Video: The Pros and Cons of Buying a Property for Your College Student.
Buying a property for your college can be a good investment but you must go into it with eyes wide open. In addition to the points brought up in the video, there are a few other considerations to keep in mind.
- You could look at this as a long term investment and use it as a rental or vacation rental after your student graduates.
- The student’s housing expenses will be fixed year-to-year.
- Your child could share the expenses by taking on a roommate.
Suggestion: Look at this investment as a life lesson and involve your child in the mortgage, insurance and relocating experiences. Make sure they are aware of all the expenses and advantages involved.
For your convenience we’ve provided a transcript directly below this video.
Video Transcript: The Pros and Cons of Buying a Property for Your College Student.
Welcome to Today’s Home Update, I’m Kelly.
Supporting a college student can be very expensive. Food, books and most importantly housing all add up to hefty expense on top of tuition.
According to Referral Exchange, buying your college student an off-campus home can be a good investment and a way to save money on housing costs. The pros of doing so can include possible tax benefits, appreciation in value, and rental income during the Summer when your child’s not in school.
Buying a home also provides a stable living situation for your college student, and helps avoid rising rent prices and security deposits. It also eliminates any need to pay storage costs for furniture during Summer breaks.
Also consider the cons before buying an off-campus home such as mortgage, insurance, and maintenance costs. You might not be able to turn a profit, or even recoup costs within the typical three to five years it will take your child to graduate. Your child might even end up transferring schools, or moving back home.
Buying a home for your child also means you must be prepared for typical college renter consequences such as parties and damage. Make sure you’re financially prepared to cover costly repairs.
Thanks for watching Today’s Home Update, see you next time.
For more information, Call or Text: 602-999-0952
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
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