OMG UPDATE: Question? Answer.

Updated on Monday, February 24

#5968

QUESTION: Any graduating students planning on purchasing a house? If you have a job lined up, will you start house hunting right away?

5 comments

  1. I plan on waiting a year to save up for a deposit. Then get the house.

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  2. No because it's fucking stupid as hell to buy a house when you don't know if you're still going to be there in 5 years. It's also fucking stupid as hell to buy a house unless you have sufficient money to sustain adverse scenarios.

    People who buy a house immediately upon graduation are either bad with money or rich.

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  3. Do you have capitol for a down payment on a house? That's sweet.

    Purchasing a house right away has many downsides. What if your employer doesn't like you and let's you go before your 3 month probationary period? What if you find out you don't like the neighbourhood / commute? Taking 6 months to a year to rent will help you become accustomed to the area around your work and which community you may want to live in. If you're really keen on buying a house, it will also give you time to watch property values so you can identify where you might get the most value for you money.

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  4. Buying a house is a pretty serious commitment. I agree with all of the above comments. I will definitely take some time to save up at least 40-50% of the house value before I will sign a morgage and be able to commit to the job/area/situation...

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  5. The housing market in Waterloo is tight, though depending where the job is, the real estate situation might be different. In Waterloo, it is not uncommon for houses to sell the same day they are listed.

    If someone was looking to buy a house in Waterloo after graduation, I would advise starting to look at houses right away, to get a sense of what's available. Then, when financially and personally ready to purchase, they'd have a better idea what they want, what type of place in which neighbourhood, and approximately how much it is going to cost.

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