College area homes = smart investments!

In the last year or so I have been really noticing a higher interest in college area homes.  Many parents of college aged students are now catching on to what investors have known for years... area housing is key! Today about 8% the nations investment properties were purchased primarily for the owners college-bound students. There was just recently a great article on MSN that I read this week.

What does that mean to Myrtle Beach, South Carolina, the land of golf and sandy beaches? Well, in the Myrtle Beach / Conway area we have two schools basically right next to each other, Coastal Carolina University and Horry Georgetown Technical College. Besides a few dorms at Coastal, the main student housing area is private condos and apartment communities in the nearby areas. But get this! Condos and even homes are still very reasonably priced in these areas.  Here are some examples:

~ Carolina Pines, a 2 & 3 bedroom townhouse community within walking distance to class at Coastal. Rents average $800 - $1100, Sale prices $98,000 - $129,900.

~ Kiskadee Park at Wild Wing, 2 bedroom condos & 3 bedroom townhouses, new construction. Sale prices are between $149,900 - $178,485

~ Carolina Forest Community, multiple neighborhoods of single family homes, condos and towhnouses ranging from $149,900 and up. Sawgrass East, Walkers Woods, Avalon

Why buy housing for your children to live in while at school?

• - The cost of dorms can be higher than a mortgage
• - Your property can offer amenities not normally found in dorm environment 
•     (full kitchen, pool, private bath, garage)
• - Can help your children establish credit history, by being a co-owner
• - Can produce enough "rental" income to cover all costs! Especially if you get   
•      some roomates / friends that help pay.
• - You may be able to deduct mortgage interest, taxes, insurance, etc 

So if you are looking to buy an investment property or are looking to send your child to a Myrtle Beach area school please feel free to call or email me anytime!

Amy Whiffen, Realtor, GRI, SRES, e-PRO

RE/MAX Palmetto Properties

843-251-8358  Amy@AmyWhiffen.com