Buying a Austin Home in a College Town
A college town is a town that is mostly defined by the presence of a prominent college or university. In a college town, the university students and staff dominate the population and have a heavy influence in creating the culture within the area. As the hometown of the University of Texas, Austin, in spite of being the state's fourth-largest city, the area near the university is considered by many as a college town. For this reason, Austin homes for sale near the University of Texas make excellent rental investments.
Benefits of Investing in a College Town
Because of the nature of the population in a college town, rental properties are in high demand. It's unusual to see a college student buying one of the many Austin homes for sale to live in for the four or so years that he is attending school. College students are transient in nature, and as such they need to rent their homes. Many do choose to stay in the dorms, but still there is a substantial number of students, faculty and staff who are looking to rent a place off-campus. For this reason, rental properties tend to have lower vacancy rates in college towns. There's a continual supply of interested renters, so when one moves out, another moves in fairly quickly.
Convenient Location of the University
Another reason to consider investing in rental real estate in Austin is the convenient location of the University of Texas. The University is located less than a couple miles away from downtown Austin. This means it appeals not only to renters but also to homebuyers. When the time comes to sell, you'll find that your resale value is quite high, because this area appeals to such a large demographic of people.
This location really does have it all. From coffee shops to dining options, you'll find something to match your tastes. University of Texas homes for sale in Austin are also close to Hyde Park, with its eclectic shopping options. You'll also find the Lyndon B. Johnson Presidential Library, Hancock Recreation Center, Hancock Golf Course and a handful of museums nearby.
Real Estate in Austin Near the University of Texas
If you've decided to take the plunge and start shopping for real estate in Austin near the University of Texas, you'll find an interesting mix of homes for sale. Condos are quite common, as these work well as rental units for college students. However, single-family homes are also common here. You can even find stately mansions in this area, with prices over $1 million. Although prices may vary, plan to spend around $250,000 to $300,000 for a small cottage or condo. The price for single-family homes typically falls between $300,000 and $800,000. Homes here have held their value well, even seeing some increases recently, so they are worth considering.
Whether you're buying for yourself or shopping for an investment, Austin homes for sale near the University of Texas offer excellent opportunities. Talk to a real estate agent today about your real estate buying goals and how the University of Texas area can help you meet them.