Recently I have noticed an upswing in the number of buyers I help who are acquiring a home for some non-traditional reasons that make a great deal of sense.
These customers tend to fall into two categories -- parents of university students and middle-aged adults with elderly parents. That's why I call these buyers, "Freshmen and Seniors."
Because my home base of Edwardsville is the site of Southern Illinois University at Edwardsville, savvy parents are looking here for ways to work around the cost of a college dorm room or apartment housing. Four years (or more if your child is on the five-year plan!) is a long time to write a monthly check for a dorm, apartment or house rental that gives you no return on the investment.
While you'll never recover to cost of your SIUE student's tuition, groceries, textbooks and miscellaneous items, a well-thought-out home purchase near the university -- plus some rent-paying room mates to cover the monthly mortgage note -- could get you on the road to smart housing savings. (This scenario makes even more sense when you have more than one son or daughter planning to attend the same university.)
On the other end of the spectrum are adults in their 40s, 50s and 60s who are finding it harder to help their aging parents.
Often mom or dad is still living in the family home. While the sentimental value of their property is important, the too-large space, multiple staircases or sheer distance from the kids is becoming difficult to handle.
For these customers, I have found some good deals on villas, condos and smaller, ranch-style homes that their parents can navigate with much less trouble.
The stress of helping an elderly parent is minimized by moving mom or dad closer and making sure their new surroundings are safe and manageable.
If you're facing either an empty nest or a difficult elder care situation, consider how these housing choices could make your life, and the lives of your loved ones, easier.
Questions? Just call or e-mail and I can tell you how my customers have made these moves work to their advantage here in Edwardsville, Glen Carbon, Maryville and throughout Madison County, Illinois.
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About the Author: Nancy Milton, GRI, is a Realtor with the Just Ducky Homes team at Coldwell Banker Brown Realtors in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs of Madison and St. Clair counties with special emphasis on real estate in the communities of Edwardsville, Glen Carbon, Maryville, Collinsville and Troy. For more information, visit their web site at http://www.JustDuckyHomes.com or e-mail Nancy@JustDuckyHomes.com.
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About the Author: Nancy Milton, GRI, is a REALTOR with the GoshenRealtyGroup at RE/MAX Preferred Partners in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs with special emphasis on homes for sale in Madison County and the communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy, Bethalto and surrounding areas.
Goshen Realty Group takes its name from the earliest nickname for Madison County, Illinois -- the Land of Goshen -- coined when the region's first settlers compared their new home east of the Mississippi River to the biblical land of peace and plenty.
For more information, visit GoshenRealtyGroup.com or e-mail Nancy at Nancy@GoshenRealtyGroup.com. Text or call Nancy at 618-791-8007. REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025.
Please note that individual listings periodically mentioned in this blog are accurately described in terms of availability and price at the time of the posting. Because properties are constantly coming on and off the market, please contact Nancy for the latest information on those that are of particular interest to you.
Student housing is definitely a niche market - and good business. We are seeing a number of these type of purchases - better than renting in most cases.
Glad to see it's happening in your place too. I imagine SLU parents and SLU med school would be a good market for you in Lafayette Square and Benton Park. Our SIUE parents are getting much savvier about using their college funds wisely and, done correctly, this is a way of possibly recouping everything they would have flushed away for housing over four years. Edwardsville is really starting to feel much more like a college town, more like Champaign-Urbana.