The Grass Doctor

What expenses should I plan for when moving into a house?

I am in a dorm room now, the rent is ~$5600/year. The guy with the house is asking $375/person/month (3 people) and he will cover the utilities. Cable internet/tv is extra ($80 which will be split b/t at least 2 of us=>just under $30 each up to $40 each), and it is 15 minutes from campus (@ 40mph). I get pretty good gas mileage, but even one trip to campus and back per day 5 days a week would mean an extra $32.44/month and that is using my highway mpg rather than in-town mpg (which would raise the price). I'm not sure whether he would make us keep up the lawn (mowing, etc.). Do you think he would expect that of us? If he does, then we would either have to do it ourselves (and buy gas, a lawn mower, etc.), or we would have to pay someone to do it (twice a month for 1/3 of the year means $160/year=$13.33/month). Do you think my estimations are reasonable, and what would be any other expenses that I would have to pay for (excluding groceries)? Would it be worth it?

Public Comments

1. i think alot
2. The minimal costs according to your information is about $2,500/year. And yes, I do think it reasonable that he would expect you to share in the general maintenance: mowing the law, cleaning the house, making minor repairs. You would also be responsible for doing your own linen laundry, something I assume is provided by the dorm management. So, the true cost will be a little higher. You didn't say that you had a financial issue so the reason for this desire to move is unclear. Plus, if one of the boarders moves out, the others will have to pick up the financial shortfall. Bad idea. I did this when I was in college and my advice is that you should stay right were you are. You need to focus on your studies, not become a part-time home owner. You are close to campus facilities and should remain there. It only lasts for a little while. You will have your own apartment/home, etc soon enough. Forget this and stay in the dorm.
3. Probably not worth it...here's the math: $375/mo * 12 mo (unless your lease is less) = $4500 cable @ $40/mo * 12 = $480 gas @35/mo (and let's be honest, even though I live 15 min from campus, I spend closer to $70 on gas most months thanks to high prices) so assume $60/mo *12 = $720 you must specify in the lease who is respoinsble for upkeep of the house...if it is you then another $160-200/yr also, include the cost of a commuter parking pass for the campus...usually runs about $350-400 a semester (at least from colleges I've been to) so that's another $800 a year or so PLUS some colleges charge more tuition if you are living off campus so also consider that... total that would be: $6700 on the high end... (plus any extra tuition) also consider that he might mean utilities to be JUST: HOA (housing fees, taxes), water, sewage, trash and not include gas and electricity in there... Although I love living in my apartment now, as an undergraduate living in the dorms was the smartest idea...you are close to friends for help with homework, you have fast internet, you can get to class regardless of weather issues, you don't have to deal with mail, packages, lease problems, broken things, etc... I'd recommend living in the dorms as an undergrad and striking out on your own after that. good luck and I hope this helped (I did consider this myself as a senior in college but I'm glad I stayed in the dorms)