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To Rent or Buy?

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  • Avatar Luu 
    Participant
    Status: Resident
    Posts: 2
    Joined: 03/22/2019

    Hi Everyone! I’ve recently begun looking into all things WCI, and I am new to the forum. My husband and I are in an interesting situation. We both recently matched, and unfortunately, we will be in different states (PA & NY). We are looking into the possibility of him buying a house as his program is longer than mine, and I will most likely be moving to him once I finish my program. Does it make sense for him to buy and for me to rent? Should we be buying at all? I’m new to all things financial and would love some advice or general info on the subject. Thanks!!!!!!

    #200382 Reply
    Avatar ZZZ 
    Participant
    Status: Spouse
    Posts: 389
    Joined: 06/18/2018

    “Should we be buying at all?”

    Are either of you congenitally rich such that you can pay cash for the house? If not, then no.

    #200395 Reply
    Liked by portlandia
    portlandia portlandia 
    Participant
    Status: Physician
    Posts: 365
    Joined: 07/07/2017

    Rent.

    Please take some time to read the quadrillion threads on the topic of buying in residency to thoroughly disabuse yourself of this being a good idea.

    #200403 Reply
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 527
    Joined: 01/08/2016

    Rent. End of discussion.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #200410 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1874
    Joined: 01/03/2017

    I do like how they all start off with an “interesting situation” or “unique situation”.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3399
    Joined: 01/08/2016
    Does it make sense for him to buy and for me to rent?

    Click to expand…

    yea was the first thing this whole board thought…..

    #200415 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 580
    Joined: 01/26/2017

    Rent. End of discussion.

    Click to expand…

    Not necessarily, not enough information given. If housing prices are low enough compared to rent there is a reasonable argument to be made here to buy. Renting is likely better but need more info.

    #200417 Reply
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 527
    Joined: 01/08/2016

    Rent. End of discussion.

    Click to expand…

    Not necessarily, not enough information given. If housing prices are low enough compared to rent there is a reasonable argument to be made here to buy. Renting is likely better but need more info.

    Click to expand…

    Um, probably not.  Unless he’s in a 7 years neurosx or plastics program and they’re from the area and will stay forever.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #200455 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 580
    Joined: 01/26/2017

    Rent. End of discussion.

    Click to expand…

    Not necessarily, not enough information given. If housing prices are low enough compared to rent there is a reasonable argument to be made here to buy. Renting is likely better but need more info.

    Click to expand…

    Um, probably not.  Unless he’s in a 7 years neurosx or plastics program and they’re from the area and will stay forever.

    Click to expand…

    They are in residency not MS therefore one person can buy and the other rents and moves there after.

    #200477 Reply
    Avatar WorkforFIRE 
    Participant
    Status: Physician
    Posts: 39
    Joined: 11/22/2018

    Need more info.

    Do either of you have student loans? How long is his residency? Where do you plan to live afterwards? How long have you been married?
    Renting is usually the smarter decision. It’s one less thing to worry about during residency.

    #200485 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2916
    Joined: 01/14/2017

    “Honey, I know you’re post call, but I can’t drive there this weekend like we planned because that’s when the guy’s coming to install the broken HVAC.”

    Unless his residency is over 5 years and unless the math is clearly in your favor I would not entertain buying.

    #200496 Reply
    Avatar Wiscoblue 
    Participant
    Status: Physician
    Posts: 147
    Joined: 05/17/2017

    Rent for both right now. Buy when you get real jobs.

    #200499 Reply
    Liked by hatton1
    Avatar Luu 
    Participant
    Status: Resident
    Posts: 2
    Joined: 03/22/2019

    His residency is 5 years and I will be moving up there after my residency in 3 years. The housing market is pretty cheap and we are looking to buy something that is less than 100k. For him to rent, it would be at least 1,000 per month.

    I appreciate everyone’s input on this! Thanks!

    #205696 Reply
    Avatar jz 
    Participant
    Status: Physician
    Posts: 629
    Joined: 01/09/2016

    Do. not. buy.   Do not buy a home until you understand the fixed ongoing costs of property taxes, property insurance, utilities, mortgage interest, maintenance and repair. Do not buy until you are genuinely interested in furnaces, water softeners, air conditioners, and roofs. All of this is “throwing your money away.”

    #205699 Reply
    Liked by ENT Doc
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2060
    Joined: 05/01/2017

    I would never buy a house with the combo of residency + long distance relationship.

    You guys will have unique stresses and unique inability to help each other manage them. ENTdoc hit the nail on the head. A broken pipe turns your one weekend/mo together into a  mess of dealing with contractors and ruined furniture.

    #205778 Reply
    Liked by Peds

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