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post #1 of 9 (permalink) Old 05-09-14, 02:20 AM Thread Starter
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Default University living or buying a flat.

Hello everybody I was wondering what everybody at heresy thought about what I should do when I leave for university?. I've applied for Dundee university and I want to know what I should do in advance. The problem is that I live a good 1 hour 30 mins away from the uni(closest uni that does dentistry) so that's why I can't stay with the parents. I've got the choice of paying out the arse for a student room on campus or paying out the arse for a flat that I could own after the course is done. Soooooo what should I do?.

Ps. The student room is 5000 for the first year. Not sure about the rest.
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post #2 of 9 (permalink) Old 05-09-14, 06:58 AM
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I don't know enough about Scottish real estate to provide a useful comment.

In the topic of ownership though, you need to ask yourself if you'll realistically be able to live in the same place when your start your career.

Many people can't. They need to relocate to take a starting position somewhere.

SO. If you owned your flat would you be able to start a career there?
If not could you sublet later?
How do the costs compare?
How prepared are you to incur large debts?

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post #3 of 9 (permalink) Old 05-09-14, 08:51 AM
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Quote:
Originally Posted by Kreuger View Post
In the topic of ownership though, you need to ask yourself if you'll realistically be able to live in the same place when your start your career.

Many people can't. They need to relocate to take a starting position somewhere.

SO. If you owned your flat would you be able to start a career there?
If not could you sublet later?
How do the costs compare?
How prepared are you to incur large debts?
All that @Kreuger posted is true, apart for the need to start a career there bit (No offence intended there, Kreuger). However there is another aspect to consider.

Assuming that funds are actually available for the purchase of a small flat close to Uni, it is definitely worth considering. First and final year students are normally prioritised for allocation of Halls of Residence. Once you get into the second & third year (Umm... how long is the Dentistry degree?), you might have issues with Halls and have to go out into the student housing rental market anyway. Once this happens, all you are doing is helping pay someone else's mortgage.

If you think medium to long term, it would be smarter to get your own flat as this becomes an investment rather than a money sink-hole. That plus the need to renegotiate rental agreements and be at the mercy of landlords if they decide to end your tenancy agreements. The mortgage payment you put in can/will be recovered in the end. You generally break even in the worst case scenario when you eventually move on and sell the flat, but in most cases you would actually make a profit due to property price increase. Even if the market is not suitable to sell, the flat would be close to the Uni, which means that there will be ready student tenants for you to maintain the flat through rental.

We did this back in the 90's when me & my younger brother were doing our degrees (BEngs, MScs, PhD) in London and over the course of 5+ years, we only serviced the mortgage and the usual bills (which in total was still cheaper than the monthly rental we would have had to pay otherwise) and when we sold, we made a 45% profit over the price we forked out for the flat in the beginning. (Edited note: profit margins may not be as high up north though!)

Food for thought...

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Last edited by Wookiepelt; 05-09-14 at 08:53 AM. Reason: Added additional comment.
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post #4 of 9 (permalink) Old 05-09-14, 10:22 AM
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if you can buy then do, rent is money for nothing, worst case scenario you can sell it .
When m daughter is old enough to go to uni, this is what i intend to do for her.



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post #5 of 9 (permalink) Old 05-09-14, 10:46 AM Thread Starter
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Thanks for the replies people, this has been something on my mind for the last couple of weeks now as life is finally getting real(no more living off parents). Im planning on checking the prices of properties near the campus as the student rooms will cost an arm and a leg to live there for one year. Im currently going to start working extra shifts so i can afford this. Yet again thanks for all the help as i really appreciate it.
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post #6 of 9 (permalink) Old 05-10-14, 07:44 AM
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No offense taken @Wookiepelt but a property investment can be an issue when is time to move on. I don't know much about how real estate works in the UK. I was trying to think in terms of how he would move on from university to profession, and having a property that you either need to sublet or sell could make moves after university more difficult or less flexible.

And while I agree, it's always better to bid equity than to pass away ones money renting, it does mean you are more tied to the place.

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"To endure one's self is perhaps the hardest task in the universe." Frank Herbert, 'Dune Messiah'
Quote:
Originally Posted by Dethklokk
"CHEESE!" is the battlecry of the ill-prepared.

Originally Posted by Deathscythe4722
Could someone please call the police on this guy? I can hear the English Language screaming in pain. This has to be illegal somewhere.
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post #7 of 9 (permalink) Old 05-20-14, 05:29 PM
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Not sure how it is for you, but in my school, living in a dorm costs around $1100 a month, and my 2 friends and I moved out to an apartment for around $450 a month each. Also, our school forced dorm residents to pay for a meal plan, which costs about $2400 a semester. My roommate and I decided to just buy our own food when we moved out, paying $50 each a month for food, and ended up paying around $400 each for the entire year's worth of food. So living off campus is definitely worth it.
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post #8 of 9 (permalink) Old 05-20-14, 08:05 PM Thread Starter
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Originally Posted by gwmaniac View Post
Not sure how it is for you, but in my school, living in a dorm costs around $1100 a month, and my 2 friends and I moved out to an apartment for around $450 a month each. Also, our school forced dorm residents to pay for a meal plan, which costs about $2400 a semester. My roommate and I decided to just buy our own food when we moved out, paying $50 each a month for food, and ended up paying around $400 each for the entire year's worth of food. So living off campus is definitely worth it.
Yeah mate I'm going to buy a wee flat that i can stay in for the duration of the course and then sell when I'm done.
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post #9 of 9 (permalink) Old 05-20-14, 08:13 PM Thread Starter
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Quote:
Originally Posted by gwmaniac View Post
Not sure how it is for you, but in my school, living in a dorm costs around $1100 a month, and my 2 friends and I moved out to an apartment for around $450 a month each. Also, our school forced dorm residents to pay for a meal plan, which costs about $2400 a semester. My roommate and I decided to just buy our own food when we moved out, paying $50 each a month for food, and ended up paying around $400 each for the entire year's worth of food. So living off campus is definitely worth it.
Yeah mate I'm going to buy a wee flat that i can stay in for the duration of the course and then sell when I'm done.
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