Homes prices in Richmond Virginia ,especially condos, are good buys right now. A 4 BR room house can house 4 students or better yet a condo may be just the thing. 2 or 3 students can live comfortably and have access to a kitchen and can study with out going to the library. Condos are being priced competitively around 125-225,000 near VCU.Houses are priced around 150000-300,000.
Sellers are more reasonable and buyers have great interest rates and good inventory from which to choose. Builders are giving many upgrades and pricing nicely for a good return in a few years. The market is not going to stay down for long and your students still have to go to school ,as well as other students in the years behind them. So you have built in buyers or rental property for ever.
There is no time like the present to buy a home, second home, or possibly a condo for that College attendee. Ask about crunching the numbers and how they work for buying a condo or townhouse in a city of universities.
Your future graduate can save on room and board if you get the right property. Roommates can help pay the mortgage. Parents or students will often come out less in debt. The condo appreciation can cut the education debt of a student in 4-6 years.(i.e. medical students, law students, or graduate school).
For years foreign students parents have been buying condos for two or three brothers and sisters attending the same university. 600 a month per student is Lot better than 1200-1800 for the price of room and board.
The condos near Virginia Commonwealth University are very industrial,( less worry about damage,concrete counters bamboo wood floors and brick walls. This is what the kids want.They are near school and with in walking distance of the school hangouts. A bike is all they need, save on cars and car insurance.Parking is a real problem at the school and also has a cost. A good old fashion walk is healthier.
Condo pricing numbers work , usually saving the parent at least half of the housing cost of an average student.Apply those savings to education bills. Let other parents save too, and let them help pay your mortgage.
Many Universities only guarantee 1 year in dorms and they still are expensive. So Think about an investment in real estate, to offset you education costs.
Main street have always been less risky than Wall street.
Wanda Fears ABR CRS GRI
Long and Foster Realtors
804 909-2777 ....cell