Multimedia Reporting (Bradford-Utsler)

Before signing next years lease, students need to consider another option first. Buying is becoming an increasing phenomenon for students. “There are no landlords and you will make money off of it in the long run,” said Afton Sauer, a sophomore engineering student at KU.

Sauer is a part owner in her brand new, four bedroom town home in west Lawrence. She and her three roommates have lived in their town home since May of 2005. “We are very lucky that our parents wanted to buy us such a nice place,” Sauer said.

If owning is a financial option, there are many benefits. There are no landlords, and this fact alone has made many students like Sauer grateful to be an owner. “You always hear horror stories about terrible landlords and how students get ripped off,” Sauer said.

Lack of landlords is not the only benefit. There is the potential to make a decent profit if you become a buyer. “We live in a market where people move often. Therefore, there is an average appreciation of about 4 percent to 6 percent yearly,” said Berniece Garber, American Dream Realty, Lawrence.

The new question becomes whether or not to a buy new or pre-owned home. There are many factors that play into this decision. What is going to have the highest appreciation? What is the most affordable? What is the safest? “If you are willing to spend $120,000 and up, always buy in a new neighborhood,” Garber said.

The appreciation of a home in a new area is always the highest, and it will likely be in a safe part of town. Some areas like this have appreciated as much as 15 percent in one year. “This is because of the scarcity of $100,000 homes and the demand that results from it,” Garber said.

“There is only one down-side to owning a home,” Garber said “and that is if you don’t take care of it.” If good care is not taken of the home, appreciation becomes nonexistent. Money will be lost. To Sauer and her roommates this is not an issue, “We take better care of the town home because we know that we own it.”