Alternatives to On-Campus Housing
   
 

Increasingly as families look for ways to offset the growing costs associated with sending a son or daughter to college, they are looking beyond scholarships and grants that aid tuition costs. More and more parents are considering alternatives to the high cost of on-campus housing.

One option to consider is the purchase of a residential home. This web page will help you determine the benefit of buying a home as an alternative to on-campus housing.

First: Click here to see houses available in the surrounding area of Colleges in our area.

Second: Click here and enter the “List Price” of the home in our mortgage calculator to compare your monthly payments to on-campus housing.

This will help you assess the best housing opportunities for your student.

A student home investment has many advantages:

  1. You build an asset rather than pay an expense. Even in the current economic times, a carefully considered home purchase will gain some value over time.

  2. You or your student earn the tax advantages that come with home ownership, such as mortgage interest deductions, the current first-time home buyer tax credit, real estate tax deductions and others. Naturally, you should consult with your tax accountant to determine which tax advantages may occur with your purchase.

  3. Additional roommates can offset all or a significant part of the mortgage payments and other costs.

  4. Your asset can be sold following the student’s graduation with possible gains in equity.
   
 
Below are a sample of On-Campus Housing costs for the Colleges and Universities in the Charlotte, NC area
Low
High
     
UNCC (University of North Carolina @ Charlotte)
$3,466
$5,572
Belmont Abbey College
$5,766
Queens University
$5,400
$7,200
Davidson College
$5,231
 
*The above information is based on the 2009-2010 academic year rates as published on the respective school’s website. The figures are for only the housing or room costs for one year consisting of two semesters and do not include “board” costs such as meals, laundry, phone services, and other fees. These will vary by school. For more accurate figures, please contact the individual school.
   
 
(Click here to contact the Garibaldi Realty Team for more detailed information and assistance)