Get Excited About Cheap Condos For Your Student
According to the University of Michigan the estimated budget for Fall/Winter 2010-2011 (September – April) for student housing (room only) is $5424 with an additional meal plan being $3500.
For the cost of a tiny shared dorm room, which is equivalent of a monthly payment of $452, a parent could buy a home of $77,600. That price would include a thirty year fixed mortgage at 5.75%. Of course there would be insurance and taxes on a home that would increase this payment monthly.
What can $77,600 possibly buy in the Ann Arbor area? How about a two bedroom one bath condo with 768 Square Feet of living space, a balcony, and all the appliances for only $49,000? The monthly payment on this condo would be $285.95 with a thirty year fixed rate mortgage of 5.75%. Is there one available at this price? Yes there is, on the bus route and on Packard Street, a quick trip in to the University of Michigan campus.
But Thats Not All! There are homes in good repair that are available for a slightly higher price that are still in the budget you have planned for your student. You could end up saving money by purchasing a home! If you bought the two bedroom condo in Ann Arbor, and paid $285 a month on the mortgage, add a little on to cover the cost of insurance and taxes, then let your student rent the other room to her best friend, you could let your daughter’s best friend’s parents pay for your daughter’s college housing! You could write off expenses on your taxes and much more. Check out our page on Buying VS Renting. When the time comes, and your student graduates, she may decide to stay there longer, or you can sell the home, or continue to rent it to other students.
There are many great homes in this price range, including a two bedroom, two bath townhouse for only $51,000.” NICELY REFINISHED HARDWOOD FLOORS THROUGHOUT LIVING ROOM, DINING ROOM, KITCHEN, AND ALL BEDROOMS. FRESHLY PAINTED WITH MANY UPDATES. ASSOCIATION FEE ($389 PER MONTH) COVERS PROPERTY TAXES, ONSITE MANAGEMENT, AND WATER FEE.” This includes a finished basement, a washer and dryer, and a backyard! How cool is that!
Contact Steve Wickland today for your Ann Arbor Real Estate needs.
