Should College Students Rent or Buy Housing In Tallahassee, Florida

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The college student lifestyle is not an easy one, so hats off to those seeking a higher education with a degree from a local university. Students are more likely to move to college towns, like Tallahassee, Florida every year. Finding accommodations will be at the top of the list of their priorities for these young adults. The question is, should college students rent or buy housing around town?

Below are some reasons for and against both renting and buying a house when you’re getting ready to move to college. If you weigh each one well, you will be able to arrive at a decision that suits you. Whatever you decide to do, always seek out a licensed realtor for guidance to avoid some misconceptions about the local real estate market.

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When Buying Housing Is A Great Decision

Regardless of your background, a student can earn a living while being a student. Buying a home in a college town can serve as an investment and source of income for the student who can afford to buy a home. How so?

buy housing tallahassee florida realtor eldridge home teamCollege students who buy housing have full rights to the property and can rent out rooms to other tenants. The demand for housing is often very high in college towns and you won’t have any troubles finding tenants. The rent can help ease off the burden of paying the mortgage on the condo or house. Keep in mind they must understand property management and writing up leases. If they don’t, hiring a local Tallahassee property manager may be smart when buying housing. Also, you can sell off the house after graduation and recover the initial investment plus some profit from the equity of the property.

When Buying Housing Is Not A Good Decision

While the idea of making money sounds like a smart move, there are some downsides to buying a condo or house in a college town.

You immediately become the property owner with responsibilities and extra maintenance expenses that accrue because you’re now a landlord. Some of those extra expenses include background checks on new tenants, writing lease agreements, preventive maintenance, taxes, and insurance.

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Furthermore, your tenants could turn out to be problematic, and dealing with this is sometimes harder if your tenants are also your friends or family. Make sure your lease is written well and outlines all the rules and what you expect. This is your investment so treat it as such.

All this can be very distracting for a student with a full set of classes at, Tallahassee Community College, Florida State University, or Florida Agricultural and Mechanical University. Being a landlord is stressful work but it can provide a supplemental income in lieu of getting a part-time job.

When Your College Student Should Rent A House

Renting is way more flexible than owning. Renting a house while in school gives you more time to survey the area for the future. You can study the people, neighborhoods, crime, traffic, and the rate of migration to and from the area of the city. This will help you to decide if you really want to remain there for the rest of your lease.

Furthermore, should you ever change your mind about where you live, you can always move very easily as soon as you’ve found yourself a new place to stay in an area where you feel more comfortable or safer. If you had bought the house though, moving would be more complicated and may likely not happen as soon as you would want it.

Another great aspect is they when renting a property you do not have to deal with maintenance. The property owner will have to take care of anything that breaks. It should be included in your monthly rent to the owner or property manager.

When Renting A House Is A Bad Decision

There are downsides to renting an apartment or house, for instance renting does not yield any returns. You’re only helping the property owner make extra money and every month you pay is like giving away money.

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Another issue has to with the maintenance of the house. If the house requires repairs, you may have to wait a while till the property owner can find the time or the resources to do the repairs. This is the case because you are renting space and you, therefore, do not have exclusive rights to carry out any repairs on the property. Always keep this in mind that the state of Florida has rules and regulations in place for property managers and owners to abide by.

Our Final Thought If You Are Ready To Buy Housing Or Renting While Pursuing A Higher Education

It pays to ask questions when interviewing managers and property owners. There are a lot of great owners in this college town and on the flip side, there are a few slum lords too. Do your due diligence of researching on people and properties before buying or renting. When in doubt ask a professional.

Have you made up your mind to either buy a house or rent a house around FSU, TCC, or FAMU? Then you need expert guidance from a licensed realtor that knows the community. You can contact us for any inquiries you may have about renting or buying a house as a college student, or visit our website to view our listed homes.

10 Tips Local Real Estate Agents Should Be Telling You – Part 2 of 2

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In this blog post, we are finishing up our selling tips on how to make your home ready to sell. Local real estate agents sometimes forget to tell their clients some of these simple tips. We don’t want a property to sit on the market very long so we are here to help and get the process done quick and painless. If you would like to check out the last post read more here.

#6 Hire A Local Professional For Photos & Videos

Visuals such as photos and short videos are everything on the internet these days especially social media and marketing efforts. The photos and videos of your house are what will attract people to your online property listing. Most of the time when people search for “Tallahassee homes for sale”, they will see the listing photos well before they ever step off to view the property in person. It pays to hire a creative, local professional to show off the house at an angle we could never accomplish with our Androids and iPhones. Create excitement with an amazing visual through a local real estate photographer or videographer.

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#7 See This As A Business

Your home is your greatest asset, and selling it should not be treated like selling an item on Craigslist. People, product, and process are very important to any business and local real estate agents know that! If you want to sell it well with a good profit, get into that mindset. Be prepared to answer any questions over the phone and through emails. Have open communication with all parties involved. Transparency is also key to any property transaction. Be open to criticism with an open mind. We know this can be stressful at times but a business mindset actually adds to the beauty and investment of a house.

selling home tallahassee Realtor

#8 Always Be Ready For A Showing

selling home local real estate agents clean ready viewingBe ready to adjust your schedule to fit the buyers’ viewing schedule, not the other way around. Always leave the home in a clean and orderly state so you get the most out of every showing. If you can do it during the week, plan to put in a few hours every weekend to tidy up every room. Every piece of clutter will make the house less desirable to a potential buyer. Make your buyers and agents feel welcome and entertained. Leave some homemade cookies even, and just leave them on the kitchen table with a note! Every little aspect of a viewing that is ready to show will give you better chances of make the sale in the first few weeks.

#9 Price The Property With The Real Estate Market In Mind

Don’t create a barrier with an unrealistic price point for people viewing the house and their Realtors. On the other hand, don’t price it as a steal either. This is a very thin line and hiring a professional agent that will give you an educated assessment is a must! If the price is too high, your house will sit on the market for months with too few views. And the longer it sits, the less value other Realtors will place on it in Tallahassee, FL. When in doubt, always hire a professional for their expertise.

selling home Realtors price

#10 Get An A+ Realtor In Your Area

Local real estate agents are hard to come by and this is one of the most important tips! In order to list your beautiful property, you need to hire the expertise of a licensed Realtor who has an impressive track record of sales. Do your research and interview them. Look at online reviews to make the best decision on who you are going to pick to be your listing agent. We recommend speaking and interviewing 3 different local Realtors before picking the one to show the property.

local real estate agent price selling home buyingFinal Thought About Getting Your Property Move-In Ready

Eldridge Home Team is invested in the Tallahassee community. We understand that getting your property ready is a lot of work. We keep a list of highly qualified local professionals ready if you ever need a question answered or a professional opinion. Do you need our guidance or want to speak about a listing in the Leon County area? Contact us and we’ll gladly sit down to speak about your plans. Visit our website to see the range of houses for sale in Tallahassee. We know our area because we live here! If you have any questions or comments please do not hesitate to reach out to the Eldridge Home Team via email or phone call at (850) 792-4464