Does It Make Sense to Buy a New Home Before You Sell?

Does It Make Sense to Buy a New Home Before You Sell? from Kay Frenzer-Zeeh

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Advantages of Buying a Condo

After many years of living in a single family home, many people begin to consider condominium ownership as a good alternative for their changing needs. 

Condominium living in an urban environment is significantly different than the big home in the suburbs. 

It can be the perfect option for young singles who are free to spend their time as they like and for older people thinking about shedding their big home in the suburbs.

If you’re shopping for a new residence, consider the many advantages of owning a condominium:

No Maintenance

If you are moving from a single family home, you are fully aware of the time and money this type of housing requires. High rise condos allow residents to avoid the long weekends of grass mowing and gutter cleaning, so you can spend more time doing the things you love. Maintenance expenses for the condominium are included in your regular monthly or quarterly condominium fee, so you can budget your money more easily.

Shared Amenities

Many condominium lofts and apartments have swimming pools, exercise rooms and clubrooms that are shared in common with other residents. The expense and maintenance for these items are included in your fees, so that you and your guests can enjoy them completely trouble-free.

Close to Urban Excitement

Urban condos are close to restaurants, theaters, shopping venues, museums and other activities, so that you can spend more time enjoying yourself and less time getting there. High rise condos are often located near city centers, which provide many opportunities to participate in civic events, such as holiday festivals, farmer’s markets and specifically- scheduled activities.

Easy Transportation

Urban condos also allow you to access public transportation easily; so that you can get anywhere you need to go. Buses, taxis, subways and walkways are easily accessible and provide cost-effective transportation throughout the area.

For Young Professionals

The purchase of a condominium puts young professionals in the middle of urban activities. These residents often spend long hours at their jobs and don’t have time for long commutes and maintenance. A condominium in an urban neighborhood allows them to easily meet with friends and enjoy all that the city provides.

For Retirees

For older people who have raised their families and now look forward to more freedom in life, the urban condominium can mean increased recreational opportunities and chances to get out with friends more easily. Maintenance expenses for the condominium are included in condominium fees, which make budgeting retirement income easier. Access to public transportation means that you don’t need a car, which can be an important feature for those who can no longer drive.

A Good Investment

Condominiums tend to hold their value under most market conditions. Many people look to condominium living for a variety of reasons, and the number of condominiums that are available tend to be limited. In some cases, condominiums can also provide rental income. For these reasons, your condominium purchase is likely to be a good investment for years to come.

The right condominium can add new dimensions to your life and can make life easier and more enjoyable for people, both young and old.

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

A Few Red Flags to Watch for When Buying a Home

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When you're buying a home, it's not feasible to have an inspection done on every home that you tour, but it's important to know about any potential problems before you make a commitment. The same principle applies when you're considering a downtown high rise condo.

Homeowner's Association

It's essential to know what the HOA is like before committing to the sale. Each homeowner's association has different rules and a board that makes decisions regarding homeowner's rights.

One way to learn about the HOA is to get copies of the minutes of recent meetings. Some HOA's are more flexible than others. Make sure you understand what improvements or changes you can make to your property that don't conflict with the HOA.

Fees Included in the Price

Most buyers looking for downtown condos to buy calculate what they'll pay for their mortgage but don't always consider additional fees. When you buy a condo, you have to pay a monthly fee that may include:

• Landscaping
• Maintenance of common areas
• Master insurance
• Snow or refuse removal

What most buyers don't know is that the monthly fee isn't the same for every tenant. If you buy a condo that's assessed at a higher rate than some others in the building, your monthly fee may be higher. When you're signing the contract for your condo, the fees must be itemized and included in the contract. The monthly fee may change if the owner of the building plans on making upgrades. If there's a high delinquency rate, the fees may be raised.

Out of Pocket Maintenance and Repairs

It's customary to take out a homeowner's insurance policy when you buy a downtown high rise condo. The HOA fee in many cases includes a master insurance plan that covers damage to the building. Even though some states don't require separate insurance apart from the HOA fees, it's a good idea to have a policy to cover damage to personal items.

Rates of Delinquency

If a substantial number of homeowners in a building are delinquent in paying their HOA fees, it may not be possible to be approved for a mortgage. The same rule often applies when a large number of residents in a building are renters rather than owners. Even if you have a superior credit rating, the building may be considered an apartment building and your mortgage could be denied.

Telltale Signs of Damage

When you're inspecting the condo you want to buy, make sure to look for recent paint jobs in one area or peeling ceilings that could indicate water damage. Check doors and windows to see that they open and shut as they should. Check electrical outlets and fixtures and look for signs of mildew or mold. It's best to contact a home inspector to check out the condo thoroughly before you sign a contract.

The Appraiser's Role

Your lender will have an appraiser inspect the condo to make sure that it's worth the asking price. Buyers have the right to look at the appraisal. Sometimes, the appraiser may make not of potential issues that the buyer should know about before signing the contract.           

If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

An Overview of the First-Time Home Buyers’ Tax Credit

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Planning to settle in a new place? Interested in buying urban condos? If this is the first time you will be buying a home, you need to take note of certain things. First things first; you need to save money for your down payment and other subsequent payments. You also have to consider other government compliance requirements.

But did you know getting a new home is a lot easier than before? Can you believe the state and federal government provide plenty of grants, which makes the entire home acquisition process trouble-free and uncomplicated? What’s more, tax credits and similar options are afforded to many first-time home buyers.

Tax Credit for First-Time Home Buyers

Did you know you can avail of tax credits and federal or state grants? These social legislation measures are aimed at making life easier for people seeking to buy a new home for the first time. If you haven’t purchased a home yet but is planning to acquire one for the first time, these measures set in place under the law can help you afford the payments to your first home.

Do you consider yourself as a first-time home buyer? If you answered “yes” to all these questions, you may be qualified as one under pertinent social legislation:

• Have you owned a home during the 3 years immediately preceding its purchase date?
• Are you a single parent who never owned a home under your name?
• Have you only owned a home together your spouse?

In addition, a displaced homemaker who only owned a home together with his or her spouse may be qualified as a first-time home buyer; this also includes a person who has built his or her home without observing the appropriate building regulations or has not affixed his or her home to a permanent foundation.

Are you wondering what benefits can be derived by such individual? For those who qualify as a home acquisition first-timer, they can avail of special tax holidays like tax credits or refunds or other special benefits or grants from the government. With these privileges, the dream of having a new home becomes closer to reality.

Are you familiar with the Home Mortgage Interest Deduction program of the Internal Revenue Service? This is one of the many tax benefits, which can be enjoyed by people who meet the requirements to be recognized as a first-time buyer. Here, the IRS allows these individuals to deduct the interests paid to lenders against the tax liabilities due.

Another tax benefit that is available to first-timers is the Deduction of Points/Loan Origination Fees. The aggregate amount of fees paid for the home mortgage can be applied as a deduction to any outstanding tax liability. In addition, first-timers can also avail of property tax deductions.

Contact the Professionals

If you don’t know much about the goings-on in the real estate business, it pays to ask the professionals. For everything you need to know about urban condos, it is highly advisable that you speak with the professionals. With their knowledge and experience, they can help you look for the best condo unit that suits your needs and fits your budget.

If you are looking for a condo to buy in Tempe, Scottsdale and Phoenix, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Does the Buyer or Seller Hire the Appraiser?

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People in the market for downtown Phoenix condos often seek information on getting a real estate appraisal on their potential new home. As with other property, the fair selling price on Scottsdale condos is determined by a real estate appraisal.

What Is an Appraisal?

An appraisal is intended to be an unbiased estimate of a fair price for a property. First, the appraiser visually inspects the property, noting such features as location, condition, number of bedrooms and bathrooms, extras like a garage or pool. Measurements and photos are taken and the physical report completed. A less complete approach called a drive by appraisal involves the appraiser driving by the property and then researching real estate records; it is not accepted by most lenders.

After a physical assessment is done, the appraiser determines value by using sales comparisons, cost approach or both. The sales approach takes into consideration recent sales of similar homes in the area using standard formulas to account for such differences as size variances, fireplaces, mudrooms or garages. The cost approach, on the other hand, uses local building costs and labor rates to figure out how much the house would cost to build. The most common type of appraisal is the Uniform Residential Appraisal Report (URAR), which combines the sales and cost approaches.

What is a Real Estate Appraiser?

A real estate appraiser is a licensed contractor usually hired by the lender. Knowledgeable about real estate, an appraising professional knows how to evaluate properties, such Phoenix condos, on the basis of neighborhood, housing trends, physical condition and a host of other variables that go into determining the current value of a home. To get a fair appraisal, it’s best to hire a professional who works with a number of lenders so that there is no conflict of interest.

What Is the Purpose of an Appraisal?

Mortgage lenders generally require an appraisal because they will only loan an amount of money in line with the property’s appraised value. With the high price of homes and condos in today’s marketplace, it’s important to ensure the loan is paying for a home worth its selling price. If the appraisal comes in below the amount of the sale, either the buyer must put more money down or the contract must be renegotiated to account for the lower value.

Who Pays for the Appraisal?

Because the lender is requiring the appraisal, it’s usually the buyer who pays the bill. In most sales, the lender orders the appraisal, the buyer pays for it and then the lender takes a close look at the appraisal itself before approving the mortgage. While drive by appraisals cost less than complete property appraisals, they are often not accepted by mortgage lenders. If the home doesn’t appraise for the agreed upon selling price, the buyer may ask for a second appraisal from a different appraiser. Appraisals are usually paid for at closing, and you should be sure to keep a copy for your own records.

Exceptions to the Rule

In a few cases, sellers may be expected for the appraisal. For instance, in FHA-insured mortgages, the seller or mortgage lender is expected to foot the bill for a second appraisal. Because the real estate business is built on endless negotiations, a bank or other lender can feel free to allow a seller to pay for the appraisal.

If you are looking for a condo to buy in Tempe, Scottsdale and Phoenix, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Family-Friendly Fare in Phoenix and Scottsdale

Scottsdale and Phoenix are extremely family-oriented cities with many of their attractions and restaurants aimed to please children as well as discriminating adults. Whether you live locally or are visiting, here are some suggestions for your family entertainment pleasure.

McCormick-Stillman Railroad Park

7301 E Indian Bend Road, Scottsdale

This 30-acre amusement park has a 10,000 square foot Exhibition Hall that is filled with electric trains, toy trains, model sets, and train memorabilia, Admission is free, but there is a donation box if you’d like to help to build new displays. The Railroad Museum features a Pullman dining car that is fully restored with vintage decorations to give you an idea of what it actually looked like.

A special Train was donated by Guy Stillman, who had a chance to sell it to Walt Disney but kept it in Scottsdale. It runs an approximate eight-minute ride around the park and even has a Cattle Car that kids love cramming into. You can also ride on a historic 1950s Carousel. There is a traditional playground and another designed to look like an Old Western Town with a Bank, a Jail, a Stagecoach and a Gold Mine.

MacDonald's Ranch

26540 North Scottsdale Road, Scottsdale

This is FREE and offers pony rides around the grounds for the children, a petting zoo with miniature horses and other animals, cowboy cookouts, learning to lasso, play horseshoes and ring toss, and photo ops that can be taken in front of a Saloon and General Store.

CrackerJax Family Fun & Sports Park

16001 N. Scottsdale Road, Scottsdale

This is 28 acres of fun and excitement. You can get a wristband that entitles the wearer to four hours of unlimited rides, go carts, bumper boats, laser tag games, and miniature golf. There is an extra charge for the batting cage, driving range, and bungee dome.

Phoenix Children's Museum

215 N. 7th Street, Phoenix

In the Art Studio, children can create art projects and paint a castle, the Book Loft is for reading books, the Building Big space is for building houses and forts, the three-story Playscape is for climbing, tricycles can be ridden through a car wash, there is a play market and kitchens, and Desert Delights displays Arizona painters.

Beckett's Table

3717 E Indian School Road, Phoenix

The restaurant has a special kids menu of sliders, mac and cheese, pasta with red sauce or butter, grilled chicken skewers, PBJ with no crust, a hot dog, or a quesadilla. Kids plates come with fruit or fries, a beverage and a cookie.

The s'mores plate has squares of perfectly roasted marshmallows, small squares of graham crackers, an artistic swirl of creamy peanut butter, and chocolate covered bacon!

Chelsea's Kitchen

5040 N 40th St., Phoenix

A kid's menu features grilled cheese, mac and cheese, a fish plate, chicken tacos, and special creations like "Little Monkey" pancakes and PB&J sushi rolls. They give everyone free chocolate chip cookies with sea salt on the way out!

If you reside in downtown Scottsdale, perhaps in one of the stylish Scottsdale high rise condos, and you have guests with children that want to be entertained, you have an excellent selection of activities and restaurants to present to them. Have fun!

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Everything You Need to Know About Title Insurance

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If you’re looking at downtown Phoenix condos, you may want to become educated on the basics of title insurance. Purchase of a policy at Scottsdale condos closings can save you from a multitude of potential legal and financial issues that problems with the title search to your property could cause.

What Is Title Insurance?

Anyone purchasing Phoenix condos should have a title search performed before closing, as more than one-third of all title searches uncover a problem that can and should be resolved before purchase is completed.

After your sales contract has been accepted, a title researcher will examine public records to scout out any problems with the title, a process which involves reviewing several years of real estate records. This search is intended to make sure the property actually belongs to the seller, that he is free to sell it and that it can be transferred to you at the time of closing free and clear of any other liens. However, title searches may miss serious problems, so homeowners should take the step of buying an owner’s title insurance policy.

Potential Problems With Property Titles

Title problems range from fairly minor to potentially disastrous. A title search may reveal, for example, that the previous owner had failed to pay property taxes or had minor repairs done and had not paid the contractor. It may even be found that the seller doesn’t really own the property, that the home is part of a conflicting will or actually belongs to undisclosed heirs.

Why Buy Title Insurance?

Although a title search should technically uncover any problems with the title, there are cases in which a problem is accidentally missed or is not in the public records. Purchasing an owner’s policy of title insurance will help protect your purchase from the fallout of these unforeseen problems. The policy is purchased at closing for the amount of the real estate purchase and is in effect for as long as you or your heirs own the property.

What Kinds of Issues are Covered?

Owner’s title insurance covers a broad range of potential problems, ensuring that your title company will stand behind you, even covering legal defense if necessary, if a title problem arises after the title search is done and you have bought your home. Common issues include forgery, undisclosed heirs, omissions/errors in deeds or mistakes in examining records during the title search. If you’re in the market for Phoenix condos, check on how this insurance is requested and how it is paid for in your area, as it is not an automatic part of the closing process.

Title Insurance and Refinancing

Refinancing of downtown Phoenix condos is considered a new loan and involves a new title search to ensure full protection of your real estate investment. However, if you bought owner's title insurance at your original closing, the policy should still be in effect for as long as you or your heirs own the property.

Title Insurance and New Homes

Even if you build a new home, you are unlikely to be the first owner of the undeveloped land. There could be many prior owners, and could possibly be liens against the property. Any prior builder or subcontractor who was not paid could place a lien, and purchasing an owner’s title insurance policy will cover any possible problems and associated legal fees.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

Shopping for Homes in Every Season

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There is much debate as to whether any particular season is better for purchasing a home. Potential buyers in the market for downtown Phoenix condos might want keep a couple of things in mind as they browse the tempting array of Scottsdale condos currently for sale throughout the seasons.

Generally, the housing market wakes up as winter ends and along with it the annual sales and inventory lows of December and January. People start looking seriously in throughout the end of winter and early spring, with peaks of search activity in March and April, slight dips in May and peaks in June and July.

Winter

For buyers, winter can be a great month to purchase a new home. During the holiday season, far fewer people are out looking, giving you a better chance to snag one of the Scottsdale condos of your dreams. With less buyers to deal with, realtors can be more flexible with their schedules and have the time to really get to know you and understand exactly what you’re looking for. Incredibly, the best day of the year to buy a home is actually Christmas day: sellers are more inclined to be feeling generous, fewer other buyers are out looking and home prices are at their 12-month December low.

Spring

In spring, flowers push up towards the sun and the housing market blooms with scores of new listings and for- sale signs. This could be the perfect time to scout around for downtown Scottsdale condos. Everyone is looking for a deal, and the market is flooded with inventory, more than at any other time of year. Spring brings a lot of activity because both buyers and realtors are glad to be back out after the long winter, and a purchase in spring can mean a timely move after school is over. Amazingly, Easter Sunday is the second best day of the year to buy a house. However, spring isn’t always the best month for buyers, as the competition for properties is high, meaning multiple offers may cause you to pay more than you planned for Phoenix condos.

Summer

The housing market continues to be strong throughout the summer, with listings tailing off a bit towards the end of the season. Often, people who are relocating want to be sure they’ve sealed the deal and closed on the home in time to move and get their kids settled before starting a new school in September. There’s plenty of inventory, but, as in spring, prices tend to be higher and there’s lots of competition for desirable properties, which could mean a stressful bidding war. Homes look their summer time best, with colorful shrubs and flowers and plenty of friendly neighborhood bustle.

Fall

Autumn brings falling leaves and falling inventory, particularly toward late November, but early fall is the busiest season next to springtime for home sales. Buyers are often looking toward tempting autumnal benefits. Property taxes and mortgage interest are both deductible from gross income, providing tempting year-end tax breaks, and the season’s temperate weather is perfect for moving. Many realtors have found that autumn’s buyers and sellers tend to be more serious and motivated, unlike the “window shoppers” of spring.

Whatever season brings you within reach of your ideal home, always remember to stick to your budget and only make an offer that you can reasonably afford. Getting prequalified for a mortgage will enable you to act quickly if you find the Scottsdale condo of your dreams.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

How to Know When You Are Ready to Buy a House

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Owning your own home is one of the prime goals of most adults in America. However, the events of the recent mortgage crisis also taught buyers to avoid jumping into a home purchase too quickly. 

Owning a house has many benefits, but it also comes with many responsibilities. Potential homebuyers should take a close look at a number of factors before making the move into home ownership. These factors can help you decide whether to look at single-family homes or downtown Phoenix condos to suit your needs.

Financial Readiness

Before considering purchasing a home, you should do a careful review of your financial condition. You should have a steady income with a minimum amount of personal debt. If you have outstanding debt, such as student loans, car loans or other indebtedness, try to pay it off before making your home purchase. Check your credit score to ensure there are no unpaid bills on your record. Your credit score should reflect your ability to pay bills reliably so that lenders will offer a good interest rate.

Consider How Long You Expect To Stay

If you plan to stay in the area for at least five years, home ownership provides better financial incentives than renting. However, the costs of financing, moving to, furnishing and decorating a new home can add up quickly. It will take at least five years in a new home to make up for these expenses. If you plan on staying in the area less than five years, it may be more financially savvy to continue to rent for the duration.

Willingness To Take on Maintenance

Home ownership also brings along with it the need for regular maintenance of exterior features. The thought of constant home maintenance chores can deter individuals from making this investment. They may not want to spend time and money on lawn care, roof maintenance and other issues.

After-Tax Cost of Ownership

Potential homebuyers should also look at additional expenses that affect the cost of home ownership. Taxes and insurance premiums can be expensive in some areas. If you are trying to stay within a budget, consider these expenses, as well as tax benefits that will accrue from home ownership.

Lifestyle Factors

Individuals who own a home generally spend a great deal of time at home. They may enjoy being away from crowded urban areas and want a large home for entertaining and houseguests. However, other people enjoy the hustle and bustle of the urban scene, and tend to spend their leisure time away from home at the theater and in restaurants. These individuals may find that a Scottsdale condo or Phoenix condo better suits their social and leisure tastes.

Real Estate Market Conditions

Another factor that can influence your ability and timing in purchasing a home is the local real estate market. Prices can vary greatly within one area or even one city. Different types of housing can also vary in price. The value of condominiums in many urban areas can often be much more stable than housing in outlying areas. This trends makes Phoenix condos or Scottsdale condos worth considering for many homebuyers.

If you are looking for a condo to buy in Tempe, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/

What Is A Brownstone?

The brownstone is a type of apartment or condominium that harks back to construction style that was popular in the early 19th century. As the middle class grew in America, they wanted something more than the plain wood or brick facades often found in residential construction. The brownstone offered a charming but affordable elegance that has lasted to the current times. Brownstones are just one of the many styles of buildings found in downtown Scottsdale. The area has experienced rapid growth and a variety of Scottsdale high rise condos are available.

The Traditional Brownstone

The authentic brownstone rowhouse was first found in the eastern parts of the United States, with some in Chicago and other areas. These homes were built as single-family, multi-floored residences, but they were later broken up into separate apartments, which then became popular as condominium homes.

The rich, chocolate-brown stone is a type of sedimentary sandstone, found in a number of areas of the country, but most famously in Portland, Connecticut. Quarries were found near avenues of water transportation, which made them cheap and convenient for building. Also, the dark sandstone was easy to carve into elaborate designs, which made it a popular choice for builders. However, the term "brownstone" was soon used to describe any multi-level rowhouse construction, whether or not it is made of the original brownstone material.

Popularity of Brownstone Condominiums

Since their introduction in the 1800s, brownstones have had varying popularity. The original brownstone material was soft and unsuitable for the rigorous winters in the Northeast. The sandstone was subject to flaking and required considerable maintenance to preserve its appearance.

Even with this drawback, brownstones have enjoyed a surge in popularity, as people recognize the value of historic construction and the graceful styles of bygone ages. Today, renovated brownstones in many parts of the country garner high prices in the real estate marketplace.

Brownstone-Style Homes in Scottsdale
Scottsdale is one of the most rapidly growing areas in the country, with a wide range of homes, condominiums and apartments being constructed to fill the growing needs of the community. Many new residents arrive from other areas of the United States and want to settle in residences that remind them of their former hometowns.

Recognizing this trend, builders have been constructing condominiums that are similar in styling to the old brownstones of the East and Midwest without the need for renovations. These structures have none of the drawbacks of the old construction materials, yet provide the urban feel and sense of history of the traditional architecture style.

Urban Living in Scottsdale

Scottsdale, Arizona is the perfect place to settle because it combines an urban feel with greater convenience for residents. Downtown Scottsdale offers walkable pedestrian areas, retail shops, restaurants, art galleries and variety of nighttime entertainments.

The Scottsdale Center for the Performing Arts provides a range of cultural activities throughout the year. Scottsdale warm year-round weather allows residents to congregate outdoors in a number of venues. For urban living at its best and activities for every taste, Scottsdale high rise condos offer many advantages.

Living in the heart of the city gives one access to variety of retail stores, restaurants and night time entertainments. If you are looking for a place to buy or rent in Scottsdale, Phoenix and Tempe area, We Know Urban Realty can be of great help. Visit site: http://weknowurban.com/

Student Housing or Tempe Condo for Your ASU Student?

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Your baby is all grown up and ready to head off to ASU in Tempe, Arizona. Among all the other decisions that must be made, it's important to remember that housing can seriously affect how a student performs in college.

ASU's policy is, "All first time freshmen students (defined as students who have compiled fewer than 25 hours of college credit) are expected to live in Arizona State University housing on the campus where their academic major is located for the entirety of their first academic year."
However, roommate disputes, waiting for an open machine at the laundromat, and loud dorm room parties can create quite the stressful situation that distracts from academics.

That's why many parents decide to buy a condo for their child to live in during their remaining college years, considering it an investment. While it may sound a little like over-kill initially, this purchase can be a wise choice that actually helps pay for your child's college education in the end.

Paying rent vs paying a mortgage

Rent for student housing adds up fast; in fact, housing is frequently the 2nd highest cost of attending college, only being beat-out by tuition. ASU's dorm fees range between $5,500 and $8,000 per school year.

Condos in Tempe range from $170K to 360K. With today's interest rates that means the monthly payments will run about $1,000 to $2,000 per month.

When you buy a condo, more than just your child can stay there. In fact, many Tempe condos are large enough for 3 or more additional students to stay with your child. That's a lot of rent you'll be collecting to put towards the mortgage payment. In the end, you may find that your child is essentially living rent-free. Additionally, as you're collecting those rent checks, you'll also be building equity.

Once your child graduates, you can hold on to the condo and continue to rent it out, which can help pay off any student debt your child has. Or, depending on how the real estate market trended during the time that passed, you can sell it for a profit.

Choosing roommates

Odds are that, at one point in your life, you've had a roommate straight from hell. Perhaps he/she cheated off your homework, stole your food, or liked to throw loud parties during finals week. Either way, a horror-story roommate can cause enough distraction to lower your child's grades.

When staying in student housing, your child has practically no say over roommates. Sure, there are dispute resolution policies put in place to help keep relations between roommates good, but frequently these practices don't work.

When you're the landlord, however, you and your child will get to choose who he/she lives with. This extra bit of control takes a lot of guesswork out of the process.

Younger children can stay

For families with more than one child to put through college, purchasing a condo in Tempe makes even more sense. As each child comes of age, he/she can stay in the unit when attending school. Meanwhile, you'll still be building equity and saving money off of rent; it just makes good financial sense.

If you are looking for a condo to buy in Tempe for your ASU student, We Know Urban Realty will help you find the perfect place. Their realtors are experts when it comes to urban living. Visit the site to see what's available right now: http://weknowurban.com/