Thinking of Buying Your College Student a Property?
11 May 2021 by Sandi Codrea

We see a lot of our area families purchase properties for their college students.  If you need assistance in finding an expert in particular college town, give me a call and I will connect you from my nationwide network of agents who specialize and can assist you:

  • Research the college town, current property values and rental rates.
  • Do a breakeven analysis to assess the annual cost of having your student live on campus
  • Determine a budget and list out additional costs (mortgage, HOA fees, insurance taxes)
  • Estimate how long your student will be living at the property
  • Weigh the pros and cons of purchasing a condo or townhouse vs a single family home
  • Consider risks:  What happen to the property if your student transfers or moves back home
  • Discuss opportunities to alleviate monthly costs such as rental roommate income or renting the property during summer breaks
  • Be financially prepared for the typical “college renter” consequences (roommate damage)
  • Explore the cost of hiring a property manager to help take care of the home and/or collect rents
  • Crunch the number and consult with your financial advisor and real estate professional.

    Click here for a Printable College Housing Worksheet

Sandi Codrea

Sandi has served buyers and sellers in the Forest/Lynchburg market since 1983. You may recognize her from her service in the community by devoting her time and resources in supporting local charities/fundraisers, school events and sports as well as her Realtor® association. There’s never been a more important time to have resources you can count on when it comes to buying or selling a home. The real estate market is changing at a rapid rate and Sandi will keep your current to what is happening in our area. It’s Sandi’s pleasure to make sure that you always have the current information you need to make the best decisions for you and your family. If you ever have a real estate question or need, or know someone who does, trust that you can turn to Sandi. Call today . . . She’s here to help!!!