As a parent of an incoming college freshman, you’re likely feeling the stress of how to provide your child with the best housing. While most students choose to live on campus, some parents make the decision to purchase a home near campus for the sole purpose of housing their student while in college.
I had a friend that purchased housing near the campus of Texas A&M. Freshman housing was limited, and they factored in the cost savings over the years of on-campus housing and food. Once their student graduated, they kept the home as rental property and still rent it out to college students each year as off-campus housing.
If it’s been a while since you purchased a home, here’s a refresher course on what you should do before, during and after purchasing a home so that your children will have all the comforts they need while at college.
1 Plan well in advance
One of the most important things to remember when buying a house is that it’s not a quick process. There are many steps involved, and you’ll need plenty of time to prepare for each one. So, the first thing you need to do is start planning well in advance. Give yourself at least six months to a year before you want to buy a house so you can correctly map out your plan and make sure everything is in order. This timeline includes researching neighborhoods, finding an agent, getting pre-approved for a mortgage, and finally finding the right home if you’re able to start sooner rather than later, even better! The more time you have, the less stress you’ll feel down the road.
2 Use reliable real estate services
To ensure that you’re using reliable real estate services, it’s essential to hire an agent who is in good standing with the local board of Realtors. A reputable agent will always do their best to find what your ideal home looks like and make sure they meet all of your needs before showing them to you. They’ll also be able to answer any questions or concerns about the buying process along the way – which can come in handy when things get stressful!
3 Get a Mortgage Quote
One of the most important things you need to do when buying a home is pre-approved for a mortgage. This will give you an idea of how much money you can borrow from a lender and help narrow down your search for the perfect home. To get Mortgage Quotes, you’ll need to provide your lender with some information like your credit score, debt-to-income ratio, and employment history. It’s also a good idea to get a mortgage quote as early on in the process as possible, so you have plenty of time to compare rates and find the best deal.
4 Research the best area for your needs
Once you have a better idea of how much money you can spend, it’s time to start considering the best area for your needs. Visit open houses in different neighborhoods and note which one makes you feel at home. If possible, speak with the people who live there so they can tell you what it’s like living in that community day-to-day – this is an excellent way to get first-hand insights! On top of finding out about amenities offered by each neighborhood, consider any potential issues or concerns such as crime rates or noise levels.
Buying an off-campus property can be an exciting time – but it’s essential to keep in mind that there are several things you’ll need to know and do during this process. So plan well in advance, use reliable real estate services, get pre-approved for a mortgage and start researching the best area for your student.