Planning to go back to graduate school is big step to further your career.
For people who have been working and currently own a home, townhome or condo, the possibility of moving needs to be considered before you go back to school.
Top Reasons
The top 2 reasons graduate school students consider selling their home are:
1) Moving closer to school or
2) Cut costs and lower maintenance responsibilities
Consult with your local real estate professional to assess your options. If selling or renting your current home is an option, you need to know the details about how that process works and if it would fit in your overall plan for the next few years.
Remember that qualifying for a mortgage will change once you change your current job or if you don’t have income while you are in graduate school.
Questions to Consider
Here are 3 questions to ask yourself to plan your housing while you are going to be in graduate school:
1) Is your current home too much for you to manage while you are committed to graduate school? (include home maintenance items that occur seasonally such as cleaning gutters, shoveling snow and mowing the grass)
2) Will you likely relocate out of the area once you earn your graduate degree?
3) Are you thinking you might open your own business after finishing graduate school?
Possible Solutions
Some possible solutions for upcoming graduate students include the following:
1) Rent your current home
2) Get a roommate
3) Refinance your mortgage to get a fixed interest rate or lower your mortgage payments
4) Sell your home and rent while in graduate school
5) Sell your home and buy a property close to school that could become a rental property when you finish school
Remember that consulting professionals is key in making the decision of whether to sell your home before applying to graduate school. A real estate professional, accountant or CPA, and a mortgage lender can give you valuable insight on how this process can be made easier.
