Home Buying in 32792>Question Details

Jennifer, Home Buyer in Atlanta, GA

My son is starting school soon at Full Sail. I would like to buy a 1 br condo. Is this a bad time to buy?

Asked by Jennifer, Atlanta, GA Sun Sep 30, 2007

I have seen several on the multiple listing that I am interested in, but was told not to buy now. Is it better to rent?

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12
Jennifer:

Here is what my investors live by: There is never a bad time to invest in Real Estate, only a bad time to sell.

Share your goals with a professional Realtor, and then make your informed decision.
1 vote Thank Flag Link Mon Oct 1, 2007
This is a great time to buy with pricing coming down and mortgage rates still good. If your credit scores are not high that will probably be the biggest issue. Mortgage companies are much more restrictive right now because of what they have just gone through. I have no doubt that they will loosen up, but not at the moment.
1 vote Thank Flag Link Sun Sep 30, 2007
Is your son looking to stay in the area after school? or a couple of buyers of mine bought with the idea after the kids move out, they would use it to be "snowbirds" .....then i would say yes.
0 votes Thank Flag Link Fri Jan 4, 2013
We are being asked that question right now all the time, and it depends on your situation. Start with your own situation. Is there a difference in tuition if you (or your son) becomes an in state resident? Are there tax advantages to purchasing (first time/step up buyer tax credit, writing off of interest) - I would consult a tax accountant first to answer these question.
Rather than a 1 BR, consider longer term, overall costs, friendships, and a teaching experience for your son. Does he want to live alone vs. roomates? Socially at a young age, roomates in a new city not only help share costs, but also add to the social challenges of a new city. Consider teaching your son to "run a business" by becoming a landlord, finding roomates, and covering costs of a 2, 3 or 4 bedroom through roomates rent. My wife went to school at Georgia Tech, and this is what one of her now best friends parents did when she set her daughter up in a 4 bedroom, had her bring in 3 roomates and it covered her cost of living. They then sold the property at a profit at the end of the 4 year degree - the profit covered the cost of tuition!
Full Sail is a great school, typically with students of similar social economic background, and fellow students may make great roomates.
With prices and interest rates where they are at present, there has never been a better time to buy. We have a new certified Green community located very close to Full Sail called The Sage At Winter Park. This is the perfect location for students in a roomate scenario. Let me know if you would like further information!

Ian McCook
The Sage At Winter Park
(407) 951 8871
ian@SageWinterPark.com
0 votes Thank Flag Link Sun Nov 22, 2009
No, it is truly a buyers market! There are many condos within 10 minutes of Full Sail so he can be within minutes of the campus. With many units for sale, we just need to find the seller that is motivated to sell at the right price. I have experience placing students in the area and would love to speak you you more.
0 votes Thank Flag Link Mon Jun 23, 2008
Jennifer,
Timing is Everything! When IS a good time to buy. When you feel you are ready. This is currently a buyers market. Will it fall more is anyone's guess and anyone you ask has a guess. Do your due dilgence and research with a good Realtor and make the best decision for you and your son. Yoiur son is planning on attending school. Ask this how long with he be in school. 1,2 or more years. The longer the better as you can earn equity the longer you own the property. Hope this helps.
Rick
Web Reference: http://www.realestatera.com
0 votes Thank Flag Link Sat Apr 5, 2008
Normalina,
This is not the avenue to 'pitch your services' nor to get someone to call you for business. Trulia Q&A is about trying to help and give advice. Sorry, but you should read the TOS.
0 votes Thank Flag Link Sun Mar 30, 2008
As a UCF Alumni and Realtor….buying a condo is a Great idea! I would recommend buying a 2 or 3 bedroom instead of a 1 bedroom because it will have a better resale value and your son can also rent out the other 2 rooms to help pay the mortgage. Now that we are in a Buyer's market you will find a great deal on an investment property that is centrally located to Full Sail, UCF, Valencia, Rollins College, etc. Reason why I mentioned all of those schools is because an investment property in the area will help you find a tenant / student attending at least one of these schools thus giving you continual income even after your son has graduated. Now is a great time to buy! You will not only save money but purchasing an investment property in this area is a great tax benefit for you and your family all while providing you with residual income.

If you need assistance finding the right property matching your criteria please call or email me at 321-251-6761 or Normalina@OrlandoYourHome.com I'll be happy to negotiate the right deal for you, negotiate for closing costs, HOA dues, home warranty plan, etc. to be paid by the Seller. I make it happen all the time!

Make it a great day!
0 votes Thank Flag Link Sun Mar 30, 2008
I can't speak as far as the property situation; however, I would strongly advise checking out Valencia CC instead of Full Sail. Valencia offers a very similar program without the 35K bill Full Sail charges. (Or, as we say, FOOL Sail)

Just a bit of advice.
0 votes Thank Flag Link Tue Mar 25, 2008
I am a native in this area, and my Son is also going to Full Sail.
Here is the most important thing to consider:
What is the difference between you purchasing a property vs renting one or putting him in a dorm?

If you purchase, you can sell and make money 2-4 yrs down the road because many other parents are thinking along the same page as you.

If you aren't sure what will happen, or how long it will take then if under the 2 yr timeframe I would advise renting or going the dorm route, BUT compare the costs.......it is wicked expensive to rent or get dorm rates and that is money that you will throw away.

Hope this helps!
0 votes Thank Flag Link Fri Mar 21, 2008
Wow, what a bunch of canned responses huh?

Anyway, Is it a good time to buy.....Yes and no. In your specific situation, only looking at my assumption that you are only buying the condo for your son to live in during the 2-4 years he is going to college? How many years is he most likely going to be there? If only 2 years, I wouldn't reccomend buying right now. If closer to 4+ years (if you had another child going to school in the area) then I'd recommend it. I beleive prices will continue to be pressured downward for the next 12 months at least. And who knows how many more months before we start to see an upswing. If you are only holding for 2 years your chances of seeing a profit are low. If holding for 4+ years your probability goes up significantly.

Again every situation will be different. If you can find a great deal on a condo in todays market (which is VERY possible) you can be paying less in mortgage/tax/insurance than you would in rent.
0 votes Thank Flag Link Fri Nov 30, 2007
Now is one of the best times to buy in the Orlando area! Buyers are in the driver's seat! You can ask for the moon and stars, and in many cases you'll get them right now. Prices have dropped pretty dramatically. Homeowners are negotiable. Builders and developers are EXTREMELY negotiable!!! I have recently seen some condo owners willing to make your first 2 years worth of payments. Many are desperate to sell, and the condo market was hit hardest, making it a beautiful time for someone like you to get a great deal.

A word of caution though...make sure you have a good Realtor who will check comparables to make sure you're making a good purchase. There are still many overpriced homes on the market, and you're Realtor will make sure you don't overpay. They'll also be able to negotiate the best possible deal for you, and best of all, you don't pay your agent a dime! If you would like to speak with us in more detail, or you don't have a Realtor, please feel free to call me at 407-538-0127 or email me at cjmyers@kw.com. I hope to speak with you soon!
0 votes Thank Flag Link Sun Sep 30, 2007
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