How Palmer Chiropractic Florida Students And Parents Can Buy A Home And Save Money!
November 10th, 2007 Categories: Daytona Beach Real Estate, Port Orange Real Estate, Volusia County Schools
Many parents have called us who have wanted to invest in a piece of Port Orange Real estate for their sons or daughters attending Palmer Chiropractic Florida. They look for something close to campus for their college-bound offspring. With great prices and historically low rates it’s preferable to shelling out apartment rents.
For Palmer Chiropractic Florida students, a Port Orange house or town home/condo can offer greater freedom, a choice of roommates and great amenities. For parents, it offers a chance to recoup some of the costs by collecting rents for each room occupied by roommates. It is not uncommon to recoup $500 – $600 per room from students who want to rent a room. Rents normally cover mortgage and taxes.
Buying a Port Orange home or town home still beats paying thousands each year for student housing or renting. You can deduct the mortgage interest, property taxes, insurance and a percentage of utilities and maintenance (if you collect rents) on your income tax.
The benefits according to Lori Smith, HSBC:
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a student does not have to have income
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the co signer must qualify and can be a non occupying resident
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both the student and co signer (usually parent) can be on the deed.This helps the student, as co owner, create a credit history
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If the student is working and generating taxable income, they can accrue some tax benefits that they wouldn’t get if they were paying rent.
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If the student lives in the Port Orange home or town home they could exempt the capital gain if they lived in the home for 2 of the past 5 years before the property is sold.
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You will want a property you can afford that won’t be ~ hard or costly ~ to sell after graduation. Buy low now and sell high!
If you are a Palmer Chiropractic Florida student or parent and have decided to buy instead of rent, call us for a consultation before taking the plunge.
Marty Gagliardi 386.316.5968
Janis Gagliardi 386.299.2798
Mike Gagliardi 386.316.5967
My Chiropractor here in Maryland is a Palmer College of Chiropractic. He loves me, I go once a week. I see a similar trend here where parents will purchase homes as an investment for their students and collect rent from their friends. Many put their son or daughter in charge of the property which provides a great learning experience for them. It also gives them a glimpse of the real estate market and business in general.