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Roomates and buying an HDTV
hamburger helper
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Howdy guys, you've never let me down before and this time I beseech thee to help me figure out this little quandry between my roomate and I.
See, we're both getting massive student loans and want to piddle some of the extra cash away on a new HDTV. So we've decided we want to go halfers but need to figure out the logistics of:
- What happens when one of us moves out?
- - How do we decide who gets the TV and what's the other person entitled to?
See, we're both getting massive student loans and want to piddle some of the extra cash away on a new HDTV. So we've decided we want to go halfers but need to figure out the logistics of:
- What happens when one of us moves out?
- - How do we decide who gets the TV and what's the other person entitled to?
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Danger... danger... danger...
There should be no such thing as "extra cash" from a student loan. Send that back to wherever you got it from so you're not deeper in debt when you get out of school.
However, if you're determined, I would write up a contract that states that whoever moves out first either has the option to refund a prorated portion of the other person's money and take the TV with them, or vice versa.
Anyhoo, Porky, thanks for the advice. I think that's what we decided on, but was curious to see what others thought of. Would the prorated portion include amortization you think? Should we figure in current market values or the value at time of purchase?
Sorry, didn't mean to sound like I was lecturing. I did exactly that when I was getting my master's and I've regretted it. Of course, it was before the time of good HDTVs, so all I have to show for it is a flat screen Sony.
If you can't afford a TV without going into debt, YOU CAN'T AFFORD THE TV.
If you're talking about a subsidized student loan, that doesn't have interest kicking in for 6 months after you get out of college, yeah, fucking do it. Hell, if you've got access to that kind of money, you should be getting all of it and sticking it in a savings account.
If it's, like, a private loan, with an interest rate, etc., you should probably reconsider.
In any case, the problem you're going to run into is that when you split, who gets to buy out who? The best way to settle this is to set a floor (i.e. a minimum of 25% of the original purchase price, or whatever), if one of you doesn't want to buy it out, and if both of you want it, you can "bid" for it (i.e. I'll pay $100 for it, my roommate offers $110, I up it to $120, he doesn't want to pay any more than that, so I buy it from him).
It's a Government loan, like you described with no interest or payments if I'm going to school - which can be forever if I really want. But like I said, I do not want this thread derailed into what I should or should not be spending it on.
I really like the bidding idea Than. Thanks everyone who's contributed to the thread. I think it's safe to lock now
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