Over four years, college students (or their parents) can expect to end up paying in excess of $10,000 for room and board alone. A much better option is to purchase a small property near campus.
It’s often possible to find affordable housing near campus that can be purchased and used instead of campus housing. Here are some of the advantages to purchasing rather than paying for campus living or renting an apartment:
Potential return on investment
With the real estate market beginning to rebound, purchasing a home or condo in the area can prove to be a great investment. You’ll often find mortgages cheaper than average room and board, which will help you save money. Home ownership also offers great tax advantages that can help you save money too. And since properties near campus are easy to rent out, you can easily turn this into an income property once your kid graduates.
More stability for the student
Think about the lessened anxiety for the student. No longer having to run around looking for places to rent, no longer being tied to the institution for housing needs. There’s also the added bonus in the maturity, accountability and investment savvy that your kid will acquire, especially if you make him/her a partner in the upkeep and finances related to the property.
Where to find cheap homes near campus
Your local paper, school directories, craigslist, the classifieds, realtor.com are all good sources of info on cheap homes near campus. But we recommend you subscribe to RealtyStore.com using their special offer for students and military personnel – for just $5 per month, you’ll be able to search for bargain homes (foreclosures, pre-foreclosures, lease-options, fsbo’s, tax sales, and more) across the whole state of your choice.