Tempe Condos - Sound Investment?

If you are a student at ASU, you'll need a place to live somewhere in Tempe. What are your choices?

You could live in the ASU dorms. As you well know, that can be pretty expensive. It can easily run $6,000 per year for a dorm room. If you're fortunate, you get a private bathroom. If not, you're stuck sharing a public bathroom.

What happens after the school year is over? Where are you going to live then? If you're intention is to go back with your parents, then there's no additional outlay. Otherwise, you have to find a place to stay. Expect another few thousand dollars in rent. Regardless, that means moving an extra couple of times per year. 

You could rent an apartment. This, too, will cost several thousand dollars per year. There are plenty of apartments in Tempe, and some are better than others. One downside of living in an apartment is that your neighbors come and go. You never know who is living next to you. And since nobody in an apartment has a vested interest in keeping it nice, things can go downhill quickly of the property manager doesn't stay on top of things.

Your best bet is probably a condominium. One of the best resources for Tempe condos near ASU are the Tempe Condo Experts. Their website explains the ins and outs of condo living. In addition to useful information about financing, they offer searchable listings for condos near ASU.

When you pay rent, you never get that money back. When you buy a condo, you're making an investment. Real estate almost always appreciates over time. A modest increase of 4% per year on a $100,000 condo is money in your pocket when you go to sell. 

Condos have other advantages. The neighbors are usually homeowners, so they care about their property. Unlike the dorms, you get a real home, not just a room. And if you're looking to stay in Tempe after you graduate, your fixed rate mortgage will be the same as when buy the home. Rents for apartments will almost always increase year to year.