Once your student graduates there’s a steady supply of students each semester in need of housing. And the school employs a large staff and will always have visiting faculty in need of temporary housing. If you don’t have an interest keeping a second home that far from your primary residence, the real estate can be traded with a 1031 exchange for property closer to your home
Talk to your accountant, your attorney and your student about this investment option and then contact The Mennie Group ® to begin your search for that perfect home away from home for your college bound child.
This decision depends on whether or not you think your student will be up for doing Home ownership items such as exterior maintenance, lawn care, etc. Often a condo suits the student life the best since most college students won’t be Interested in mowing the lawn in their free time. You will be paying a Homeowner’s Association fee at a condo or townhome in order to cover these maintenance items. This Will increase your cost but will insure that these maintenance items are done.
Please contract a mortgage loan representative to discuss the best options for financing your new property.
Even though the potential roommates are typically close friends, it is a good idea to Have a written rental agreement with roommates. The roommate rental agreement should cover all the items typically found in a residential lease such as: Term of lease, Rental Rate, Security Deposit, Utility payment agreement, Pets, Parking restrictions, and Notice to vacate.
It is necessary for you to talk to your accountant and attorney to determine the Ownership method that works best for you. Some parents will buy as owner occupied Property; others will treat it 100% as a rental property for additional tax benefits. There are many ways of holding title, including creating a Family Limited Liability Company (LLC)
If you decide to have your child on the mortgage and deed, you can help your child establish credit prior to making a mortgage loan application by obtaining a credit card in The student’s name, preferably a year prior to your purchase. In addition, if the student has a car it is a good idea to have a small loan on the car in the student’s name which can also help their credit rating.
A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there. This is about more than real estate.
It is about your life and your dreams…and we’re here to help!
Different by Design- The Mennie Group takes a different approach to real estate, one that’s built on personal touches, win-win deals and positive results.
Through the use of the latest technologies, market research and business strategies, The Mennie Group leverages all of it’s assets to meet and exceed your expectations. With years of experience and an unsurpassed dedication to success, we know real estate!
How We Can Help- First off, we’d like to thank you for starting your real estate search with us. This website is full of information that you’ll find helpful, regardless whether you are looking to buy or sell.
After you’ve had the chance to review this information, contact us so that we can give you a little more insight into how we can help meet your real estate needs.
Avalon Avalon Park is an 1,860-acre neighborhood located in southeast Orange County, nestled beside the serene, natural surroundings of the Econlockhatchee River. Avalon Park has 240 acres of wetlands, 400 acres of upland preserve, 250 acres of man-made lakes, walking/biking trails and a pool with cabana located in the center of each neighborhood village.
Development principles are based on New Urbanism planning concepts, which emphasizes human-scale communities in which traditional-style neighborhoods are within easy walking distance of the town center to foster an improved quality of life for residents of all ages.