Should I Buy a Home While I'm in University or College?

Long hours of studying before an exam. The first difficult presentation in a course. Cheering on the athletes at the big game. For university and college students, this is what post-secondary education is all about—and they’re said to be some of the best years of your life.

But what about the future? Is it a good idea to purchase a home while still getting a certification or degree? It’s not an easy answer. Let’s go over the things you should consider. 

Durham Region Housing Market Analysis

One of the greatest considerations you should take into account before purchasing a home is the real estate market in your ideal area. But here are some of the facts: Durham Region, like the rest of the GTA, has seen housing prices increase over the past few years. This can be attributed to a number of factors, especially the economic state post-pandemic.

Durham Region, as well, has seen a lot of growth, specifically in the areas of Clarington and Oshawa, as many leave the downtown core for larger and more affordable properties. 

When you’re thinking of purchasing a home at any age, consider the following: What home, in what location, would suit my needs best? How might my needs change in the future? What is the average home price in the area where I would like to live? How will housing prices change in this area over time?

Look At Your Numbers

Once you have put thought into potentially making a home purchase, look at your finances. For many, the question is not so much “should I buy a home?” but “can I buy a home?” Is this a purchase that you are able to afford? Are you able to make possible compromises for some things on your home wishlist? Will your parents help with the costs, and if so, how much? 

Many go the route of renting or living with parents while making their way through university or college. This is also perfectly fine! You will have to figure out if this is the best financial option for you. Be realistic about whether or not this is a purchase you should make now, or even one or two years down the road.

Ask Yourself Your Long-Term Goals

Consider yourself and your lifestyle in the future. Of course, while you are in university or college, this can be a difficult thing to do! It can be a struggle to juggle your immediate goals and problems, such as passing a class or confirming your major, with your long-term goals, such as owning your own home. However, these are things that you should begin to evaluate. 

Will the home that you wish to purchase now be suitable for you and your lifestyle in the near future? Will it be suitable for you and your lifestyle far down the line? Is there the potential to lose money on this property if you wish to sell it? Are you willing to put in the work and maintenance required for the upkeep of a home that you own? 

Unsure? Talk to An Expert

Purchasing a home is an intimidating process—especially if you are young! It could be the biggest purchase you will ever make. How do you find the answers to all the questions that you have? How reliable are your sources?

That’s where a great real estate agent can help. With their expert knowledge about the real estate market, they are able to answer any questions that you might have. Plus, they can give you the facts and figures, and help you work through whether this would be a good purchase for you at this time. 

Searching for your dream home in the Durham Region? The expert real estate agents at Dan Plowman can help. Contact us today to get started. 

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