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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