Perfect place to live for College Students
By David A. Podgursky • Dec 15th, 2007 • Category: Affordable HousingTrying to figure out where your college student will live while he/she is at school?
Dorm is reserved for freshman?- Frat house is only for parties?
- Off campus apartments are in terrible condition and expensive?
Consider buying an affordable housing condominium for your student instead!
Using FHA loans, you can qualify as a non-occupant co-borrower and have your child on the loan to purchase a great condominium or townhouse near campus.
Why would you consider it?
First of all, Credit. This is a great credit builder. FHA isn’t worried so much about the borrowers score as their history. Since most students don’t have a credit history, Mom and Dad’s will help them qualify. Their income helps a lot too!
Secondly, most students prefer living with a roommate, if you own the unit, your child can control who that roommate is. Plus, that friend can pay rent to your child which can go to paying the mortgage, for books, tuition or any other expenses.
Third, responsibility… owning as opposed to renting means you have to take care of the place. If you get a condominium as opposed to a house, then at least you reduce the maintenance to interior issues only. A home warranty will minimize any expense for appliances and HVAC, etc.. Now all you have to do is instill the pride of ownership so they don’t put holes in the walls and pick up/clean regularly (which is something they could use some of the rent to subsidize!)
Fourth, the tax benefits of having that unit as a 2nd home for you and a primary home for Junior will mean that any appreciation on the unit will be tax free plus you’ll get to deduct the mortgage interest off your and Junior’s taxes (50/50).
Fifth, there’s a better market to resell an affordable house/condo than a run down duplex near campus. Believe it or not!
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David A. Podgursky is a Broker Associate for Boca Executive Realty - www.bocaexecutiverealty.com. As a resident of Lake Worth Florida, David succeeds in assisting Buyers and Sellers with their Residential and Commercial Real Estate needs in Boynton Beach, Lake Worth, Greenacres, Delray Beach and Boca Raton Florida.
David is a Florida Licensed Real Estate Broker and Mortgage Broker making him uniquely capable of offering Full Service Real Estate Services to his clients.
From assisting a first time buyer in determining how much they can afford to analyzing an investment for a high end investor to helping a baby boomer decide the best property for their retirement in Sunny Florida, David Podgursky is the Boynton Beach/Lake Worth Realtor to call first!
(561) 504-6949 cell * davidp@bocaexecutive.com
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FGCU is just down the road from me. I’m hoping that with the adjusted real estate market we can start placing students and their families in home ownership positions again.
Florida Gulf Coast University students and parents should be looking for properties nearby campus in Bonita Springs Florida to buy!!