They say your college years are the best years of your life. No, you might not want to relive those years as you get older, but you can benefit from buying a home in a place similar to the one that holds all of your fondest memories. Here are four perks of buying a home in a college town…
Rents are Expected to Increase
Some home prices are still out of range for most homebuyers and rising interest rates are forcing homeowners to sell their homes. Because rents are expected to increase in the coming years, buying a property in a rental market, like a college town, is an attractive option whether you are looking to live there or use it as an investment property.
Plenty of Opportunity
Housing demand may fluctuate in different areas; however, there is always a steady flow of students, faculty and staff in college towns. Some colleges and universities don’t have enough on campus housing, so there is always a high demand for homes off campus. This will provide opportunities far into the future if you’re looking to use your home as an investment property. There will always be a need for a home in a college town, which can give you peace of mind before you make your purchase.
The Area Sells Itself
You might not want to own a home in a college town forever; so lucky for you the area basically sells itself. You won’t have to spend a lot of time marketing the area because there is a constant demand from new students, faculty and staff. There are also attractive amenities that draw people into the town like culture, entertainment, food, shopping and public transportation.
In college towns the demand for rentals is very high. The demand will keep the rental prices strong even when different housing markets are failing. It will not only be a great place to call home, but a great investment for the future.
Buying a home in a college town may be for you. It offers countless opportunities that any homebuyer can benefit from. So what are you waiting for? Go out and find your next property in a college town.
To learn about some investors who benefitted from buying in a college town and what college towns are worth checking out, visit here.