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Need Advice: Buying or Renting in Tallahassee

Virginia
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Need Advice: Buying or Renting in Tallahassee

My daughter is attending FSU in August and looking for a 1BR furnished apartment not too far from the school. We need some input and advice from local folks since we are not familiar with this city.

- Should she buy a condo/townhouse or renting an apartment if the payment is the same.

- If Buying, what is the price range for a nice/fairly new 2BR condo or townhome in a good location? What area should she be buying ?

How is the housing market?

- If Renting, can you recommend a good & safe area/location/zip codes or names of nice apartment complexes near FSU?

We are clueless and need any advice we could get.

Tallahassee
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1. Re: Need Advice: Buying or Renting in Tallahassee

I have lived in Tallahassee since I came here to college more years ago than I care to admit! My son is a student and lives near FSU. My take:

My husband and I considered purchasing a condo or house for him near campus. (We already own several office buildings and a couple of rental houses here, and a lot of property on the coast so obviously, we are inclined in that direction.) However, we did not, for a number of reasons, and are quite glad we didn't.

The idea sounds great. Parents purchase a condo, their kids live there for four years, rent out a couple of rooms for enough money to make the payment. After graduation they sell the condo and make a profit. And sometimes it works just like thatl. Howerer, it doesn't always. I have found that there are several negatives to purchasing student housing.

First of all, what if your child decides she or he does not want to live in that particular area any more. My son rented the same apartment for two years but now wants to move. The complex and gone downhill and there have been some brake ins. No problem. He can move. If we owned, it would be more complicated.

Secondly, if your daughter has roomates, that may put her in the position of playing landlord. Again, might not be a problem but if the rent isn't paid on time, etc. it could get awkward.

Thirdly, (strictly my opinion) student housing is not usually a good investment

if for no other reason than students live there. While you child may be very responsbile, quiet, etc. The people next door could be loud, crazy and obnoxious. Also, most of the people buying condos near FSU are parents who plan to sell them as soon as their child graduates. No one has a real investment in their property or any desire to maintain it for the long haul. And the actual owners, the parents, are many miles away.

Also, no one I know of in Tallahassee, other than students, want to live near FSU!

All of this is just something to think about. I am not say it would be a mistake to purchase something. But as long time Tallahassee residents, real estate investors and parents we opted not to.

I will be glad to give you names of some of the nicer, safer apartment complexes. But first I want to check with the experts-my son and his friends, who have been there a couple of years and also some of my daughters friends who will going to FSU in August and have done the research.

I wish you the best.

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Tallahassee
Tallahassee
Florida Panhandle, FL
Virginia
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20 posts
4 reviews
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2. Re: Need Advice: Buying or Renting in Tallahassee

Hi, Suma!

Thanks a lot for your advice and pointing out of the downsides of buying.

I am inclined for her to rent.

We are going down in June for a couple of days to look for apartments.

She is a graduate student and prefer a single 1BR apartment (with W/D in unit) in a fairly new and nice apartment complex .

If you could get some info. and input from your kids and let us know,

we greatly appreciate it.

PS:the more specific the better: such as names or addresses of apartments etc... Also, how or where to obtain city apartment guides or listings.

Tallahassee
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3. Re: Need Advice: Buying or Renting in Tallahassee

Ianhue1,

I haven't forgotten about you. Just haven't caught up with my son or daughter's friends yet to ask them. I will have some recommendations for you in the next week or so.

Virginia
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4. Re: Need Advice: Buying or Renting in Tallahassee

Hi, Suma!

Thanks for checking. We welcome any input.

Just let us know when you have the info.

We have looked at a few places on the web. Two of several seems to fit our requirements(even though the rent is a little bit high). However, not knowing the area, it's hard to decide.

Which one is better? as far as location, traffic, distance, security, stores, etc..:

- Jackson Square At the Hermitage 1767 Hermitage Blvd , ZIP 32308 (NE)

- Polos on Park 2626 East Park Ave., ZIP 32301 (East)

Tallahassee
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5. Re: Need Advice: Buying or Renting in Tallahassee

Why don't you e-mail me. I think that will be a little easier.

seg333 @ aol dot com. You can figure it out. Don't want to get spammed!

By the way both of the complexes you named are very nice. Of the two, Polos on Park is closer to campus-maybe 15 minutes. Do you have a map of Tallahassee?

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Tallahassee
Tallahassee
Florida Panhandle, FL
Lafayette, Indiana
3 posts
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6. Re: Need Advice: Buying or Renting in Tallahassee

My daughter is also beginning Grad school in August. She is deciding whether to buy or rent, also. She has savings for a down payment. We won't be helping her with montly payments. I don't know if, on an assistantship, she can afford anything worth living in. We are going with her to look over the situation on June 10.

Lafayette, Indiana
3 posts
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7. Re: Need Advice: Buying or Renting in Tallahassee

I am noticing that those places that you (lanhue1) mentioned are quite a bit more pricey than my daughter thinks she can afford. Her funding must not be as good as you are looking at, grin.

Virginia
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8. Re: Need Advice: Buying or Renting in Tallahassee

Hi Mackeyyoda,

We just visit Tallahassee last weekend .

We spent a full day and found one BR apt. near FSU with the help of the Apartmentseekers office located on W. Tennessee St. (free service). I did spend a lot of time searching the internet and was overwhelmed with too many apartments.

Good luck with your aprt. hunting.

We did have extra time and visit Panama City Beach (2 hr. drive).The beach is beautiful!

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Tallahassee
Tallahassee
Florida Panhandle, FL
Tennessee
Tennessee
United States
Panama City Beach
Panama City Beach
Florida Panhandle, FL
Lafayette, Indiana
3 posts
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9. Re: Need Advice: Buying or Renting in Tallahassee

lanhue1,

Thanks for coming back. We are now in Tallahassee. We have several listings to look at with realtors today. We are in a motel off I-10. Daughter is still considering buying. She doesn't think she can afford anything. She's done her budget over and over. But, what do the other grad students do? I think she is way ahead of the game because of all her savings. I know, when I was in grad school, many got loans. We re trying to get a handle on appreciation (or not) around here. It may be that her mortgage, especially if she gets a roomate, will be as affordable as renting. A woman that works here told us that there were lots of drug dealers and prostitutes on some street (tennessee?). I don't care so much about that, but i not the one who will be living here. I also have read about French town or french area. Not sure if this area would appreciate or not. She will be here at least five years.

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Tallahassee
Tallahassee
Florida Panhandle, FL
Tallahassee
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10. Re: Need Advice: Buying or Renting in Tallahassee

Stay away from French town. Major crime area.