Advertisement
Wednesday, 18 September 2019
Agent Resource Center
This Old House - Do-it-Yourself

Finding the Perfect House While In School

Written by Posted On Tuesday, 06 August 2019 12:52

While many people are in school programs such as those that are required to get a paralegal certificate online, or any other degree for that matter, can be a tricky situation. You will be spending a lot of time in school and studying, therefore may have a limited income or limited time to work each week.

 

Even if you are working a lower-paying, full-time job, it's still challenging to find a housing situation that works for you. However, the following tips can help you find something that works for your living arrangements and still allow you to finish your paralegal certificate or complete another program while still living comfortably:

 

Rent vs. Buying:

 

Buying can be hard if you don't have the money required for a 20% downpayment. Paying less than 20% down will require mortgage insurance and a higher monthly payment. If this isn't feasible while you're in school, then renting may end up being your best or only option until you get your degree and save enough to purchase your own residence.

 

Reach Out to Family:

 

If you have a family member living in the area, they may be willing to let you rent a spare bedroom for less than renting your own place would cost. Asking never hurts. It is understood that you need to be near your job and near the things that are part of your life, but a kind family member may take a lot of the financial burden away, even if the living situation may not be entirely ideal. IF you can make it work, consider it!

 

Roommates:

 

If you don't have family in a place to help you while you are studying, consider a roommate or roommates that may be in a similar situation, living on a low income, and looking for someone to share expenses with. While $2000 for rent might seem unimaginable, splitting that 3 bedrooms and 3 bathrooms home with 2 other people make your rent payment a much more manageable $665 (about) per month.

 

However, be sure you like your house partners/roommates or you might be in for more misery than its worth.

 

Condos/Apartments/etc. Over Houses:

 

Sometimes townhomes, condos, or apartments provide a cheaper renting alternative due to multi-family dwellings being less desirable than single-family homes. If you are willing to settle for a condo or apartment, you might get some extra space for your money while you are on a "budget crunch" and wish to save money.

 

Downsize If Possible:

 

If you are able to downsize and get by on less space, then do so. The less space you require the less you will pay for it. This will definitely help, especially in cities with higher rents for larger spaces such as in cities like LA or NYC.

 

Conclusions:

 

Cutting costs while you are going through school can be challenging, but it can be worth it. If it allows you to complete your studies, the temporary sacrifices can be worth it in the end. In the end, the idea is to save money and get through your education. It may mean not living in the "lap of luxury" for a period of time, but you will have your needs met and that will be the key to getting through paying for your schooling and help you have a roof over your head throughout the process.

 

Minimalism will pay off and in the end you will get the money and then some back when you are making more money with your degree than you would otherwise without it. 

Rate this item
(0 votes)
Carol Evenson

Carol is a home renovation specialist with a background in organization and sales. She assists realtors with business management and growth.

https://twitter.com/cmill_com
Set it and forget it Marketing, Agent Trusted for 21 years. Click Here

Agent Resource

How to capture your next prospect - click here

Realty Times TV

1/8

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.