Is your child attending, or about to attend UCLA, one of the world’s top universities? Are you wondering where your 
baby is going to live? For ease, comfort and added security, buying a Los Angeles condo may be a good option.
Renting a condo in Los Angeles, can be a daunting task. You are not sure about the area, rentals are expensive, and you are concerned about safety. Also, when you come into town to visit it would be great to have somewhere to stay.
Buying a condo in Los Angeles near UCLA makes a lot of sense. The market is at or near bottom right now, and mortgage interest rates are low. In three or four years appreciation should take hold and you will get your money back and maybe even make a profit.
In which Los Angeles areas should I consider buying?
Areas easily accessible to UCLA include Westwood, Century City, Brentwood, and Santa Monica.
How much will I have to pay for a Los Angeles condo?
Depending on the area, you could effectively find a nice condo from the mid $400,000 to low $700,000s. You do have to take into consideration the Homeowners Association dues which can run from the mid $200s to high $400s and up. This would exclude the Wilshire Corridor where HOA dues can run as high into the high teens for a medium-priced unit.
But overall, buying a condo in Los Angeles could make sense for the four or more years your child will be attending UCLA.
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Jane - we preach the same thing to parents of students going to ASU - why pay "rent" in an old, musty dorm when you can pick up a home or condo, have a lower payment, build equity, get tax benefits, and pick up a room mate or 2 and cash flow it...?!?! When the student graduates, you have a vacation property to boot!
Well said and great advice and not just for LA too. I know quite a few other big cities that your advice would apply to. I am suggesting this post! ... and I think it is time I subscribe too! ; )
I always wanted to do that in both the towns my kids went to school but it just never happened. With home prices still down and rents going up, it really makes sense to buy a condo for your child now.
Sharon took the words right out of my mouth! Happens from time to time, although clearly I always have more to say! Humph,....well,...actually I don't this time.
Hi Jane - If they can, it is a great idea for parents of college students to buy a place for their student to live. After graduation the parents can have a great rental for other students in the future or a first home for their child. I have helped some with this, and when I lived in a condo in Southern California, we lived near Cal State Fullerton and there were a few condos with student tenants in our community. It was an upscale complex, and the students were focused on studies and had no wild parties, which was great - both for us and for the owners of those rentals.
This is great advice Jane. I have echoed this same sentiment to folks who have students attending our local colleges. They can make the purchase and rent out rooms to their child's friends to help defray the monthly costs. Then after 4 years (or more) of college, sell the home/ condo and actually come away with some profit, or, at the very least, have free living for the duration of their stay in school.
Jane - I think it makes great sense, especially with the cost of renting. A condo could house the kid and a roomie, then become a rental property after graduation. I still regret we did not buy one when our daughter was at USC years ago.
Jeff
Jane, this is such a great idea...not only that, if possible they can rent that condo out to later college students...I would say grad students because they are more serious about college and are (hopefully) more mature. Great post!
Sharon, it makes sense doesn't it.
Lydie, well thank you very much.
Margaret, now is a different time for sure.
Laura, don't worry, I will take it as said :)
Susan, it is a win win situation. In terms of an investment, it will pay off one way or another
Craig, all very true. It just makes sense to buy
Jeff, hindsight is 20/20
Laura, thank you. Yes it does make perfect sense.
My accountant bought a house for her youngun' went he went to college. All he had to do was maintain the place, and when they sold it....she got back her investment and he got all the proceeds from the sale.
Jane~ Great Advice. In fact, my first investor client bought a condo near Northwestern for her baby. She sold it 6 years later (baby went on for her masters) and made a very nice profit.
As a UCLA alumni, I can attest to the high price of apartments in the area near the campus. A purchase is a great option, though you'll also have to factor in the cost of obtaining a parking permit if you're driving in from Santa Monica or elsewhere. Happy house hunting!
Jill, good point, although the is great bus service to UCLA from the surrounding areas.
Ron, that is pretty good news. Take tips from your accountant :)
Kim, excellent endorsement for buying vs renting.
Jane - very educational post for students and parents who will be attending UCLA.
Patti, thank you.
Jane, this is a great idea, especially around UCLA, I went to USC & this wouldn't work so well where our campus is!
Brian, yes, USC is way more difficult. I am, however, looking for a loft Downtown for that purpose. It is tough.
Jane, i'm going to steal borrow your idea if you don't mind...i'd been thinking about it for aeons & never wrote anything like this and we have 2 major hubs of students here that need housing & know parents that have bought & sold successfully....it is a smart way to save & make money in years hence. Oh wait, Uncle Sam will probably want 50% of it by then!!
Ginny, steal away. It was not my idea anyway :)
Jane - Great post on how parents can not only find housing for their kids but may even be able to make some money and still have a tax write off (for now at least).
Donne, thank you. It really all does add up to making a case for buying.
Great post outlining the UCLA housing options for parents of UCLA students Jane! Great idea too!
Jane - With home prices so low along with interest rates I think this is a great option for UCLA students.
Renee, thank you. I'm guilty. I stole the idea :)
Michelle, I think so too.
SUch great advice ....we have a lot who are doing this in our area! it really does make sense! Dorm prices are so expensive!
Oh I so remember the commute....the last 6 years I lived in the Southern California I commuted a lot....from Long Beach to Torrance and then Buena Park to El Segundo then I moved to the Cerritos area and was a bit closer...not a lot! I sure dont' miss the commute...I miss California but not the freeways! LOL