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Rent vs. Buy? A thought for Buffalo area college students and their parents

By
Real Estate Agent with Realty USA - Amherst/Clarence

A family member recently moved here to attend the State University of New York at  Buffalo Law School.

Being a realtor and knowing the area very well, she asked me to help her find a small apartment. She was tired of living in dorms and with roommates so we did not check out any University housing. 

First of course, I checked the Multiple Listing Service to see what was listed.  There were some nice condos and apartments for rent, but the rent was higher than she could afford.   Next we checked the classified ads in the newspapers and were surprised to find only a few apartments in the area that she wanted to be in and in the price range.

Then we scoured the "Apartment Finder" magazine that is always available at the Supermarket.  There were several choices in there that we are going to check out, but the rent still seems too high for a College student on a budget with loans. 

Next, we decided to check out "Craigs List."  There we  also found a few possibilities.  I just have to wait to hear back from the owners to set up the appointments. 

As we were coming to the realization that she might have to spend more for an apartment than she wanted, I decided to take out my real estate calculator and find out if it would be feasible to actually buy a small condo, and still pay the mortgage, association fees and taxes.  It turns out that we could probably BUY for about the same amount as rent or less!  HMMM..... something to definitely think about!

Buying would definitely be a great investment because at least she would be accumulating some property equity and tax advantages instead of throwing her money away on rent.  And with the condo being near the University, she could always rent it out if she decides to move out of the area or possibly make some money when she sells it in the future.  If she gets a 2 or 3 bedrooms, she can also rent out a room or two and that would help her pay the mortgage. 

Of course we are just starting our search and we will look at all posibilites, but for anyone considering getting an apartment in the University area, buying is definitely an option to look at.

 

For more information on Buying vs. Renting, please contact me at buffalorealtor@gmail.com

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