Buying a townhome for a college student can be a smart financial move that offers numerous benefits for parents and students. Besides ensuring your child has safe and reliable housing near their college campus, one of the most significant advantages is to potentially save money on housing.
How could buying vs. renting be the more affordable option, you may wonder? Investing in a townhome for your child can save you money in the long run compared to the cyclical costs of renting or moving each year. Instead of pouring money into temporary housing arrangements, investing in property provides stability and the opportunity to build equity over time – for you AND your child.
We love the townhome option instead of a single-family home because it’s a great size for your college-age child, but still has enough space for them to have roommates. Townhomes are less upkeep than a traditional home, which is perfect for busy college students who may not yet be used to living on their own. Sometimes townhome communities, including some at Eastwood Homes, even come with amenities or lawn maintenance. By purchasing a townhome near their college campus, parents can ensure that their child has a secure and consistent living environment throughout their academic journey.
In addition to being a convenient option for your child, owning a townhome allows for the possibility of collecting passive income from roommates. Many college students opt to share housing expenses by renting out extra rooms to classmates and friends. Not only does this help alleviate the financial burden on the student and their family, but it also teaches valuable lessons in responsibility and money management if your child is “in charge” of collecting monthly payments. Paying rent this way can be a win-win for both the parent and the roommates. This “rent” will likely be more affordable for your child’s roommates than renting from a stranger, and this additional income can help contribute towards mortgage payments to reduce the overall cost of homeownership for parents. In addition to generating passive income, living in a townhome for multiple years of their collegiate journey saves you and your child the money they may have spent on moving each year.
You may be wondering, what am I going to do with this townhome when my child graduates and potentially leaves their college town? The good news is that if your townhome is well taken care of and convenient to nearby colleges, there are always going to be more students looking for housing. Rather than selling the home when your child moves out, parents can capitalize on the investment by continuing to generate rental income from local students or even selling it at a higher value down the line. This long-term strategy can provide a source of passive income for years to come and serve as a valuable asset in your family's financial portfolio.
Purchasing a townhome for your college student offers the potential for significant net income over the years. Historically, real estate tends to appreciate over time, especially in desirable locations near college campuses. By the time the student graduates, the townhome's value may have increased substantially, resulting in a profit for the parents. This appreciation can offset the initial costs of purchasing and maintaining the property, making it a lucrative investment in the family's future.
While purchasing the townhome for your child and deciding to sell it or continue to rent it out is one option, you can also help your child build a real estate portfolio by using a Kiddie Condo Loan. The Federal Housing Administration designed this loan to help young adults buy their first home. It allows you as the parent to co-sign the purchase, and your child will share in ownership of the home. This can be a very smart option to help set your child up for success, and with a low down payment of 3%, it can also make the purchase more affordable.
Luckily for our parents looking to invest, many of our Eastwood townhomes are local to various colleges and universities. If your child is currently attending or looking to attend one of the following schools, then one of our townhome communities could be a fitting option for investment!
For students attending college in this charming and historic city, Eastwood Homes offers two townhome communities within commuting distance. With The Landings at Montague a little less than 30 minutes from downtown Charleston and The Bluffs at Pinefield Townhomes just 20 minutes away, both of these communities provide an escape to the heart of the city while still being close enough to the action. The Landings at Montague will feature 53 townhomes with a pond in the heart of the neighborhood. Located off Hwy 52, with other major highways nearby, your child could enjoy nearby shopping and dining in the Goose Creek area. The Bluffs at Pinefield townhomes feature a stunning new collection of Charleston-inspired, three-story townhomes with attached, one-car garages that are a short drive to boating, sailing, and swimming on the Cooper River.
Located less than 5 miles from campus, Brookdale Village Townhomes are a convenient option for students of the University of North Carolina at Charlotte. The townhome community is adjacent to a shopping center with conveniences such as Harris Teeter, Starbucks, restaurants, retail, and more, including the new Farmington area with more stores and eateries to come! Harrisburg Village Townhomes is another great option at only 11 minutes away from the university. At Harrisburg Village, your child would be able to enjoy the dog park, paved trail, playground, pool, and cabana!
Kensington Place Townhomes is located just outside of Columbia in Lexington, which makes it an easy commute to the University of South Carolina. Your college student could enjoy restaurants, shopping, recreation, and entertainment just minutes away. Kensington Place Townhomes also offers a maintenance-free lifestyle, giving your child more time to devote to their studies and extracurricular activities.
Attenborough Townhomes is local to both Clemson University and USC School of Medicine Greenville, making Eastwood Homes a convenient choice for more than just undergrad students. This townhome community offers an outstanding location less than one mile from I-85, restaurants, and shopping, and it’s just a short drive to iconic downtown Greenville – all while being within 10 minutes of both campuses.
Both the main and downtown campuses of the University of Richmond are 20-25 minutes away from Watermark Townhomes in Chesterfield, VA. Floor plan options include up to five bedrooms, making this community perfect for multiple roommates. Planned amenities consist of a 200,000-square-foot town center with shops and restaurants, a luxury clubhouse with a state-of-the-art fitness center, an Olympic-sized swimming pool, tennis courts, and recreation fields, ensuring your child is well taken care of while away at college.
Highland Park Townhomes in Durham is situated just 5 minutes from North Carolina Central University, with Duke University at only a 12-minute commute. This community is located in one of Durham's most sought-after areas, just off Fayetteville Road and only minutes to I-40, The Streets at Southpoint, and Research Triangle Park.
Both located about 20 minutes away from Furman in Simpsonville, SC, Riverbrooke Townhomes or Fairview Village Townhomes could easily become your child’s future home. At Riverbrooke Townhomes, your child will be only three miles from I-385 and I-185, restaurants, shopping, and other conveniences, and a quick commute to Greenville's zoo, parks, downtown area, and the airport. Fairview Village is less than one mile from I-385 South, and both communities offer multiple bedrooms, perfect for roommates or overnight visits from the parents!
Although The Enclave at Traditions Townhomes is a 40-minute commute from NC State, the amenities and perks may make the longer drive worth it to your student. With a pool, clubhouse, playground, volleyball court, amphitheater, and included lawn maintenance, your child may never want to leave except to go to class
Located only 16 minutes away, Harbor Crossing Townhomes is the right choice for your child attending the University of North Carolina Greensboro. This luxury, beautifully landscaped townhome community is convenient to everything Greensboro has to offer – minutes away from shopping, dining, and recreational sports, while also being five minutes from Lake Brandt which offers fishing, trails, boating, kayaking, canoeing, and paddle boarding. Your student will love the Smart Home features and great location!
With so many options to choose from and many reasons to consider investing in a townhome for your college child, Eastwood Homes is a no-brainer for your child’s housing needs and your future real estate endeavors. With our convenient locations near several college campuses spanning multiple states and the quality of our townhome communities, Eastwood Homes offers excellent choices for parents looking for safe and comfortable living environments for their college students. Invest in Eastwood Homes and provide your child with the perfect home away from home during their college years, as well as an addition to your real estate portfolio for years to come. If you are ready to start your search for a townhome, contact our team to schedule your appointment!
With a town motto of, “My Home Town,” the residents of Youngsville, North Carolina believe anyone can find a sense of belonging in this charming small town. With three Eastwood communities located in Youngsville, we’re sure you can find the right home for you. Nestled in the rolling hills of North Carolina, Youngsville serves as an example of the enduring charm of small-town America while embracing growth and welcoming modernity. Because of its deep history and proximity to the Research Triangle region of North Carolina, Youngsville proves to be a great place for professionals to settle down or for parents to raise children.
Eastwood has multiple townhome communities in the Lowcountry region, each of these locations offers different benefits to homeowners so let’s break them down!
Eastwood has multiple new construction home communities and each of these locations offers numerous benefits to homeowners. So let’s explore some of the most sought-after single-family homes for sale in Charleston, SC
