TONIGALBREATH, Other/Just Looking in Abilene, TX

I am moving to Lansing, Michigan for three years for law school and wanting to know if I should rent or buy?

Asked by TONIGALBREATH, Abilene, TX Wed May 16, 2012

My concern is that if I buy when graduation comes I will be stuck with a house that wont sell or rent.

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3
sounds like a Thomas Cooley Law student to me. Rent, because you probably won't make it through the first year anyway. Yes, they will accept you even if no one else will. Later, when you figure out the grading system, you will understand why they will accept anyone. Good Luck Anyway!
1 vote Thank Flag Link Wed Aug 1, 2012
I live in the Lansing area, and would not buy a house here unless I knew I wanted to stay here for many, many years. The other issue it, it seems to me that rent is awfully high for the quality you can get. I would find an older, used house trailer for a couple thousand dollars in a cheap park. If you can stand it, that will be the least expensive way to go. There is a park in Grand Ledge that is ok, and one in Dimondale, (the one in Dimondale is 55+ but allows a certain amount of under 55 people, but no children - but not expensive. If you pay 400$ a month for lot rent, and 2500.00 for a trailer, you will pay out a total of 16,900.00 and can likely get your $2500.00 back. If you rent a decent apartment for 900.00 per month you will pay out $32,400.00. It might not be the most luxurious, or it might have not even entered your mind. It was something I avoided like the plague for my entire life. Then the idea presented itself when I really needed it, I am socking money away like crazy and it doesn't bother me living here, but it is not my long term housing plan.
1 vote Thank Flag Link Wed Jul 18, 2012
Hi ToniGalbreath

If you were to buy a property with a 30 year mortgage (4.5% interest) you will have paid just over 5% of the prinicipal amount of the loan. Depending on the loan, transaction terms and purchase price you could pay 1-3% of closing cost to purchase the property. Plus any repairs to make the property liveable. To sell the property you would pay approximately 8 to 9% of the sale price (commission and seller closing costs). The market in Michigan appears to be getting better, but could still go down, be flat, or have a slight gain in the next three years. I would think renting would be the best option, buying a property would most likley have more risk than reward. Best of luck in obtaining your law degree.

Sincerely,

Mike Warren
Keller Williams Realty
http://www.MikeWRealEstate.com
http://www.StopForecllosureInMichigan.com
1 vote Thank Flag Link Sat May 26, 2012
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