Students often want to buy a condo or townhome versus paying rent, especially if they are in a long degree program. Some students become landlords, renting out the other bedrooms for additional income.
Some of the advantages of owning include:
-You can make changes or upgrades to a home to make it yours, and these changes would add to the property value.
-The property will appreciate over a long period of time, especially if you decide to keep the home after you are finished with school (either as a rental or otherwise).
-You will enjoy tax benefits, including the ability to deduct mortgage interest and property taxes.
There are also disadvantages to owning, which include:
-If you own, you must take care of maintenance items or hire someone. With a townhome or condo, the exterior maintenance is covered by the home owner association, but this still leaves interior items like plumbing leaks and appliances.
-There are taxes and home owner association fees that must be paid on a monthly or yearly basis.