Buying Near Campus: Buy, Rent, and Earn as a College Student18 Jul Johnny Devora
Austin is a “college town” and you may find that rentals are insanely overpriced and run down due to years of wear and tear. There are several fantastic perks to owning a condo
Here are some reasons to consider buying over renting.
RENTING IS EXPENSIVE
If you currently rent an apartment or house, you probably know that renting is expensive. It seems like the closer you get to campus, the more you end up paying.
Renting on campus can cost anywhere between $8,000 - $20,000 per school year.
Not only are mortgage payments much less than a monthly rental payment, but you are also building equity for yourself through ownership and not your landlord.
PARTNERING WITH YOUR PARENTS
Buying your own home as a college student can be mutually beneficial for you and your parents. Lock in your monthly payment through homeownership, so rising rents don’t get the best of you and your parents.
You and your parents can continue to own the home post graduation to generate a stream of income, or selling is another great option to cash in and payoff any accumulated student debt.
FREEDOM AND RESPONSIBILITY
College kids often have a bad rep but home ownership will definitely make you think twice about impulse spending, throwing big parties, and being a noisy neighbor.
Owning a home earlier in your adulthood will help you learn about financial responsibility more than most of your peers. Even with difficulties you will learn a lot.
The freedom to paint, have pets and do whatever you want (within reason).
Keep in mind that if you purchase a condo, you will have to adhere to certain rules set by the Homeowners Association.
The average college student goes to school between four and six years, maybe more. Co-purchasing a home with your parents will help build your credit while you earn your degree.
Being a landlord is not always the easiest job in the world, but by renting out a room or two, you could earn rental income to cover a portion of the mortgage payments or more.