Thursday, February 10, 2011

College Students Buying Homes in Western New York Is It Profitable?

Do you have a Son or Daughter who’s going to college in the WNY Area? You may be deciding if you should rent or buy a house for your college student. If you are thinking about buying a house or condo during your Child's term at the college university here are some of the Pros of doing so.

1. Difficulty finding quality rentals

Quality rentals are often hard to locate there not always in the best conditions or if they are there gone pretty quickly or could be very costly if there still available.

2. Control

Having complete control -Most rentals have lots of limitations such as parking, how many roommates your child can have or who can have access to the garage. When you’re the homeowner you will have much more control of what and who your child can have as a roommate or how many roommates you’ll like to acquire and most of all you will have peace at mind that your child is in good hands.

3. Building profitable equity

Did you know that your monthly rent can be the same as owning a home in WNY? It’s nothing more rewarding than paying towards your own investment and equity instead of someone else financial investment.

Buying a home and renting it to their friends is a great way to live virtually rent free, all the while building up equity in real estate. While the national housing bust has devastated property values, it has also created some outstanding bargain opportunities for would-be home buyers—if you know where to look.

In the WNY area our prices never soared so therefore you still are in the running to receive good equity and high rents. So do I think that buying a property in WNY for a college student is profitable? YES