Saving money on off-campus housing

Category: Housing

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For many young adults moving out on their own for the first time to attend college, living on campus isn’t their first choice. And depending on the area and the specific college, it’s not unusual for dorm room expenses to be costlier than off-campus housing options. But as a student venturing into the real world for the first time, finding off-campus housing that is safe and affordable can be a daunting task, especially if your financial resources are limited. The following tips can make it easier to cut down on off-campus living:

Look for a roommate

Sharing a space with one or two other people can substantially cut down on your housing expenses. Not only can it save you money, but it can allow you to afford a larger home or to live an area that might have been otherwise been out of reach. You could always lease a home and then begin looking for a roommate, or you can find someone else who already has an extra bedroom to rent out.

Try to stay near your school

Being located close to your school isn’t only a timesaver, but it could save you a lot of money if it means you won’t need a car to get to class. Even if you pay a little bit more in rent, not worrying about buying a car and spending money on gas, repairs, etc. can save you a lot more in the end, especially if you’re talking four years. Do the math to see how much you’d be saving if you wouldn’t have to buy a car in order to live close to campus—the savings could be tremendous.

Check bulletin boards on campus

Check out the bulletin boards around your school, where you’ll likely find a lot of flyers and advertisements, with postings for rental housing in the area. Other students who go to your school will frequently post “roommate wanted” ads around campus, in hopes of finding other classmates who are looking for a place to rent. If you’re considering getting a roommate in order to save money, this can be an easy way to find one. Another bonus of having a roommate who attends the same school as you? If you have similar class schedules, you can cut down on commuting costs by carpooling.

Work with a real estate agent

Real estate agents don’t only assist people when it comes to purchasing and selling homes, but they also help people find rental housing. It’s absolutely free for you to enlist the help of a real estate agent as a renter, and this can be especially helpful for you as a college student who is moving out for the first time. While you can still explore the different rental housing options out there on your own, a real estate agent can help you to find rental housing that’s within your budget.

Ask your college’s housing department

Speak with the school’s housing department to find out what options you might have for an off-campus apartment. A real estate agent can be very helpful, but the campus housing department can also help point you in the right direction. Also, many schools work with local rental communities and exclusively provide rentals for college students, which can frequently mean lower monthly rent and prime locations.

If you need cash to pay for college, Peachtree Financial Solutions may be able to help if you’re receiving structured settlement payments. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments for a lump sum of cash.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: college, moving, real estate agents, roommates

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