Apartments Near Campus: Buy, Rent, and Earn as a College Student
As a college student living in a “college town,” you may find that rentals are overpriced and many of them are run down due to years of wear and tear.
There are several perks to renting an apartment or house, but owning a place can be even better.
Have you dreamed of living in one of the condos that are close to campus or just want to get a head start on living as a responsible adult?
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.
According to Business Insider, renting on campus can cost anywhere between $8,000 - $15,000 per school year. That's a lot of dough!
Although mortgage payments are much like a monthly rent payment, you are paying towards something you own, not your strict and grouchy landlord.
Just as you would when looking for rentals, make sure your mortgage payments are affordable, and you have budgeted in “extras.”
You Get Tax Credits
When you rent, there aren’t many financial perks. Even if you were an excellent tenant and cleaned the whole place top to bottom when you moved out, a messy roommate may have ruined your chance at getting your security deposit.
If you buy a condo, live in it, and rent out a spare room, there are a number of tax credits that can help you offset the costs of buying a home.
Freedom and Responsibility
College kids often have a bad rep for being irresponsible, reckless, and disrespectful. While some students fit that stereotype, others are far from living in a scene out of a raunchy comedy.
No one should ever consider purchasing a home to prove a point about being responsible, 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 if you hit a few bumps along the way, you will have learned a lot.
Another bonus? The freedom to paint, have pets and do whatever you want (within reason).
Keep in mind that if you purchase a condo, you may have to adhere to certain rules set by the Homeowners Association (HOA), but that’s nothing like a landlord breathing down your neck.
Boost Your Credit
Owning a condo doesn’t necessarily mean you need to live there for the rest of your life.
Consider that the average college student goes to school between four and six years, maybe more if he or she goes to graduate school.
Even if you only lived in your own place for five years, you would be building your credit before selling your property.
Money Making Opportunity
Not only can buying your own place teach you a thing or two about living like a responsible adult, but you can gain some entrepreneurial skills, too.
Being a landlord is not always the easiest job in the world, but if you rent out a room or two, you could make enough money for your mortgage payments and maybe more.
Before you set a price for rent, make sure you have thought about all the “what if” scenarios and have enough money for maintenance and other extras.
Partnering with Your Parents
Maybe you’ve been trying to show your parents that you’re responsible or maybe they came up with the idea of buying you a home.
Buying your own home as a college student can benefit you, but it can also benefit your parents as well, particularly if they are co-owners.
Not only are you living independently, but you won’t be lugging furniture and boxes to your parent’s house after every move nor will they have to help you move in on hot summer days.