1. Need for Housing

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Pro

Literally everyone wants to have a place to live. A roof over your head is something just about everyone would list as a top priority in life. Yet homeownership in America is below 64%. So close to a third of the population still needs a place to live, and where do they find that place? A rental.

The need for housing will never go away. Some areas might get overcrowded, but there is always a need somewhere for more available living quarters. A huge bonus would be if you lived in or near a college town. Students are always looking for a good deal on housing, so if you are nearby to campus, you’re in business. For instance, if you were near Knoxville it could be worth consulting with West Knoxville real estate experts and looking for property nearby to invest in. There are around 8 colleges in the area, so no shortage of students looking for accommodation! You would need to check local university and college websites to see if they require anything specific from students or landlords.

Con

While just about every industry is hurt by a dip in the economy, people will still need a place to live. That isn’t to say that property investment is immune, there have been several real-estate market issues over the past 20 years. So do your due in knowing market trends before jumping in, perhaps consider consulting a real estate expert!

2. Control

Pro

Is anyone ever really in control? There are so many factors outside our control. As a property owner, you can take control of a number of things. You get to control things like rent, whether you provide any utilities or furniture, and who your renters are. This gives you a feeling of comfort and control that buying other investments can’t provide. Unless you own a large portion of stocks, your opinion is not going to matter to a company.

Con

While you are in control, that puts a lot of responsibility on your shoulders. You have to ensure that the apartment is a decent place to live, or it won’t be filled. You have to be responsible for repairs, insurance, and other fees. Owning a rental property comes with a number of costs, and you need to be prepared for that. Thankfully the experts at residential lettings doncaster can help you out if you are having difficulty getting started in the rental business.

3. Cost of Rent

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Pro

Like warm air, rent rises. Well, it usually does. That is a definite pro for property owners, as they can make more money off their investment. Raising the price of your rent will allow you to potentially see an increase in your cash flow, which is the whole point of investing, right? Seems like a win for the owner, although as a renter I can verify that increasing rent is not cool.

Con

Usually, when rent goes up there is a reason for that. It may be a higher cost on your lot fee or another unexpected fee. That seems logical, you get hit with a higher fee, so you raise the rent to compensate. The problem is that you aren’t actually making any more money. A very rudimentary example would be if you charging $900 a month for rent and your average monthly costs are $500, you are making $400 a month. If one month your costs go up to $600, you may raise your rent to $1000 monthly, but as you can see by doing simple math, the profit is still $400.

Note: These numbers are just figures and I am not claiming in any way they are realistic. There are a lot of costs and fees that go into owning property and this does not reflect those, these numbers are simply being used to prove a point.

4. Save Costs

Pro

As a property owner, you have the ability to cut some significant costs. If you are handy, you can do necessary repairs and avoid having to hire someone to do them. Even if the part is pricey, you are still saving on the labor costs. You can even help your tenant maintain their own washer dryer rental as to give them some independence as well as cover the cost of repairs and maintenance on those appliances without doing it yourself.

Many property owners hire a management company to handle this side of things for them, this can be a great way to have complaints, queries and any other property related qualms handled in one place and let’s you focus on other things. When things like repairs do arise, the management company will forward you a list of what needs doing, at this point you can decide to action the repairs yourself or get in professionals to do the job, which is the more common option when landlords have multiple properties. Doing a search online for property management near me can give you a list of suitable partners online, the decision of which one to go with will likely depend on the kind of properties they have experience with. So for instance if you own a flat or several apartments, you’d want to find one who specialises in these so that they have the right knowledge to aid in maximising your rental income.

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Con

The downside to this is simply that you will be spending more time at your property, Being a hands-on property owner isn’t bad, and many people prefer to do it that way. If you are already a busy individual, having to visit your property all the time is not going to help your schedule or attitude.

Property investment is a great way to go if you are looking for a solid investment to last over many years. If you are smart and do your research well property ownership could suit you very well. Some people buy a little house and rent it. Others build apartments. Regardless of the size of your property, it can be profitable if you invest the necessary time and effort into your investment.

The post 4 Pros and Cons of Property Investment appeared first on InstantELLA.

But now one big question comes to mind: where will you live? On campus or off campus is the question, which one is the best option for you? Should you choose on-campus housing or off campus? And what does that even mean?1

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Here are a few pros and cons for housing on campus and off campus from some student apartments for BYU-I housing, which can hopefully make the decision process a little easier.

On-Campus

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The definition of on-campus housing is that the housing is considered to be on the actual campus, the most well-known type of on-campus housing being dorms.

Pros

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There are many pros to living on campus, especially if you are new to college and this is your first semester. Also, a lot of on-campus housing includes a meal plan, meaning you won’t have to worry about cooking.

The first pro is that you are on campus, meaning you are close to all the amenities that campus offers such as the school cafeteria or gym.

Another is that you most likely won’t need a car because you will be within walking distance for most parts of the campus.

Cons

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One con that many attribute to on-campus housing are that the people who tend to live there are mostly first or second semester students, so there isn’t a lot of variety in age and experience.

Also, some may find concentrating a little more difficult due to a large amount of activity in or outside the rooms.

Another con is that most of the on-campus housing means having more roommates than some of the off-campus housing.

Off-campus

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Off-campus housing is most apartment complexes that are around or very near the school but are technically not in school housing. Some colleges even have an approved housing list, which differs from just the community housing for that city.

Pros

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The off-campus housing means a little more independence and freedom, which can give the student more opportunity to learn responsibility and accountability.

Off-campus housing can also offer a little more variety of students, as well as more freedom for activities and such.

Another benefit of off-campus housing is that it can sometimes offer the student more privacy than on-campus housing can, with opportunities for private instead of shared rooms.

Also, there are instances where off-campus housing can be a little more cost-effective than on-campus housing just because there are more price options to choose from.

Cons

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One of the cons of off-campus housing is that depending on where you live it can be more of a commute to campus and may even require a car.

Sometimes with off-campus housing, you may need to make a little more effort to get involved in social activities on campus.

Also, there may be times off-campus where the tenants may be more rambunctious and noisier than on-campus housing.

Even though there are pros and cons for both on-campus and off-campus housing, either way, there is a great option for you and your needs.

The post Off-Campus Versus On Campus: The Pros And Cons of Choosing Student Housing appeared first on InstantELLA.