Home Buying in 47401>Question Details

D Bryce Patt…, Home Buyer in Pittsburgh, PA

Should I buy or lease in Bloomington?

Asked by D Bryce Patterson, Pittsburgh, PA Fri Jun 21, 2013

My wife and I have a son who will be returning to Bloomington to study music. He will probably be getting his Doctorate at IU so he is looking at about 7 more years there. We are considering purchasing a home or condo for him and then letting him lease out the other rooms to students. Does anyone have any recommendations? Is this a good idea or should we just pay the rent?

Help the community by answering this question:

Answers

4
Yes, it's a good idea.
What's is your price range or monthly budget? I'll be happy to send you all available options and also keep you informed on upcoming new listings.
What lifestyle is your son used to? Modest living or luxury living?
Other things to consider that could affect your decision are:
1- Are you using a mortgage or cash?
2- Is the property going to be in your name or in your son's name? This has a significant effect in property taxes.
3- Is your son willing to take the responsibility of caring for a house or condo?
I work with many parents every year going to the same process you are going through. Please let me know how I can help
0 votes Thank Flag Link Mon Jul 22, 2013
If his going to be here for 7 years then is a good idea to buy and get a room mate let them help with the mortgage,then when your son done here,the property value might go up,than sell it get your money back, Its just might an excellent turn around.
If you have any further questions call me on cell
812-360-9928
Nuit Weber
nweber@prudentialindiana.con
Best regards.
0 votes Thank Flag Link Mon Jun 24, 2013
It really depends on your circumstances. Generally, if you plan to stay for four or more years then buying is a viable option. It depends on the type of property you seek -- location, condition, etc. You're welcome to call me to discuss. My cell# is 812-219-4829.
0 votes Thank Flag Link Fri Jun 21, 2013
I would suggest buying. There are no "deals" on rent in this town and most places demand a premium. It all depends on where and amenities, but often times the rent will be more than a mortgage or loan payment. If he rents out the other room you could expect anywhere from $300-500+ (depending on what and where) in monthly payment. Take that off of your loan payment, you could buy something and live fairly cheap. 5-7 years down the road sell it and either get your money back out or make a profit. Feel free to give me a call at 812-325-8207 or an email. I'd be happy to answer any of your additional questions and help find you the ideal property if you decide to buy.

Sincerely,
Aaron Steele
realestatebysteele@gmail.com
http://www.realestatebysteele.com
812-325-8207
0 votes Thank Flag Link Fri Jun 21, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer