Buying a Home in College Station for Your Texas A&M Student

Every year, Texas A&M parents look at four or more years of rent and ask a fair question: should we just buy something? For many families, buying a condo, townhome or small house near campus makes a lot of sense. Here's what to think through before you start looking.

Does buying beat renting?

It can, but it depends on your numbers. Compare what you'd pay in rent over your student's time in school with the monthly cost of owning: mortgage, taxes, insurance, HOA dues and upkeep. Then factor in what you might get back when you sell, or the income if you keep it as a rental after graduation.

Many parents also rent the extra bedrooms to roommates, which can cover a good share of the monthly cost.

What to look for

• Location. Walking or biking distance to campus, or near a campus shuttle route, matters to students and to future renters.
• Layout. Bedrooms with their own bathrooms rent more easily to roommates.
• HOA rules. Some condo and townhome communities limit rentals or the number of occupants. Read the rules before you make an offer.
• City occupancy limits. College Station limits how many unrelated people can live in some homes. Check the current rules for any property you're considering.
• Resale and rental demand. Ask how quickly similar homes sell and rent, so you have a good exit plan.

Financing and ownership questions

• Whose name goes on the title? Parents, the student or both. Each choice has trade-offs for financing, taxes and liability, so ask your lender and CPA.
• What kind of loan? Whether a lender treats it as a second home or an investment property affects the down payment and rate. Talk to a lender early.
• Homestead exemption. If the student owns the home and lives in it, they may be able to claim a homestead exemption. Ask the Brazos Central Appraisal District.

Timing tips

• Start looking in the spring for a summer or fall move-in, before the late-summer rush
• Get pre-approved first, so you can move quickly on the right place
• Plan inspections and repairs around your student's school calendar

Let's find the right place for your Aggie

Southern Luxe Group helps parents buy near Texas A&M every year, including families who live out of town. Browse College Station listings or book a time to talk with Trina at (512) 629-9050.

This article is general information, not legal, tax or lending advice. Please confirm financing, tax and city rules with the right professionals before you buy.