“Kiddie Condos” – Investing in Ann Arbor Real Estate to House Your College Student
It’s that time – sending your child off to college comes with many stresses, but one of the largest is what to do about housing. In Ann Arbor, student housing can range from $500 to $1,000+ a month for an apartment rental. This is just for the living space, utilities and other amenities handily increase the expense. This begs the question – is purchasing Ann Arbor real estate money better spent. A recent study by Cyberhomes.com ranked Ann Arbor as the third BEST place among those it catalogued nationwide to buy a single family home versus rent similar lodging. The example compared a $1,235 (including taxes) mortgage to a $1,605 rent for a similar sized unit. Kiddie Condos are not for everyone, you should weigh the cost/benefit analysis as it relates to your personal situation. There are great opportunities to title the property to minimize homestead taxes and maximize tax write offs. If the equation is feasible financially, you’ll need to weigh market opportunities.
The Toth team sells many Liberty Lofts units to parents that are looking for a safe home site close to campus with a professional atmosphere. Pending your needs there are many viable options. Considering the current Ann Arbor real estate downturn, there are also many deals to be obtained. Many very nice, professional units are out there at a reduced cost for the savvy buyer. So yes, Ann Arbor real estate IS a viable option. At the same time don’t forget to consider these important factors:
- Financial feasibility
- The real estate marketplace
- Property holding time if necessary
- Managing potential roommates or third party renters
- Expectations of your child for property management
- Social aspects affecting your child
- Where will your child be happiest?
- Four year carrying costs versus that of an apartment or dorm
- Summertime tenants
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Kathy Toth & Team: Ann Arbor Area Real Estate Experts
Keller Williams Realty
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September 15th, 2008 at 4:32 PM
[...] Awesome 5th floor penthouse (Ingall’s Floorplan). This unit has it all, spectacular views of Ann Arbor, bamboo hardwood flooring, a loft that can be used as a second bedroom or a study, and entirely stainless steel appliances. The gas fireplace accents the full length windows to create the romantic fantasy of red wine and soft music, topped off with star gazing through the skylight in the loft. Make this your escape. Association dues include on site workout facility, storage unite, bike rack, water, sewer, trash, heat, common area maintenance and building insurance. This unit has the lift system for parking 2 cars in the heated garage. For other post on LIberty Lofts. [...]