• Attention College of Charleston Parents –INVEST in a condo FOR LESS THAN DORM RENT!

    Attention College of Charleston Parents –INVEST in a condo FOR LESS THAN DORM RENT!,Debbie Faires

    Did you know that the average cost of a dorm room at College of Charleston is $1600 a month? And that is PER PERSON!!! What I bet most parents don’t know is that instead of throwing that money away on dorm rent, you can buy a condo in downtown Charleston for less. Much less. But wait – there’s more! Many of the condos downtown are designed with college students in mind, and most have three or more bedrooms to accommodate roommates. The average going rate for a room in a shared house in downtown Charleston is around $900-$1200 a month per person. Let’s say you purchased a home with 3 bedrooms for $300,000  - if you put 20% down, your monthly mortgage payment would be around $1000 a month at current interest rates. (I’m just using round numbers here – there are several properties available for more and for less and the interest rate and down payment will vary by case, so don’t hold me to these numbers!) Still, no matter how much these costs might vary, it’s easy to see that not only would you save money every month, but if your college kid has a roommate – or two – the roommates would basically pay your mortgage for you! Another bonus to this plan is that if you include your child as at least 25% owner, you get the reduced resident tax assessment of 4% instead of the usual 6% for non-residents. This adds up to thousands of dollars in tax savings every year. To top it all off, imagine including your college-age kid in the buying process from start to finish – what an incredible real-life learning experience this provides. All this, and in the end, you have an investment property in beautiful downtown Charleston!  If this is something you’d like to know more about, please give me a call and we’ll discuss options that suit your particular situation and find out how much money you can save by investing in a Charleston property! CLICK HERE to search for properties.

    Read More

Categories

};