Posted by:
CJ Harrington
Keller Williams Realty
www.cjharrington.com
cjharrington.crs@gmail.com
440.336.0612
Date: 08/27/08
With rising college expenses, parents are considering alternates for their students housing. This means purchasing a condominium or single-family home. This might not be bad idea.
On average, the payment on a single family home is lower than the rent you could recieve from this smae property. With tuition up around 5% this is a great solution to recap expenses.
Also, college towns are often recession proof due to the endless demand for housing.
Yet, always remember to consider:
1. A college property is not a bargain everywhere
Consider the market conditions, and figure in all the costs before deciding whether to buy or rent.
Yet, consider the overall health of the real-estate market before making a purchase.
2. In reality, not every kid is ready to be a homeowner
It takes a really responsible kid to take on the duties of a homeowner.
A student may choose to be student on moment, and then become homesick the next. In this example, you plan could backfire. So, be aware of your risk.
3. Being a college landlord is not easy an easy job
The original intention is to house your college student, yet after your student graduates, this will become a regular rental.
When renting to students this proprty will turn over every year; this involves finding new renters and making improvements annually,collecting rents from people you do not know.
4. Always discuss this with your college student
Make sure that this is something that your child is also interested in. These are your childs first years away from home, and they might not want this type of parental involvement.
Plus, check to see if there are university rules that require students to live in campus dorms their first year or two. This could be a serious issue, and one that could make or break your decision. So, good luck, and make sure you have all the answers before you make you unique decision.
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CJ Harrington
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Good points CJ. You have to keep in mind your kid is in college to learn and not be bogged by homeowner responsibilities.. It is a great idea but you may need to look at how he or she is doing a year or two into school before pursuing that idea.