Student accommodation has gone a long way. From dormitories, boarding houses, and university residence halls, developers are recently tapping the lucrative student housing market.
The steady stream of local and foreign students flocking into areas near universities and colleges paved the continuous rise of developments that cater to the growing need of students. Most real estate companies even think beyond plain housing and come up with exciting ideas like "dormitel" (a portmanteau of "dorm" and "hotel") and "condormitel" ("condo," "dorm," and "hotel"). These luxurious offerings often come in value-for-money packages perfect for parents of college-bound kids and their financial plan.
For college students, this can be an exciting first step to independence, but for parents this might mean worry and uneasiness. So to aid a student's quest for the best and to give a little peace of mind to parents, here are some helpful tips in choosing the perfect home away from home for the young scholars.
1. Safety and Security
Parents' top priority is the security of their children. Before buying a condo, make sure to check the safety protocols of the building. Verify that there are security guards stationed at the parameters of the building as well as receptionists who monitor people who come and go. Likewise, ensure that the property is equipped with a fire-detection and alarm system. It is also important to observe the vicinity of the area to be well-versed in the community that the student will soon belong.
2. Conducive to Learning
Complete amenities to assist students' academic challenges are also provided in most condo projects. Student-oriented facilities like high-speed Internet, study rooms, and business centers for (printing, photocopying and others) are a must, while additional features include relaxation amenities like game rooms, fitness centers, and swimming pool. Some developments even have laundry services, housekeeping and room service to keep the student's mind off daily chores and focus on their classes.
3. Walking Is Healthy
Walking to school every day has dual benefits: you save on transport expenses plus you have an instant fitness routine. Furthermore, you have to weather heavy traffic if you choose to live not in the closest range especially if your campus is in Metro Manila. However, if you cannot find a suitable condo within a walking radius to your school, make sure that you know your way around the area. Take note of the public transportation terminals and the routes you will be taking.
4. Location Is Key
Map out important areas like hospitals, affordable restaurants, Laundromats, and dining and shopping spots. Consider what you will need in your everyday survival and make sure that they are just within reach.
5. Learn to Budget
Part of teaching independence to young learners is to let them handle their daily finances responsibly. Since students will now be maintaining their own place, it is best to identify first the daily needs and preferences, then do not forget to factor in the cost of utilities such as electricity, water, Internet, cable, and other service charges. To lessen expenses, it would be helpful to always ask for cheaper rates or discounts, work within a monthly budget, or get a roommate.
6. Invest and Earn
Keep in mind that the property will only be used by a student for a maximum of five years (10 for law or medical students). Hence, it will be best to buy and care for a property that can be easy to rent out to incoming freshmen. In this case, your property will yield income and maybe someday return your investment.
Based on a recent study by Lamudi Philippines, condos are the most searched property type among website users looking for rental properties. Just post your property in an online real estate portal and the pre-loved student home will soon generate earnings. It is a good idea to invest in student housing as it is expected to enjoy strong and unending demand now that the country is fast becoming an alternative educational destination for foreign students.
Pia Lorraine Yater-Dalmazo, PR and Media Relations, Lamudi Philippines