It's that time of year again. Time for high school seniors to find out which college town they will be departing for. Many of those teenagers will be heading for Davis, California...home of the University of California at Davis. GO AGGIES! Well students and parents...it is a cool little town.
It happens to be pretty safe and compact. Not the most affordable (or architecturally/topograhically scenic) town, but very nice just the same. You can get to the campus via bike or bus from any corner of the town (it's technically a city but you wouldn't necessarily know it when visiting). It may have some asthetic challenges, but as for a real estate investment...it is a beauty.
This time of year, I get a lot of inquiries from parents looking at home prices and considering the cost/benefit of purchasing an investment property versus paying for four years of housing. There are lots of factors to consider.
Will your child be coming home during summer?
How will your child feel about living in a different place and moving every year?
How do the tax advantages of purchasing an investment property effect your current financial situation?
Presumably, your child will be here for at least four years, right? The stability might be a nice plus. I had a client who purchased such a home and then when the child graduated, presented the home as a graduation gift (including a huge chunk of appreciation!).
Not everyone can afford to do that, but some do. Homes in Davis start around the high $200ks for a condo, $300ks for a halfplex, and $400ks for an older home. A newer home will be in the $500ks. Roommates can help offset the mortgage.
I'm always a little sentimental when talking with parents about their kids' housing needs. It must be really difficult to know you've done your job and now it's time to push them out of the nest. Maybe that's why when my kids are ready for college...i'll be looking to buy a soft little nest for them to land in. Feel free to call, email, text or respond to my blog if you need help with Davis housing.
Best regards,
Lori Prizmich, Realtor
tel.: 530 845 3325 (cell)
fax: 530 231 2988
lori.prizmich@pcgagents.com
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