Purchasing vs. Leasing
Purchasing vs. Leasing
Have you ever considered buying a house to live in while you are in college? Probably not. Most of us couldn’t afford to, but then again it doesn’t matter since your parents are probably paying the rent. Maybe you should talk to them about buying you a place to live in while you attend college. Financially, it is one of the best decisions you could make. In fact it could even allow you to live rent free! So what exactly are the benefits of owning over leasing while in college.
Helps Build Credit
If you can afford to buy a house while you are in college, this will greatly improve your credit. Odds are you will need your parents to co-sign on the mortgage with you, but that should not be a problem (hopefully your parents like you).
Live Rent Free
Most of the time the prices of real estate around college campuses is relative cheap. Unfortunately, this does not mean that the price of renting these places is cheap. In fact there are a lot of very wealthy landlords around the country who have capitalized on the college market. Let’s assume you purchase $100,000 house and inherit a monthly mortgage note of $750. I know what you are thinking. That’s expensive. True, but you have forgotten that you can rent the other bedrooms to your buddies. So assuming you have a 4 bedroom house you could rent the other three out at $300 each and end up with $150/ month for repairs. You are now living rent free, not too shabby huh.
Favorable Terms
You will no longer have to subject yourself to unfair lease terms, such as signing a 1 year lease when you are only going to be at school 9 months out of the year. Plus, you can always sublease your place since you are the landlord. You get to choose your roommates.
Turn a Profit
When you graduate, you can turn around and sell the house for a profit (possibly pay for your education), or continue renting to college students to earn a little extra income on the side. The choice is yours.
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