Its almost that time of year again when new incoming Graduate students get accepted into Nova Southeastern University here in Davie Florida and they start their search for living arrangements . Many people consider buying a condo near the college campus which is a more sound investment when you will be living in the area for the next 3 – 4 years. There are many communities to consider when buying a condo for sale near NSU depending on price, overall location and the buyers method of payment either by cash purchase or financing the condo.
Condo Communities Near Nova Southeastern University
There are too many communities and options to consider when buying near Nova Southeastern University college campus , some of them include Royal Grand Condominium , Sundance at Davie, University Park Residence, Courtyards at Davie and Rolling Hills Condos. They all are all unique in different ways based on price, year built, proximity to Nova Southeastern University, square footage, design and much more.
Renting Verse Buying Near NSU
When you compare what it will cost to rent near the college campus it makes the decision much easier to decide to buy for the long run with market rents ranging from $1200.00 – $1300.00 for a 1 bedroom 1 bathroom condo / apartment, and 2 bedrooms 2 bathrooms ranging from $1350.00 – $1500.00 not including utilities when added up over 4 years it works out to a lot of wasted money. If you rent from an apartment complex you pay additional for Water & Trash which averages $100.00 per month, Yearly increase in rent is another 3-6% from most apartment complexes. If you rent from a Condo community Water & Trash Is included and average increases are about 2.5% per year increase.
If you took an average 2 bedroom starting today at $1425.00 and renewed your lease over the next 3 years your rent would be somewhere around $1650.00 per month not including Water & Trash , Utilities including Cable / Internet and Electricity so by the last year the total expenses for a 2 bedroom in an Apartment community would cost about $1950.00 per month, Ouch…
Some of the positives to purchasing is that you own the place , you can make alterations and repairs to your liking, you have no worries of being forced out by your landlord during finals and or exams. Most people who buy generally find 1 roommate and they end up paying for most of the expenses year after year including Maintenance fees which range from $276.00 – $320.00 per month, property taxes hover around $2000.00 – $2400.00 per year and lets not forget about electricity and cable internet which will cost you about $200.00 – $250.00 per month. With average rooms for rent costing about $650.00 – $750.00 with utilities this should cover all of your expenses expect mortgage payments .
What about a return on investment you might ask?
Lets take 4 years of your child’s rent expenses with an average of $750.00 per month which will total $9000.00 every year then times this by 4 years which totals $36,000.00. If you save $36,000.00 over 4 years by having your child almost live for free in your own property its almost like making 5-6 % on your investment and not including the increase in value over the next 4 years on the property.
Now there is no guarantee what the market will do over the next 4 years but because Nova Southeastern University is growing every year I expect overall demand to increase year after year which will increase market rent, increase in prices for condos that are nearby which is a sure investment compared to wasting rent money year after year.