Home Buying in Boone>Question Details

Kksz, Home Buyer in Boone, IA

Feasibility of owning property in Iowa to offset tuition costs at ISU in Ames- how long does one need to own/live in the property?

Asked by Kksz, Boone, IA Wed Apr 25, 2012

My son is thinking of attending the ISU in Ames. We are Minnesota residents. We are considering purchasing property in Iowa to a) Drop the rates of tuition and b) have a place for him to live off campus for his Sophmore-Senior Year. Would this be advisable and how long would we need to live/own the property to make this worthwhile?

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Jason Elsberry’s answer
Kksz,

The answer to your question varies greatly depending upon the type and price of property you would buy. As an example, some from out state in your same situation have opted to purchase a mobile home which tend to be more affordable but may not have the resale value of a stick built home when its time to sell. Another option may be to buy a stick built home and your student could have roomates to offset mortgage and utility cost. Please note however that only (3) non-related individuals are allowed to live in the dwelling per the city of Ames code. So, there are some options. I would be happy to assist you in finding housing in a price range that makes sense for your situation. Just give me a call, 515-290-5148. Have a great day!
0 votes Thank Flag Link Wed Apr 25, 2012
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