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
Amy, I purchase housing for my children. They have both left school. My son lives in his home still, but my daughter transfered to Boston, leaving her condo vacant and the mortgage with her co-signers, mom & dad. I agree with all the positives in this scenario, but I'm living the negatives. Visit my blog : My Kids
http://activerain.com/blogsview/267994/My-Kids
Thanks Drew.
Ouch Mark! That is the negative to investing in housing, make sure you have a good lease agreement and hold your tenants / children liable if they break it. Investing is business not charity. I am sorry for your situation though.
Chase has a new program that offers a loan for parents to buy a home for their college student, and it is considered a Second Home, NOT an investment property. Second home rates are the same as primary residences!!.. There is also the same option for people that are buying a home for their parents.