College Woes: To Rent or To Buy? That is the question...

Recently, I have been apartmen/house searching in town for spring semester, and it has opened my eyes to how stressful it can be! From choosing roommates, negotiating leases or picking up subleases, it can be tedious trying to figure out where to live. Although my dream has died (for now) of becoming a homeowner during college, it has become extremely popular and profitable to buy a condo or house(or have your parents buy it), lease out the other rooms, and live there for free (or reduced rent!) Here are some tips on how to rent or buy without regretting your decision!

If you are renting:

1. Look early, so that you can receive the best deals! If you are renting an apartment, you usually have to pay for an application fee, security deposit, etc., but if you can find a sublease (to eliminate these fees) or if you are looking for deals from an apartment complex, start searching in January or February for the next school year. The offices are more likely to help you out with reducing or cutting these fees, because they have a quota to make!
2. If you live in the dorms during the school year, but you are searching for housing during the summer, look for a sublease. Students are more willing to give up that part of their lease, so they will pay for $50 towards the rent or offer other incentives. The later you wait, the better the deal you can receive!
3. If you were quoted a deal from a specific apartment office two weeks ago and you return to find out it doesn't exist anymore, don't back down from it! Apartment complexes are constantly changing their offers, and if they really want your business, they will work with you. If they don't, would you really want to have them manage your living space for an entire year?

If you are buying:

1. Find houses that will resell well when you graduate or decide to leave school. Look for houses in student-specific neighborhoods or houses in areas that can sell to young adults. With the housing situation now, it can take up to 6 months for a house to sell on the market, so you want to angle yourself in the right position for resale.
2. Many houses have been foreclosed in the past year. If you can find a foreclosure that is in your price range and your desired neighborhood, don't shy away from it! Usually, minor work is needed but it can be extremely worth it, profit wise.
3. If you don't have time to buy a fixer-upper, DON'T BUY IT! It is much more important that you live in a comfortable place, because you are a student first!
4. Find roommates through Facebook, Craigslist, or other places to defray your housing costs!
5. Remember that your mortgage payment does not include just your mortgage. It also includes taxes, HOA fees (if you live in a subdivision that takes care of the landscaping, etc.). So think wisely before you decide to buy!
   
6. Watch the Condos video below!