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A college town can be a great place to purchase an investment property.  There are numerous positive attributes to living in a college town that can make owning a property there a profitable endeavor. But, as with everything, there are pros and cons.

Pros:

Lots of potential tenants:  A college town has a large population of renters.  Each semester new students are arriving and need to find a place to call home.  You should have no problem keeping your property continuously rented.

Stable rent:  Since the demand for rentals is so high in a college town, it helps to keep rental prices  in the area strong, even when other parts of the housing market aren’t doing so well. Also, consider that it is often the parents of students, or the university itself that pay for off campus housing, so you may be able to charge higher rental prices.

Fewer vacancies: Again, the high demand for rentals in a college town pays off.  There are always new students and faculty members looking for places to live and fewer vacancies mean more competition and ultimately may allow you to get higher rental prices.

The area sells itself:  You don’t have to spend any time “selling” the area. It sells itself with the many attractive amenities that draw people to college towns.

 

Cons:

Tenant turnover:  With a large population of renters, comes frequent turnover.  Most tenants in a college town will be short term. They will live there until they finish school or get a new job and then they move on.  Most of these tenants will not want to sign long leases.  You must be prepared to accept a one year lease and understand that turnover will happen often.

Difficulty in finding tenants during “off season”: Fewer students attend college during the summer, so you may find yourself with a vacancy during the summer months. One way to avoid that is to have tenants sign a 12-month lease verses a 9 month (school year) or month to month lease. 

Excessive Wear & Tear:  College living is hard on property. Young adult students don’t always have a lot of respect for their living space.  Immaturity, alcohol use and parents footing the bill can all contribute to this lack of concern for your property.  Property damage is common and repairs often exceed the amount collected in a security deposit.  This is something to consider when renting to college students.

Time and energy: This is not a passive investment. You will need to be a hands-on property owner. Between the turnover, potential property damage and other issues that might come up (tenants being too loud, renters breaking leases), you will need to be actively involved in the rental process at all times.  If you are not up to that task, owning an investment property in a college town may not be for you.

http://www.desisowers.com/Blog/The-Perks-of-Retiring-in-a-College-Town

http://www.desisowers.com/Blog/Dont-Wait-Buy-Your-Home-in-2017

http://www.desisowers.com/Blog/Buying-Remains-36-Cheaper-than-Renting

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

The Perks of Retiring in a College Town

by Desi Sowers

 

 

 

 

 

It’s the twilight of your life, but you are ready to live it to the fullest.  Why not retire in a place that brings you back to your youth? College towns are abounding with amenities for retirees, including top-notch healthcare, good public transportation, and many free or low-cost things to do. And small college towns afford you a quality life at an affordable cost. Here's a look at some perks of retiring in a college town:

Free classes. College isn't necessarily expensive when you attend as a retiree. There are many colleges and universities that allow older adults to audit classes for free. For example, at regional public colleges and universities residents age 60 and older can audit college classes for free on a space available basis.  Follow your passion to study a foreign language, philosophy, history, or any other college class. See Lifelong Learning for links on admission and tuition waivers for regular college courses at Virginia Tech, Radford, New River Community College, or Virginia Western. In addition, The Virginia Senior Citizens Higher Education Act allows Virginia residents who are 60 years of age or older to take college courses at public colleges and universities without paying tuition, subject to the admission requirements of the institution. If your federal taxable income does not exceed $23,850. per year, you may take courses for credit without paying tuition.

Good hospitals. Many colleges have affiliated teaching hospitals or clinics that provide medical services to the community that you would otherwise have to travel to a large city to get access to. "The large schools often, particularly if they teach medicine, have a really good hospital with a lot of specializations," says John Howells, author of Where to Retire: America's Best & Most Affordable Places. These hospitals may provide cutting-edge medication and treatments and allow you to enroll in clinical trials. Carilion Clinic


 

 

 

 

 

 

Speakers and concerts. College towns often attract world-class performers, speakers, artists and musicians. You can enjoy small town life and still have access to the arts and entertainment that you would find a in a large metropolitan area.  In some cases, alumni and other members of the community can also get access to the library, lectures, plays, and performances for free or at a nominal cost.

Virginia Tech Events

Radford University Events

Sports. If you are a sports fan of any kind, you are likely to be able to find a game or match to watch in a college town.  Football, basketball, soccer and volleyball are just a few of the sports that you can follow in the New River Valley region.  Discounted tickets are often available for senior citizens. 

Affordable cost-of-living. Many restaurants and local businesses cater to people living on a college student budget by offering affordable services. Also, many college towns offer bargain real estate prices compared to similar towns elsewhere. Since approximately 20 percent of the population comprises students on limited budgets and another large percent is working as beginning teachers or support staff, housing prices aren’t likely to be bid up past consumers' ability to pay. Check out some of the homes at Desi Sowers Real Estate to see what is available in the New River Valley region.

Scenic beauty. Colleges are often built in picturesque settings, and they sometimes go to great lengths to keep the campus and surrounding community looking beautiful.  One thing that cannot be denied is the splendid beauty of the New River Valley Region. Nestled in the Great Appalachian Valley, it encompasses majestic mountain and pastoral views with uncommonly clear waters that support a healthy ecosystem.

Visit New River Valley to learn more about this appealing area.

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