In the area surrounding Grand Canyon University, students can find a number of housing options such as apartments and dormitories. But there’s another option worth considering. Just 2.8 miles from GCU is the beautiful new community of The Village at North Glen. This gated development features 40 homes, a community pool, and edible landscaping throughout.
And with a little planning, this amazing neighborhood can help college students set their financial futures in motion.
Imagine graduating college with not just a diploma, but home equity, as well. A typical college student will spend tens of thousands of dollars on rented housing during his/her college years. That’s money going toward a smallish dorm with multiple roommates and shared bathrooms. But what if you could upgrade your college experience by living in a new house, instead? A house that you own, with equity building up every year…
While residence hall living is designed to be affordable, it’s still a form of renting – meaning you’ll have nothing to show for the money you spend. Based on current housing rates, four years of residence hall living at GCU would cost more than $30,000 and leave you with zero home equity upon graduation. By comparison, if you purchased a $250,000 home at The Village at North Glen when you started college, you could graduate with over $16,00 in home equity.
In addition to the financial benefits of being a homeowner, there are several lifestyle benefits a college student would find appealing:
- There’s nothing quite like your own bedroom, bathroom, and shower. Privacy is a wonderful thing when it comes to sleeping, relaxing, or Facetiming.
- Study space. A homeowner has the peaceful luxury of a kitchen, living room, bedroom, and patio for writing papers, studying for tests, or working on a project.
- There’s a built-in measure of security that comes with a locked house and an attached garage in a gated community. No more late-night treks across a parking lot to your dorm. No more easy access for anyone with designs on your car.
- A private garage means you’ve got a guaranteed place to park. Never again will you lug your groceries across a parking lot while your ice cream is melting. Your car is out of the sun, out of the rain, and safe from those dusty monsoons.
- Room for guests. When you own a house, your out-of-town friends and family always have a place to stay. No hotels, no sleeping on the floor. Everyone’s happy, everyone’s comfy.
And if you like having roommates – or you’re just looking to reduce your expenses – every home at The Village at North Glen features three bedrooms and lots of living space. Bring in a roommate or two, and your monthly mortgage payments will get even more manageable.
It’s never too early to start planning for the future.