Shopping For Single Family Homes In College Towns
Living in a college town can be great fun. Most college towns have more to offer than the average town of a similar size when it comes to entertainment, culture, dining, and more. Colleges bring in varied business interests and the students contribute to local organizations, community theaters, and more as they go through their studies. In other words, they can be great places to buy single-family homes, live, and raise a family.
When it comes to finding single-family homes, however, college towns can present a bit of a challenge to prospective buyers. Especially if you aren't familiar with the community. Here's what you need to know.
Shop for Single Family Homes Away from the College
While it may sound fun to live in an area close to the college, the truth of the matter is that home prices in this area are usually larger than the average home values in the community.
There's a simple reason for that.
These properties are prime real estate for investors who want to rent them out to college students. In fact, what many investors do is go into the home, divide the bedrooms into smaller rooms, and rent the property to anywhere from six to eight students.
Unless you have an abnormally large family or are familiar with the area around the college, you could wind up paying far more for this prime real estate than it is actually worth.
Pay for a Thorough Home Inspection Before Buying
Single-family homes in college towns can be ideal investments. However, if the price sounds too good to be true, there might be a good reason. Hire a professional to come in and complete a thorough inspection and make your offer price contingent upon what is uncovered during the inspection process.
This gives you some negotiating room if you find something concerning during the inspection. You may be able to get the home for a lower price or convince the owners to pay for repairs. Make sure you work with a professional and be there on inspection day if possible, to discuss what the inspector discovers while it is fresh on the inspector's mind.
One final piece of advice is to take a little time to get to know the college town where you are exploring single-family homes for sale. This will give you an opportunity to learn about the different communities within the community, various school districts, and points of interest for you and your family so that when the time comes, the single-family home you choose is just right for you.
For help finding out more about single-family homes, contact a local real estate agent.
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