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Kids Starting
College?
Consider Expanding Your Investment
Is your son or daughter heading o to college? Before forking over money to pay for room and board along with already-expensive tuition, you may want to consider buying a house or condo for your kid to live in while attending college. As a parent, you’ll be making the most of your investment while providing them a nice, safe place to live o -campus.
Here are some advantages of being a property owner in a college area.
1. Place to Stay During Visits. If your son or daughter is occupying the property, take advantage of your investment (and check on its condition). When you’re in town for your favorite college’s football game, there’s no need to pay for a hotel room when you have a place of your own!
2. Save Money. Paying room and board for your son or daughter can be overpriced on-cam- pus and almost always has a super tiny living space. Investing in property off-campus can be much cheaper and more spacious. If they have roommates, you’ll also have rent money coming in every month.
3. Lots of Renters. A huge benefit to owning a property in a college town is the large population of renters who are ready to write a check. There are also fewer room vacancies when school is in session, so there is a larger demand among college students to find a place to live off-campus.
4. Possible Tax Savings and Investment Potential. Everyone’s financial situation is different, but you may be able to score some tax savings and potential investment earnings from the transaction. Contact a local real estate professional to discuss your own situation and the possible monetary benefits.
5. Area Sells Itself. The majority of properties in college towns are surrounded by entertainment, events and easily accessible public transportation. When you are ready to sell, chances are, your property will be in demand.
6. A Home After College. Is your son or daughter thinking about staying around the same area once they graduate college? Many do. If so, you may want to think about selling the property to them when they graduate so they’ll have a place to live for a few years while they’re working at their first job. They will be building equity while everyone else from college is still paying rent.
As your son or daughter enters this new exciting phase in his or her life, there are many
ways that you, as a parent, can ensure they have the best possible college living experience. With all that you invest into your child’s college education including already-expensive tuition, why not expand your investment?