Triangle Area Real Estate News & Information

A new study by HomeUnion found that student renters in Chapel Hill and Durham are paying considerably more for housing than those in other parts of the country. The study found that the median price to rent home within a two-mile radius from UNC right now is around $1,700, which is typically much more than market value. Most students prefer to live off-campus, largely because the cost of campus housing is simply too much for what you get in return. With the start of the semester right around the corner, it’s crunch time for many students to find a place to live if they haven’t already.

Imagine if you could avoid the stresses of finding a place to rent altogether. If you’re looking to spend a few years in the Triangle Area, it could be very worthwhile for you to buy as opposed to rent during your studies. Here are some of the biggest benefits to owning a home while in school.

The Expenses Are Fixed

Rental rates in Chapel Hill and Durham continue to rise as the area becomes more and more popular. With so many great schools nearby, the Research Triangle Park, and the high quality of life many find here, that’s not likely to change anytime soon. By purchasing a property, you’ll have a fixed rate and will know what to expect month-to-month for the next few years. This makes budgeting for your time at school much easier.

It Can Help You Find Stability

Many students move around more in their college years than they will in their entire life. From one residence to the next, then back home for the summers, stability is a luxury that not many students can enjoy. By buying a home, not only will you not have to bounce from place to place each year, but you can also find a place that you sincerely enjoy.

You’ll also have somewhere to store all of your stuff from year to year, rather than renting out a storage locker or bringing it all home with you.

It’s Financially Rewarding

Instead of paying for someone else’s mortgage, you could be building your own equity. If the home appreciates in the coming years, then you’re in a really good position to sell when you’re finished with school, and use that money to buy a home more suited for the next stage of your life. Alternatively, you could keep it as an investment property, and continue to rent it out to other students.

Another big benefit to buying a home is that, if you buy a home with 2 or more rooms, you can rent out the empty spaces to your friends and classmates to help cover the mortgage. In some cases, savvy student buyers have even been able to cover the cost of the mortgage in its entirety by doing this.

It’s A Great Life Experience

When you buy a home, you become a homeowner. If you choose to rent some of the space out, you then become a landlord. Both of these roles come with responsibility, which might sound daunting but can be so worthwhile in the end. As a landlord, you could come across some awkward situations with your renters, but learning how to deal with these situations will help you grow. Plus, you’ll have some first-hand experience at investing in real estate before many of your peers. Both of these are highly valuable life skills that you’ll appreciate having later on down the road.

If you’re curious about paying for a home when you’re a student, we can get you in touch with our preferred lenders. Have a question or comment about buying instead of renting in Chapel Hill and the Triangle Area? Send us a message online or leave us a comment below!