Have a student who will be attending the University of Central Florida? Then, no doubt you have been studying the costs of housing and meal plans! It can be mind blowing. I took a quick look at the annual housing rates on a 4/2 unit and added the cost of a meal plan (Knight’s Plan) and it looks like many of you will pay $1138.35 per month — amazing! And that is money that won’t be yielding any return on the investment — unless you hope your kid will support you some day!!
Now, consider this…purchasing a 3/2.5 townhome within 15 minutes commute of UCF in the sought-after Avalon Park area, with 10% down and with the monthly mortgage split 3 ways (your kid and 2 roommates), the monthly P&I could be covered for as little as $500/month per person plus food. Does your kid eat more than $600/month in food? If not, this might be a great alternative for you to explore! Save money, build equity, create a unique environment for your child. Hmmm…
May 4, 2007 at 7:15 pm
Debra, I’m glad you decided to do this site. Since I live over in E. Orlando as well, I know you have a ton of things to discuss.
This whole idea of buying rather than renting for students makes a TON of sense. Good info, keep it up.
May 4, 2007 at 8:36 pm
Thanks!
Don’t forget to stop by the “Absolutely Avalon” event on Saturday from 5pm-9pm at the Avalon Town Center! This event always draws a big crowd.
July 2, 2007 at 7:51 pm
Consider other costs. Taxes, utilities, insurance, homeowner fees, maintenance, upkeep and repairs. Do local ordinance allow for multiple tenants?
July 3, 2007 at 7:21 pm
Hi Jerry,
Seems many decisions boil down to a cost versus benefit analysis. For the right situation, it can be a tremendous experience for a young adult. Yes, there are other costs to consider, along with the maturity of the son or daughter involved and the “college experience” the parent is attempting to create. I have a number of very positive stories from people who have taken the plunge and made the investment work well for them and their child, with a nice ROI at the end of the four years.
Each community/home owners association will have it’s own by-laws as it relates to tenants so it is important to work with someone who understands the area and the various associations in play.
Thanks for your comment. I welcome further discussions at any time.