As your student begins their journey at any of Savannah's college campuses; be it SCAD, Georgia Southern or Savannah State; one of the most pressing concerns is housing. Savannah’s rental market is competitive, especially near downtown campus areas, and securing affordable, high-quality student housing can be challenging. But have you considered buying a property for your student instead of renting? Investing in a home near campus can bring long-term benefits, including financial savings, stability, and potential equity growth—all while giving your student a place to call home.
Savannah College of Art and Design students enjoy a rich campus that covers the expanse of beautiful downtown Savannah
Why Buying Makes Sense for College Students
Financial Benefits Over Renting When you rent, monthly payments go towards someone else’s investment. With a mortgage, however, your monthly payments build equity, creating a nest egg that grows over time. Savannah has a strong real estate market, and properties in areas close to college campus locations often see steady appreciation. This can turn your investment into a valuable asset by the time your student graduates.
Creating a Stable Living Environment Unlike typical rentals, which may require moving year after year, purchasing a property provides a stable residence throughout your student’s time in college. This sense of permanence can be comforting for students navigating the demands of college life. It also allows you to customize the space to suit your student’s needs, from study spaces to art studio setups.
Income Opportunity Through Renting If you purchase a home with multiple bedrooms, your student can rent out extra rooms to classmates. Not only does this help offset the mortgage payments, but it can also foster a sense of community and support for your student. Managing roommates may be an excellent introduction to personal finance and responsibility as well.
Potential Tax Benefits Owning property can provide certain tax benefits, such as mortgage interest deductions and property tax deductions. While tax regulations vary, consulting with a tax advisor can reveal how these advantages might make buying even more attractive financially.
A Future Investment Even after your student graduates, your property could remain an asset. Whether you keep it as an investment rental property or decide to sell, the purchase can offer you financial flexibility. Savannah’s growing appeal as a historic city with a strong rental market means your investment will likely maintain strong demand.
Key Considerations When Buying for Your College Students
Location, Location, Location: As an example, SCAD students often need access to specific campus facilities, so choosing a home in proximity to SCAD buildings is key.
Home Type: Condos and small multi-bedroom homes can be especially beneficial as they typically require less maintenance and allow for shared living arrangements with other students.
Safety and Community: Choose a neighborhood with a reputation for safety, and consider gated communities or condo associations that offer added security features.
Is Buying Right for You?
Purchasing property for your student is a significant investment and may not be the best fit for everyone. But if you’re considering it, I’d love to discuss how to make this idea a reality. As an experienced agent here in Savannah, I specialize in matching buyers with properties that meet their unique needs—whether it’s for student housing or a long-term investment.
If you’re interested in exploring properties for your SCAD, Georgia Southern, or Savannah State student, please don’t hesitate to reach out. Let’s make the investment work for you and your family.
For more insights on the Savannah housing market and advice on purchasing real estate for college students, reach out to Nicolette Leasa, Associate Broker at Realty One Group Inclusion.