Forbes recently came out with an article stating the pros and cons of buying a condo if you are a college-bound student.
Boston (and the metropolitan area) ranked sixth out of 300 cities as best suited for buying, based on home sales price appreciation and its abundance of colleges and universities.
Sara Clemence, Forbes
…Jeff Groper, president of Bretton Realty in Brookline, Mass., near Boston University, says his office has seen a lot more families buying instead of renting apartments for their children, since interest rates have been so low.
“The kids are coming in with their parents and saying we want to spend $1,000 per kid to rent,” he says. If the parents are able to make the upfront commitment, he suggests they buy a two-bedroom apartment and bring in a roommate.
Recently, a father and his son, a freshman at Boston University, came into the office because the child wasn’t happy with his dorm, which cost about $800 per month, Groper says. The family spent $240,000 on a one-bedroom that could be split into a two-bedroom. With a roommate, the parents will end up paying less each month on housing costs.
“Through the course of the next four years, the property will appreciate, because it’s within walking distance of B.U.,” he says. “They will have saved $50,000. Even if they break even, they walk away having had free rent for four years.”
With thousands of students descending on Boston each fall, Groper says he gets calls from around the country from investors who would like to own in the area….
Complete article: A+ College Real Estate 2005
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