Posted By: Michael Herscovici
Now might be the right time to purchase property in or near a college town. Listed below are the four main reasons why this might be an attractive investment:
1. Current Real Estate Prices: Real estate prices are lower than in past years so you might be able to get a great deal.
2. Higher Rent Charges: The price of rent is higher in college neighborhoods than in other parts of the country allowing you to pay off your mortgage payments faster.
3. Abundance of Renters: Since your property is in a college town, it will be easy to find someone who is willing to live there. Whether that person is a college student, or works for the university, there is always going to be someone willing to stay at your place even if it is not in the best condition.
4. Increasing Rent Charges: Most likely you will be renting to college students who will be staying in your house for up to a year max. This will allow you to increase the rent from year to year without the backlash from renters who have been with you for a while.
All of these benefits show why it might be worth it to purchase a house near a college campus.
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So many colleges have real estate that is potentially valuable. On the Syracuse University campus, students have continuously paid high prices for apartment living after small improvements. Students do not have very many options, and this makes it easier to charge higher prices on college campuses.
ReplyDeletePosted By Adam Lindheim group 6A