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Students Consider Joint Mortgages
Sending your child to University can be a costly business. Aside from tuition fees, books, and general living costs, one of the biggest expenses is accommodation. With spiralling rental costs in many University towns, many parents are turning to the idea of ‘joint mortgages’ rather than throw money into 3 or 4 years of property rental.
Property prices are steadily rising across the country, with many University towns falling into highest growth areas. For example, the average cost of a property close to the University of Sheffield has increased by a whopping 133 % over the last four years. Parents that may once have considered taking on a full mortgage for their child’s accommodation in a university town are finding this option is no longer viable.
Rent costs vary from place to place but typically most students will have to pay £2,000 to £3,000 per year on rent, whether in the University Halls or in a local “bedsit”.
For parents reluctant to ‘waste’ 3-4 years rent money, the relatively new concept of the co-buying network could well be the answer to the student accommodation question.
A co-buying network involves people from different areas, different backgrounds and different socio-economic levels jointly taking on a mortgage. With most parents having to carefully consider how they will help their children cover the costs of a university education, owning a property jointly with other parents is a very real solution to the ‘rental trap’ problem and is becoming an increasingly popular approach.
Visit www.youtoshare.co.uk for more information.
www.businessinberkshire.co.uk/property
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