So you have signed the papers and paid the tuition, it’s official, your child is heading to college. But what is next on the agenda? We think finding a place for them to live is the next most important step. You have three options: opt for university housing, rent a room from an apartment complex or buy a house or condo for your child. There is one choice that is considerably better than the others. Buy a place for your student to live!
Why spend a ton of money buying furniture and decorations for your student when you are moving your child into an old and often poorly kept, dorm room? Oh, and do not forget about the potential randomly-assigned roommate that could pose major problems as well. Not to mention, university housing is not cheap and you definitely do not get any return on that investment.
So now you might be thinking, okay then, we will look into apartment complexes. While it is good for your student to live somewhere nicer than a dorm and still be surrounded by their peers, moving in and out of these absurdly expensive complexes is the ultimate pain in the side. The complexes are almost never willing to let you move in early. Ask any Auburn sorority girl who has had to be back early for recruitment and had nowhere to stay for a week because of rigid apartment complex rules.
The clear choice to make in this situation is to buy a place for your student to live for the next four years of their life, whether it’s a small house or a condo. We know the thought of making a purchase of that size and amount might be scary, but wait until you learn all of the benefits of doing this.
The Top Three Benefits of Buying a Place for your Student to Live
Safety and Stability: When your child signs up for university housing, they get almost no say in which residence hall they will live in. This means that they could end up being in a dorm built in the early 1900s that has no air conditioning and is filled with questionable mildew-like substances. However, if you buy a place for your student to live, you can make sure that the place is clean, has good amenities and can control when pest control services come.
If you buy the property going into your child’s freshman year, then they will never have to deal with the stress of moving. Living in the same place will also help your child adjust to college life and establish a routine quicker. Not to mention, if you have several children who might attend this college, having them live in the same place might give you peace of mind.
Fixed Prices and Potential Income: One notable benefit of buying a place for your student is that you won’t have to deal with increasing rent rates. You will have a fixed mortgage with an end in sight. You also won’t have to pay a security deposit or deal with a pesky landlord or greedy apartment complex company. You can even use this as an opportunity to teach your child financial planning lessons and potentially build up their credit as well.
According to HGTV, buying a house or condo for your student to live in has some serious financial benefits including potential tax reductions, appreciation in the value of the property and equity build-up. You can also use your purchase as a source of income if your child has roommates who will pay rent. Once your child has graduated, you can either sell the property for a profit or you can rent it to someone else, making it a constant source of income. You can think of this choice as a smart investment decision.
Make the Place Your Own: A major downside of living in university housing or in an apartment complex is the fact that you cannot design or decorate your place how you would like, but if you own the place, you are free to do whatever you want. For example, if you buy a house and are hoping to get some income out of it, you can remodel it to have multiple bedrooms/bathrooms for your child’s roommates to rent.
Buying an older and less expensive place might be a great idea if you are looking to sell it for a large profit after your child graduates. Renovating the place is guaranteed to give you a return on your investment. However, if you want to turn the place into your game day condo after the four years are up, you can paint and decorate with your team’s colors until your heart’s content.
Now that you know the main benefits of buying a house or condo for your student to live in, opposed to living in university housing or in an over-the-top apartment complex, it is time to start looking for a place to buy. At The Talons Group, our real estate experts are Lee County natives who will be able to find you the perfect place for your child. Give us a call today or visit our website to set up an appointment.