The cost of tuition is going up, so many college students are looking for ways to save money and improve their financial future. Not only do you need to pay for the cost of tuition and books, but you also need to bear the burden of paying for rent and living expenses.
Whether you are planning on a 4-year degree or you are working to get a higher level degree, the cost of rent can really add up over the years. Do the math, and you will see that you will be spending thousands of dollars over the course of your education!
The Solution: Buy a Home in a College Town
Instead of flushing money down the toilet by paying rent every month, should college students buy a property and consider the benefits of investing in that property where you can live while you are going to college. If you are single, then you can rent out the extra rooms to other students. Or, you can enjoy the entire house to yourself if you have a family of your own.
Renting out a portion of the property is a great way to benefit college students buy a property to help them cover the mortgage. With the right real estate strategy, your mortgage can be comparable to the cost that you would be paying for rent. But, you will have the benefit of building equity in the property while you are living there.
What Should You Do After Graduation?
The reason there is hesitancy when college students buy a property while they are going to school is that they are planning to move in a few years. Is it worth the hassle and the expense if you will be leaving the area after graduation?
There are many options that you can consider after you graduate. Some people get married in college and find a job in the area so that they can stay local. So, you might be living in the home longer than you anticipated.
Another option is to rent the property to other students. Maintaining a property that is near a college or university is a great way to create a monthly cash flow, giving you the option to build your personal assets and prepare for the future. These rental units can be a great source of income in the right location when college students buy a property.
The final option to consider is to flip the home after you graduate. When you move in, consider the repairs that can be done to improve the value of the property while you are living there. Then, you can get a great return on your investment when you are ready to move after graduation.
When college students buy a property and need help finding the best home to rent or flip, they know DUFFY Realty is here to help! And we know the Atlanta market, and we will gladly offer the assistance that you need. Call our team to learn more: (678) 318-1700