Wednesday, April 23, 2008

Industry Insider - Help Your Clients Beat High Student Housing Costs

Dear Friends,

Help Your Clients Beat High Student Housing Costs

No doubt you have clients whose children will be attending college this fall, where room and board for 2007/08 averages $8,595 for private universities and $7,404 for public institutions, according to the College Board. Often, these expenses now exceed the cost of tuition.

As your clients’ real estate professional, why not have them weigh the pros and cons of purchasing a house for their college-bound student instead of paying for rooming costs, which continue to climb about 5% a year?

Real estate in college towns is resilient. A survey by OnBoard, a real estate information company, showed that housing prices in 17 of the 25 first-rate college towns they surveyed appreciated relative to their state markets in 2007. College towns appeal not only to students, but to university employees, retirees (especially academics) and professionals attracted to a collegiate environment.

Help your clients identify which of their child’s top college choices are in low-cost real estate towns that are also seeing rising student enrollments and a shortage of dorm beds. and are two good online sources to begin this search.

If your clients are ready to push forward — after they’ve done their cash-flow and rate-of-return calculations on their projected investment — ask them, in particular, if they’re ready to be landlords:

* Do they have the time or resources to care for the property?

* Is their college-bound student ready to assume the responsibilities of a rental manager, which could include finding responsible tenants?

* Are they familiar with the local housing and rental laws?

Give your clients the 101 course on investing in college town real estate. Like their prospective college-bound children, your clients will learn the best decisions are reached when they have all the facts.

On Your Team
Jeffrey Stanton
Your Trusted Advisor For Life

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