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sorority with a house
Well, my sorority has been established on campus for fifty years, and have always had a house in one area or another -the current one we have had for about 35 years...
That being said, having your house can be wonderful because it gives the chapter a sense of ownership and a place for your members to call home. I lived in my sorority house for two years and although at time it was frustrating I wouldn't trade it for a second. The bonds you form with the people you live with and being accountable for your chapter's home (and pride) it truly priceless and I will always feel invested in that house.
On the flip side, having an official chapter house also can alienate those who do not live in the house - you will find that the people who live in the house will form its own subculture and almost act as it's own small version of the fraternity/sorority. It also becomes difficult for chapter programming to get members to think outside of doing everything at the house.
Not to mention liability. As I'm sure you already know, a chapter house is a massive financial undertaking and not only that, you will need a lot of alumni support and volunteers. Unless of course you're renting, but at that point unless you know you will have a lot of freedom with your landlord I wouldn't go that route. If the University owns Greek housing that's a great path to go - you do give up a lot of freedom, but most in that situation who complain about it don't realize the amount of time and frustration put into owning your own chapter house.
My boyfriend's chapter just bought their house about three years ago. Their alumni formed a non-profit corporation and the process has been interesting to watch. If you have more questions about the process let me know.
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