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.
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?
College 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.
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.
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.