Home Buying in 85029>Question Details

Marionwalk, Home Buyer in Phoenix, AZ

I'm thinking purchasing 4bd home near ASU for my daughter while at college?

Asked by Marionwalk, Phoenix, AZ Tue Nov 20, 2012

Will I be able to sell quickly if she transfers elsewhere.?
What is average gas & electric with ac on all the time?
What neighborhood to stay away from?

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Answers

10
I personally think that is a great idea. Homes near college usually sell pretty quickly and it will be a good way to save your daughter some money. If she does decided to transfer you could also consider renting it out to other students. If you are concerned about being a land lord you can always higher a property management company. I am very familiar with the area as I live in it. If you have any more questions or need help with anything feel free to contact me at 605-870-0865 or casey@teaminvestmentsinc.com
0 votes Thank Flag Link Thu Nov 29, 2012
Hi Marionwalk,

Utility bills will vary depending on the condition of the home, whether it is well insulated, whether the property has single or dual pane windows, and whether appliances are energy efficient. The age and condition of the air conditioning system (and how often filters are changed) will also play a big part in determining electric bills. Nothing is more important than due diligence in the buying process.

What neighborhoods to stay away from? Crime is important, of course (look at crime maps, already provided by other responders) and also identify areas that are declining in value, where owners are deferring maintenance instead of "fixing up," where landlords obviously don't care if the properties are party houses. If maintaining value is important to you, the best place to be is in a neighborhood that is a blend of owner-occupied and student housing.

Will you be able to sell quickly? Any agent who says "absolutely yes" to this question should be standing behind the curtain in Oz. Experts are saying the market will go up but no one has a crystal ball. There are so many IFs in the equation: If you maintain the property well. If your daughter chooses roommates who respect your rental home. If you identify and select a property in a good area to begin with. If we don't fall off the fiscal cliff. If the "experts" are right. If prices continue to rise and you sell before the next downturn. If you buy a home warranty. If you modernize as you go, if the need is there.

In the meantime, though, you will likely have positive cash flow, a home that you can keep in safe and clean condition for your daughter and her friends, a great depreciation deduction, and a reasonable chance of building equity.

This (buying an ASU investment property) is a bit of a journey. No one should try to give you quick, glib answers. To do it right, you need an agent who has specilized in the ASU rental market for many years - understands what to look for and what to avoid. I own six properties in this area myself and would welcome the opportunity to meet with you or speak with you to offer assistance. Feel free to call me any time.

Gerri Bara, Realtor, SFR: 480-540-9931
0 votes Thank Flag Link Tue Nov 20, 2012
Hi Marionwalk,
It looks like your daughter will be attending ASU West Campus. I graduated from there about 7years ago. The area is good and it will be easy to sell when the time comes for you to resell. The average gas & electric bill will depend on the usage. For example if the thermostat is set on 70 versus 80. The size of the home also will affect your eletric bill; single level versus two levels. Call or e-mail me today and I will send you some of the properties that are available in that zip code.
Thanks,
Grace Adewumi
602-769-0890
gracea@realtyoneaz.com
http://www.house2buyorsell.com
0 votes Thank Flag Link Tue Nov 20, 2012
The market here in AZ is a strong seller's market so right now would be an easy time to sell a home. Some homes will have gas and electric and some will only have electric. It will depend on the home that you choose. The utility bills will vary but for a 1800 sq ft single story home, your electric bill will vary from $75-$250 depending on the time of year. You can check crime statistics online at http://www.crimereports.com.
0 votes Thank Flag Link Tue Nov 20, 2012
Tempe near ASU sells very quickly. Electricity depends on a lot of factors (square footage, how cool thermostat is set, how well insulated home is etc. Summer will be much higher than winter. Figure close to $300 for 1800 sq. ft. home. Winter may be a lot less. Tempe does not have a lot of bad neighborhoods!

If you are not working with an agent already, I would welcome the opportunity to assist you.
30 years experience.

Kristi Beckman
Owner/Broker
Orion Fine Homes, LLC
602-390-5257
kbeckman1@live.com
0 votes Thank Flag Link Tue Nov 20, 2012
Hi MarionWalk

The average Gas, Electric, and A/C will run you anywhere from the low $150 up to 350- $400 in the summer time, that’s for all (gas, electric, and A/C) combined but much will depend on home size, is the property energy efficient (Dual pane windows, A/C up to date, etc).

Now if you buy now then you will be fine to list and sell in the future. Our market is going up and Tempe is one of the hottest markets here in the Valley. Some areas have already gone up close to $100,000 since the start of the year. You also have other options like renting out your property for cash flow if you decide to keep it as an investment.

Feel free to search here –
http://www.tempehomescondos.com/

or read our blog to get a better grasp of the Tempe market - http://temperealestateblog.wordpress.com/

Feel free to call us and tell me what you want in a home aside from 4 beds, your wish list, and budget; are you looking for a fix up, move in ready, location, etc? We hope to hear from you and if not good luck and you will be fine with your home purchase in the future.

Juan Pesqueira
Tempe Realty Co - American Associates Real Estate
Homes | Condos | Investments
Spanish and English speaking Realtor
Realtor, Appraiser
8930 E. Raintree Drive Suite 200
Scottsdale, AZ 85260
Office 480-458-8007 | Fax 480.767.7200
email: pesqueira2@cox.net | TempeHomesCondos@Gmail.Com
Websites:
http://www.tempehomescondos.com/
http://temperealestateblog.wordpress.com/


Yes Dreams Come True, Let me Show You!
0 votes Thank Flag Link Tue Nov 20, 2012
Hi Marionwalk,

The overall market has been strong, so selling quickly shouldn't be a problem. But no one can tell you what the market will be like when, and if, she decides to transfer, whether it is a semester from now or anytime during her education. That being said, the market in Tempe is typically strong for the same reason you are buying. There is turnover as student's graduate and parents sell properties used as "kiddie condos". How easy it is to sell is only part of the equation. Pricing where you can get out of it with a profit or at least break even will depend on how soon she might transfer and the market conditions at the time.

Regarding utility bills, there is no way to provide an accurate estimate. The utility costs will depend on usage, including the setting of the thermostat, lights, laundry, etc and how many people are in the home, as well as size and age of the property.

You can check the following web site for crime stats in Tempe: http://www.tempe.gov/index.aspx?page=231
Aside from that, it comes down to discussing what you are looking for in the home and neighborhood with an agent to determine what will work best for your daughter, you and any potential roommates. Hiring an agent comes down to the comfort level you have with the individual agent. I will be happy to talk with you to answer any questions you might have.

Good luck either way!

Adam Tarr PC
Citywide Real Estate
480-236-7374
0 votes Thank Flag Link Tue Nov 20, 2012
Marionwalk,

Homes are selling quickly right now so that won't be a problem. The market has been improving, but depending upon how quickly you have to sell will depend upon if you make any profit or cover your expenses. If she transfers in a short period of time, then the best way to get the most for the home will to make a few improvements, make the home look great, and fix anything necessary to accomplish this.

As far as the average gas and electric, this will depend upon the square footage of the home, the temperature that it is set, the amount of people in the home etc. You can call the utility company and they will give you an average on any given home, but this doesn't mean that your daughter's bill will be the same.

To know what neighborhoods would be best for her, you should be working with a good Realtor that knows that area well. There are some areas that you may want over others, and getting out to see the areas is a great way to get started.

If you need assistance in the home buying process, give us a call, we would love to help.

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-31133 Brenda
602-499-0694 Ron

*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***

Search the Official Active FlexMLS for Homes like a Realtor for FREE at our website:

http://www.CunninghamHomesAZ.com
0 votes Thank Flag Link Tue Nov 20, 2012
Marion

In the current market homes are selling pretty quickly so selling is not a problem but making any profit on it may be if she transfers in a short period of time. Prices are going up here in the Valley but if you sell you will have to have enough equity to cover commissions and closing costs. As far as the a/c goes that all depends on what the temperature is set at and how large the home is. Utility bills can run upwards of $400/month and that is on average size homes. If you are looking at a 4 bedroom home you can expect some big bills in the summer out here. You can get crime statistics for any neighborhood online. Tempe itself is a pretty good area so I wouldn't worry to much. The zip code you have selected, 85029, is not very close to ASU. Please let me know how I can assist you. Give me a call anytime.

Rachel Shanahan
Century 21 Northwest
602-400-3841
0 votes Thank Flag Link Tue Nov 20, 2012
I would be happy to email you current sales to show you the average time on the market for home sales near ASU and information on various neighborhoods near ASU. Feel free to call me on my cell at 480-398-6872.

Rod Mohan
Ready Set Sold Realty
1515 E Missouri Ave # 203
Phoenix, AZ 85014
480-398-6872
rodmohan@cox.net
http://www.phoenixvideolistings.com
0 votes Thank Flag Link Tue Nov 20, 2012
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