pretty much everywhere.
A house would be a lifetime investment. An asset. It comes with both positives and negatives. Can you afford the kind of house you want in the area where you live? Do you make enough now to cover insurance, taxes and maintenance? How important is your independence to you? Are you willing to take on home ownership now, and then add to your load later with school? Is a house better for you than a condo? Would buying a home be worth depleting the savings you have in an uncertain job market or in the future?
All these questions only you can answer. you didn't give enough info in your question to give you any better answer here. You have to weigh costs vs. long-term gains based on your own situation and location.
- darkvelvetrainLv 71 month ago
This depends on many factors you are not providing. First, geography. Where are you located? If you are in Los Angeles, San Francisco, or New York, the immediate answer is that you don't have nearly enough for even a down payment and probably not enough to pay off the mortgage.
Second, what is your income? Remember that your mortgage will probably be somewhere between $2,000 and $4,000 a month depending on where you are located. That means that ideally, you will make between $4,000 and $6,000 a month to still live comfortably. That means you make about $50,000 to $72,000 at a minimum in most places other than the cities I mentioned earlier. If you are in any of those, six figures are a must.
Third, how much of a difference will becoming an NP make compared to your present position? If it will increase your salary by a sizable amount, you would be a fool not to capitalize on that opportunity sooner, rather than later. My earnings from my PhD way outpace the money I have earned from the appreciation of my house's value.
Fourth, can you afford a gardener and housekeeper, or do will you have the time to maintain whatever property you have? A house is a big responsibility and if anything goes wrong there is no landlord to turn to to fix it.
Fifth, what is the tax rate? I live in Los Angeles and I pay nearly $10,000 a year in property taxes on my home. That's almost 10% of my income just to pay the government to keep the house. It is yet another consideration. Think of it this way, rents are insanely high, and I have a second home whose sole purpose is to use the rent to pay off the taxes on both homes.
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- Anonymous1 month ago
You have more than me saved up, but you don't seem intelligent.
My step father, and his father use to build houses. Sometimes they talk about the value of homes. They talk about the value of homes where I am from costing around 1 million dollars.
I don't have anywhere near 1 million, and neither do you.
Yes, I have enough money to buy a home, and, so do you, but the difference between you, and I is that I am smarter than you. I won't be putting myself in anymore debts. I am properly managing the money that I have. You are not thinking about all of your expenses while this is something that I am thinking about.
Did you ever consider what it's going to cost you to maintain a house?
What about the work that's involved to maintain a house?
Currently I am living in a house, and you have no clue what is involved to maintain an entire house. I am not able to maintain an entire house alone, so I won't be buying one.
Houses, and apartments are NOT the only things that people can live in. If you think people ONLY live in houses, and apartments then you are dumber than you look.
Lastly I swear you really have enough money, for a home. Remember how I said I have less money than you, and I have enough money to buy my own home?
Well one of my relatives made a suggestion to me, and a light bulb went over my head, so I considered what she said, and I looked at how much it would cost me. I can definitely live in what my relative said, and I have less money than you by the way, so that means you can also buy a home too, and you won't need a mortgage.
I already picked what I want to live in, and where I want to live. I had to do quite a bit of research, but my research is now done. My plan is to pay it all off in one shot. After I buy my home, then I won't be in debt.
- ibu guruLv 71 month ago
It is entirely premature for you to think of buying a house when you have never lived on your own, and don't even know the costs of furnishing & maintaining an apartment! NO mortgage if you are not working full-time & have excellent credit. You don't even have current utility bills in your own name. If you are returning to school f-t for NP program, which school has accepted you? You may need to get an apartment near school, and that does not mean you are going to end up with a job near there when you graduate. You are tying yourself down with very unrealistic expectations - and possibly a house that's totally unsuited to your future that you could have to dump in short order.
After you get accepted & confirm enrollment in an NP program, get an apartment near school - IF you can afford that. You have not even begun to climb the learning curve of all that's entailed in home ownership. AFTER earning your NP & establishing yourself in your new job, you MIGHT be ready to consider buying a home, but NOT NOW.
- AmarettaLv 71 month ago
I'd go to school and put off buying the house. As a nurse practitioner, you'll make an excellent income and you can buy a house later.
- jannsodyLv 71 month ago
How about talking with your parents about how they feel if you were to continue living with them for a couple more years, such as while attending NP school.
That may help you decide whether or not to "table" the idea of purchasing a home right now while hoping to pursue NP school.
How about doing a budget for both scenarios and consider the pro's and con's of either decision.
- SumDudeLv 71 month ago
lol. The choice is yours. But working and attending advanced college classes is extremely difficult.
- Anonymous1 month ago
I would invest in the house since you have a full time job with good hours. You may be able to take classes at night or your clinic may provide some funding towards advancing in your career.