Why rent? Purchase a condo or house and rent out additional bedrooms to your child's friends. It works very well. My name is Steven Carter. I am a 25+ year real estate expert with RE/MAX of Boulder and the market leader in parent/student real estate purchases near CU.
I have created this web site specifically for University of Colorado parents that would like to explore the opportunities to purchase housing for their child instead of paying rent for the 3-4 years the child is attending CU.
You will soon be faced with the decision to rent off-campus for your child. Properties near CU currently rent for $800 to $1,400 per bedroom, plus utilities. Leases are 1-year in length and typically go from August 1st to July 31. Over a 3 year term, your out of pocket rent expense will be ($28,800) to ($50,400), not including the $25-$100 rent increases each year.
Most parents begin to consider purchasing a property instead of renting when their child calls and says: "We found a great place for rent. We need to sign a lease right now or it will be gone. My portion will be $1,200 per month and the security deposit is $1,800." The parent's typical response is: "Wow, $1,200 a month for rent! We could buy a place for that."
You are correct!
By purchasing a property near CU and renting to one or more roommates, your cost will be much less than renting. If you can purchase with cash, your child will live rent free and you will have a positive cash flow each month.
If you can't purchase with cash, you can obtain a low interest rate loan with 20-25% down payment and the rent paid by the roommates will substantially lower your monthly housing cost.
The Bonus: Market Apprecitation!
With current market appreciation, it is very possible to pay for some or all of the child's tuition costs of attending the University of Colorado after 3 and 4 years.
Here is an example of what market appreciation can do using a $350,000 condo purchase:
|5% Annual Appreciation
|10% Annual Appreciation
|15% Annual Appreciation
Please call or email me to discuss your needs or to answer any questions. I am happy to provide examples of what the numbers would look like given a certain price range or distance from campus.
Contact Me At:
Steven Carter, MBA, ABR, CRS, GRI
RE/MAX of Boulder
2425 Canyon Blvd. #110
Boulder, CO 80302
303-441-5613 Direct Office
Jason and I can’t thank you enough for your assistance. You have gone above and beyond to make this purchase happen, and we appreciate your continual willingness to share your knowledge and experience with us – as well as your patience as we navigated the process. You’ve been a tremendous resource.
4 years ago you recommended that we purchase a property in Gold Run. We couldn't be happier! You helped us purchase it at a great price and now you have sold it quickly and without any complications. We are so pleased. Our son was able to live in a fantastic property and the proceeds from the sale (over $100k) will be used to help him purchase a house in the future.
We were so blessed to find you.
John and Pam (California)
**www.CU-BoulderHousing is not affiliated with the University of Colorado. It servers the parents and students in their need to find off-campus housing after their freshman year.