Shelly Krzes…, Home Buyer in Tampa, FL

What is the most cost efficient housing option for a college student?

Asked by Shelly Krzesicki, Tampa, FL Sun May 11, 2014

I am starting a new school far away from my father and I will need to find a home to live in because my school does not have dorms. I am considering a forclosed home or rent because I am cautious with my money and I do feel that if I rent something, my money isn't showing anything, but if I buy a home or a mobile home, I can have something to show for the money I spend.

Will you please provide me with some information on a cost efficient and safe way for me to live? I am nineteen years old and I need something safe. Thank you in advance.

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3
Alison Conno…, Agent, Tampa, FL
Sat Sep 13, 2014
I always consider buying a more financially smart decision if you can find a home that is affordable and a good deal. Especially if you plan to get a job after you finish college you will be putting money towards something instead just using it to live that month. Make sure you do your research or use an agent to help you find a house that is a good deal. That way when you finish school and decide to sell you can potentially make a profit. Many students buy and then rent out to other students to cover their mortgage bills. For example if you bought a 3 bedroom home you could rent to 2 other students and then cover the payments using their rent money. I would contact student services at your new school as well and see if they have any recommended neighborhoods that students live in. Good Luck!

Alison Rowe
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Sharon Felton, Agent, Nashville, TN
Sun May 11, 2014
Generally, if you are able to find a reasonably-priced home and you plan to stay there for a minimum of four years, you should be able to recoup your expenses when you go to re-sell -- IF -- you have maintained the home and taken a few steps to increase its quality and attractiveness. At the minimum, you'll be looking at a fresh paint job in your senior year and perhaps better carpet or updated lighting. You might also wish to consider renting your home once you move to the next chapter in your life. Best of luck to you.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sun May 11, 2014
Shelly,
Buying for a short period can be riskier than it sounds. We've just been through an economic down turn where many home owners lost their equity or worse. Home ownership means maintenance, repairs and expenses and commitment that a college student may not have time to attend to. While it may work for a few, the vast majority of students will be better off renting, sharing expenses with a roommate or two and being close to campus to keep travel expenses down.
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