There are a lot of reasons to buy property – you may want to put down roots, you may want to flip the property or you may want to make it a vacation rental. Whatever the case is, investing in real estate is a good idea. Also, where you invest really matters. That old adage about location really rings true. This is why you may want to think about purchasing property in a college town. College towns have a unique appeal, because they are close to campus and they are close to a lot of cultural events.
Moreover, it is easier to get to the market and purchase supplies when you are closer to town – opposed to being up in the hills or stuck out in the suburbs. This is just one good reason why you want to think about investing in property in a college town. Here are four reasons to purchase a home in a college town.
- Your Child May Want to Go to the College and Live Close By
If you are planning on starting a family, you may want your child to eventually go to the college that is in the college town where your property is. Experts recommend saving and thinking about college before your child is born. You could even purchase another property and let your child not have to worry about campus housing.
- You Can Always Flip the Property and Make a Profit
College towns are also really hot when it comes to real estate prices. This means that the property you buy now may be worth much more in a few years. You may want to make a few upgrades and then sell it for a profit. This is a great way to get in on the real estate market. For instance, if your property is near Clark College or even Yale, you could have the property ready and primed by the time people are looking for places to live.
- There is the Option of Making it a Rental Property
Another way to make your property turn a profit is by making it a rental property. You can do this by opening it up to renters – either faculty or students. Of course, if a student is going to USC Online, he or she won’t need a place to stay, but if that student decides to take on-campus courses, he or she will need a place to stay. You could also open up the house to multiple students, especially if there are a number of comfortably sized rooms.
- You May Want to Go Back to College
On top of everything, you may eventually want to go back to college. If you are ready to go back, you could have a property that you can move in to. When it comes to parking and living expenses, having your own domain – with a low monthly mortgage – can be a huge boon. In the end, you could flip the property when you graduate and have enough money to jump to your next adventure.