Comments on: Buying Home vs. Dorm for Students

By: Anna Novikoff

Anna Novikoff — Wed, 20 Aug 2008 21:16:28 +0000

Financial planners have been suggesting buying a condo or home near a college for years as a wise investment. If you are lucky enough to be able to know where your student will be attending 1 or more years in advance, that is best. You can always count on a steady stream of student tenants before and after your student attends (as long as you are comfortable with “unique decor”, possibly loud colors, etc…)

By: tom

tom — Thu, 14 Aug 2008 17:26:35 +0000

That’s a great idea! While some colleges/universities require students to live on campus for the first year, you can certainly rent it out during that time.

By: Sniglet

Sniglet — Thu, 14 Aug 2008 05:24:56 +0000

How much appreciation would it require for buying to be better than renting while going to college? Would it still pencil out if there was a net depreciation in the value of the property once you achieved your degree?

In other words, are the tax benefits, and so on, substantial enough that even if the value of the property declined 5% to 8% over a 4 year period you would still come out ahead?

By: Michael

Michael — Wed, 13 Aug 2008 08:07:14 +0000

I agree, if she’s 23, you know that over time the market will bounce back!

In addition it’d be great to save all that money on rent over the four years or more of college. I strongly believe that Bellevue is at it’s lowest point, and it will be a very strong real estate market a year from now.

By: Hair Farmer Joe

Hair Farmer Joe — Tue, 12 Aug 2008 10:36:09 +0000

Wow – that does qualify! Is she shopping locally? I’d love to be a fly on the wall to observe that process and what she ends up doing …

I’ve been telling my clients that it is a good time to rent and get real familiar with the market – I believe the best deals will still be at least a couple years down the road.

BTW – you look much too young to have a 23 year old offspring. You must have started when you were about 7 and/or you have discovered the fountain of youth!

By: Sheila Lawrenson

Sheila Lawrenson — Sun, 10 Aug 2008 15:52:34 +0000

I have a 23 year old daughter, she is actively looking to purchase her first home. I am helping her with downpayment and closing costs, does that qualify?

By: Hair Farmer Joe

Hair Farmer Joe — Sat, 09 Aug 2008 03:08:07 +0000

Purchasing a condo or house for a student in college can be a very good decision – or can bite you in the butt. Not only does it depend on the current (and future) market, but also on the (often unpredictable) stability of the student.

I admire your optimism, but do you honestly believe that now is a great time to buy a home? Would/do you recommend that to your relatives? Are you in the market for investment properties?

By: Sheila Lawrenson

Sheila Lawrenson — Sat, 09 Aug 2008 01:12:09 +0000

This is certainly a great time to purchase, lots of inventory to choose from, prices are down and seller are motivated!

By: Sheila Lawrenson

Sheila Lawrenson — Sat, 09 Aug 2008 01:10:15 +0000

Your very welcome, if you would be interested in additional information I would be happy to help.

By: Dan Mehaffie

Dan Mehaffie — Fri, 08 Aug 2008 20:41:18 +0000

A good option. One that I had never considered. Thanks Sheila.

Dan Mehaffie