HELP! Should we buy or rent?

posted 3 years ago in Home
Post # 2
Member
1102 posts
Bumble bee
  • Wedding: May 2013

What type of position does he think he needs an MBA for that he couldn’t get without?

Post # 3
Member
4828 posts
Honey bee
  • Wedding: May 2014

mariatcast:  soy:  Yeah, he works for his parents, does he need the MBA? He could always get it later if he still wants it. And I agree with the parents, you’re old enough they shouldn’t foot the bill for more education. So if he doesn’t get his masters you can afford a house? Go for it! Is the wedding soon??

Post # 4
Member
173 posts
Blushing bee
  • Wedding: March 2014

I bought a house during grad school and it was great since I was in school for 5 years. However now looking for a job the house is almost an inpedance since I will most likely not find a job within commuting distance of the house and need to sell it – kind of a huge hassle during a big transition, especially if the job is many states away. I personally would rather wait until something was permanant and longterm (out of school/have career job) before investing in a permanant home.

Post # 8
Member
13021 posts
Honey Beekeeper
  • Wedding: June 2011

If he doesn’t plan on working for anyone else, I wouldn’t bother with the MBA.  The only reason I got advanced degree was to look good on my resume and that doesnt look like an issue here.  He could also just do it slowly as finances allow if he really wanted that on his resume.  But in this case, I think that on the job experience would mean a ton more than any classwork can provide.  After a while, experience is what counts anyways, the degrees just help you get your foot in the door imo.

Post # 9
Member
3044 posts
Sugar bee
  • Wedding: September 2016

I agree with the poster above: an advanced degree gets your foot in the door. I’m not going to lie: most industries seem to look for experience rather than education after your undergrad, unless there is a specific licensing requirement in place, like med school, law school, or the trades where there are very specific skills linked to your tickets. Even then, you can’t get advanced tickets without apprenticships (experience) or certified as a doctor without being a resident first (experience). 

Your FI should be fine with slowly taking his MBA a class at a time as he works at least mostly full time. There are tons of colleges that offer night courses or online, flexible courses that are able to grant the exact same degree as a full time, in person program.

 

normally I suggest renting together first as being the right choice for couples – buying is so permanent. But given the stability of how you both want to be in your hometown, and there being plenty of work options for you and a guaranteed job for him… I would say you’re probably good to buy if the right house comes up.

 

BUT: I also think that before you move in, you should think about who puts what money in, which of you pays how much towards costs of the house and utilities, and write it down on paper along with an agreement to work out who put in what percentage to the house so if you break up before the wedding (which I hope doesn’t happen!) you have a way to split up the proceeds from the house without too much heartache. I personally always find that having a plan helps to take some of the stress away so you can just focus on nesting together.

 

Post # 10
Member
1785 posts
Buzzing bee
  • Wedding: August 2012

I own a business, my whole family owns busineses, I don’t put much stock in MBAs personally, if you want to take a few relavant classes to broaden horizens thats great but they are not nearly as helpful as experience. But that was not your origional question. 

It seems like you have looked at appartments and at forever homes. Have you guys thought about looking at a starter home? Take your price range for rent, work out what mortagage cost you can get on your average 30 year mortagage for roughly that amount and see if you can find a place in that range. If that means you have a 2 bedroom instead of a 3, or are living with a slightly out dated kitchen for a few years then so be it, hat might be what you need. Here it is the same to rent a 1bd apt as it is to buy a 3 bd home so that is what I am basing that thought process on. If it means you can have a home AND save a little money I would chose that option but don’t start looking for your perfect forever home now if you can’t afford it. 

Post # 12
Member
3044 posts
Sugar bee
  • Wedding: September 2016

mariatcast:  Sounds like you guys have a good attitude! Good luck!

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