The Pros and Cons Of A College Rental Property
Within residential rental property there is the college student rental subset that investors can consider. Rents can be higher with a college student rental but the turnover and turnover costs can also be higher. Whereas with a traditional rental property tenants sometime stay for years at a time, with college rental there can be new tenants every year. College rentals have consistent demand and can be recession proof. There are other pros and cons to consider when buying college student rentals as this article explores.
Pro: Higher Rents
Rents over all run higher for college student rentals and some of the reasons for that include: the fact that tenants may only be there for a year or less higher rents can be charged; college students can be a little harsher on their living quarters; overall demand for rentals close to a college campus are high in general; and students can join together to help offset the cost of renting a place. A four-bedroom house can house 4 students and even more when the students share rooms. An equivalent sized house in a non-university area will more likely be housing a family where one or two of the residents will be responsible for paying the rent and they have more options to consider.
Pro: Consistent Demand
So long as the rental property is located close to a well-regarded college or university there should always be demand from students for off campus housing. Many college rental owners start their ...
Median price for luxury homes ticked down slightly compared to July 2021. The quantity of homes sold and homes available for sale ticked up a modest amount. The average days on market a home spent waiting to get purchased did go up by 7 days. The fact that homes are spending some more time on market can reflect a trend that home sales are slowing down. In the alternative as people took an extra vacation in August to make up for lost time there just may have been fewer buyers in the market at the time. September's numbers will be better able to show if this is a trend of a shift towards the market becoming a buyer's market..
Home Prices Dip - Home price gains dipped a little as buyers in larger numbers started to sit out and wait it out in this very seller drive market. Sellers still have a strong market working in their favor though.
What Are Some Of The Common Causes Of A Delay In Closing On A Home?
When buying or selling a home the timelines set by the contract are an important factor. Getting inspections done in a timely manner, having appraisals done on schedule and going through the mortgage loan process means there are a lot of moving parts to the process for buying or selling real estate. This article explores some of the common delays and how they are dealt with.
Can A Home Inspection Cause A Delay?
A home inspection can cause a delay in closing for a number of reasons. If an inspection cannot be done within the time frame requested on the contract the buyer may need to ask the seller for extra time to get the inspection done. Especially in an active real estate market, home inspectors will be booked out in advance. The preferred home inspector may not be available nor might any other inspector be available. Home buyers should be taking account of this and make sure they are requesting enough time for the inspection.
Home inspections will also bring up issues that sometime need to be further explored by a licensed professional in that area. For instance, electrical, plumbing, HVAC issues are better diagnosed by someone trained and licensed to provide an opinion on the issue. Home inspectors are more generalists by nature when it comes to the overall condition of the home and usually will let a home buyer know they found something that may be of concern that should be looked into further.
All of the above can add time to the process. Buyers may be holding off on ordering an appraisal until after all inspection matters have been resolved. Since...