Purchasing a UT condo for your student can be a great investment, but the stability it creates for them may be worth even more.
With the Fall Semester coming up, we’ve recently had several people ask us about buying a condo near the UT campus for their incoming freshman to live in. Most people are attracted to the potential cost savings (and rightfully so), but there are several other advantages to purchasing near UT instead of leasing:
1) Looking for a place to lease is time consuming, confusing, and generally miserable: most students who lease move yearly. Pre-leasing often occurs in the middle of the Spring Semester, and it can be very stressful on the student. Being a full-time student can be stressful enough; it can make it worse to not know where you’re going to live. Leasing on campus moves fast. The good places go fast. Often times, we find students scrambling around after finals just trying to find something that’s still available for lease.
2) Lease prices are subject to change: Rents have been going up. We have had people contact us and ask for advice because they got a lease renewal notice, and their landlord was trying to raise the rent by $600/month! Unfortunately, there’s not much recourse here, as the landlord can set the rent at whatever he/she thinks they can get. That can mean seriously downgrading the quality and/or location of where the student lives, and often in the middle of their college career.
3) Moving is the worst: I don’t even know which is worse — looking for a new place or moving. If you’re living in a new place every year, that means you have to move at least four times during your tenure. Moving weekend in the campus area is chaos; moving trucks are everywhere (and more expensive than usual), freight elevators are full, your furniture doesn’t fit the same, it’s hot, and moving expenses really add up. If you own, you can relax on moving weekend. Not having to move often also helps you keep friends who own trucks.
We have had several people buy condos on campus for their kid(s) to live in while attending, and they have all been happy with their decision. We know about the different areas, complexes, and amenities for the campus area extremely well. Financing a condo can be very tricky, especially if your real estate agent isn’t familiar with condos. We have excellent resources in the lending field who can assist with getting a loan, and we are condo experts who are well versed in looking for red flags, examining HOA documents, and giving you advice to help you make the best decision for your situation.