|Pros of Owning a House in Medical School||Cons of Owning a House in Medical School |
|Homes can be an investment (investments grow best with time)||Money |
|You have more freedom to do what you want with your house||The process of buying a home is a joke |
|More land||Upkeep is your responsibility|
|Landlords can't decide to kick you out||Harder to move|
|You choose who lives with you ||If the market doesn't play in your favor you can loose money or be stuck with a house|
But why would you want to put yourself through the arduous task of owning a home during arguably one of the already most stressful times of your life, you say? Well, I'm glad you asked...
Pros of Owning a House in Medical School
- Houses are investments, and investments grow best with time. Did you know that according to Gallup Poll, the average person doesn't start investing until about age 29, and the average age most people begin med school is around 24? Those students who choose to rent instead of buying lose out on any interest the property accrues, (which by the way, is historically always going up!) Also, check out the article below for a calculated comparison of the cost of buying vs. renting over 30 years.
- You have more freedom in something you own. What's that? Oh, that's right; it's the sound of freedom ringing in your ears.
- MORE LAND!!! Who doesn't want a plot-o-dirt they can call their own? (I call mine jerry)
- If you own it, you don't have a landlord that decides to kick you out. Trust me! It happens more than you think! Do you want to be in the middle of a semester looking for a new home?
- You can choose who lives with you. All of a sudden, you can choose if you have roommates and who they are.
- You get to charge other people rent if you choose to rent out! Pay me money!! *maniacal evil laugh*
Cons of Owning a House in Medical School
- Money. Like many good things, owning a house requires more money upfront than renting does. :( The only thing poor med students know how to save up is debt, am I right?
- The process of buying a home is a joke! And you thought taxes were hard...
- Upkeep is your responsibility and yours alone. Is a water leak flooding your house on the night before finals? Sorry, no landlord to bail you out this time (hahaha, see what I did there?)
- It is much harder to move. Lousy neighbors? Too much noise? A guy who smells like cheese always watching you from the street? Sorry, but it's going to take a lot more than just packing up to leave this one behind.
- You could be stuck with a house if the market doesn't play nice. They say the best time to plant a tree is twenty years ago, and the same is true for investing, but that doesn't mean that your house is guaranteed to be worth more right out of med school, which means if you have to move for residency, you could lose money trying to sell your house. Houses will almost invariably be worth more in the long run, but shorter than ten years of ownership puts you in the house flipping category, a much riskier position.
"Our goal is to help the world make decisions with a list of Pros and Cons. We invite all to add to our lists to help others make the most educated decision possible. We are all in this world together to help each other and learn from what others have learned from their lives journey." - Pros and Cons Team
Written By: Kevin