The enticement to invest in property downtown on the Charleston peninsula often is not simply the allure and mystique of owning a historic home. The 7.6 square miles that make up the central, downtown district includes the College of Charleston, Medical University of South Carolina and Charleston School of Law. Therefore, the need for affordable student housing in Charleston SC is great.
College tuition skyrocketed tenfold from 1980 to 2010. Parents and students look for ways to cut cost, purchasing used books, and looking for used furniture on Craigslist. While student housing costs are on the rise around the country, the average College of Charleston room and board is $9,998.00 per year. That is over $39,000.00 for a typical 4-year education.
Students and their families are pushed out of on-campus living due to housing shortages and are forced to look for rentals. To help defray the cost of off-campus lodging, some parents are purchasing properties to rent out to students and eventually make a return on their investment.
What if you could take the largest college expense and turn it into a financial gain? Why not invest in Charleston real estate with a buy-and-hold strategy?
Here are some reasons why this can prove to be a sound financial strategy:
Write it off
Remember this investment can also be a valuable tax write-off on several fronts. Landlords are given a variety of opportunities to write off investment property expenses. Some of these include mortgage interest, some insurance premiums, property taxes, property depreciation, property management costs, settlement costs in year one and maintenance & repairs.
Continuing Education Times Two
What if, at the end of four years, your child already had a great line of credit, knew how to maintain a household and understood how to build wealth through real estate along with an academic degree? Going through this journey with your student could be the most rewarding reason of any to invest in your child’s college housing. Not only will you save thousands, but you will also instill life lessons that most of us never learned in college.
An Asset for the Future
Of course one of the biggest advantages to investing in your child’s college housing is when it’s all over, you still have an asset. You can opt to sell at the end of four years. Charleston is a sought after city where real estate continues to increase in value. You also have the option to keep the investment and continue to cash flow it while other students pay down your mortgage and build your wealth. And, if you’re really feeling gracious, what better graduation present could you imagine? If not you have a second home or vacation home in the #1 City in the U.S. (Conde Nast Traveler 2014).
Note: Real estate opportunities in this city are endless and Charleston is one of the top places to invest in real estate. Our team of property and investment specialists include experts in renovations and property management. Let our team of realtors guide you through the process of investing in Charleston's array of real estate options. Start your search for the right investment property now ...
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