It’s an exciting time as your child prepares to pack up and set out on their college journey, but this new chapter also comes with its fair share of financial obligations.
If your child is spreading their wings and leaving the nest to study away from home, accommodation will be a significant expense but this financial challenge can present a unique real estate investment opportunity!
By purchasing a property for your child to live in while attending school, you’re not just securing a roof over their head; you’re opening the door to a financial future with benefits that will extend well beyond graduation.
Here are just a few points to consider when weighing the options of whether or not to buy a crib for your college-bound kid:
Smart Moves
Instead of sinking endless amounts of cash into rent or dorm fees, your monthly payments will go towards building your net worth.
Cover the Costs
Use the rent collected from roommates to help cover the mortgage payments while your child pitches in to take care of general property maintenance.
Life Lessons
Managing a property can teach your kids valuable life skills that will help prepare them for future management situations as well as homeownership.
Expert Advice
Partner with an experienced real estate agent who’s familiar with the area so that they can help you get acquainted with the local market.
Ownership Options
Discuss ownership options with your financial planner and mortgage advisor to determine whether or not it’s best to list your child on the property’s title.
Planning Ahead
Research local vacancy rates and zoning laws to make sure your investment will continue to pay off once your child hangs up their cap and gown.
Investing in student housing by purchasing a property for your child can be a strategic investment opportunity that will provide them with a sense of independence and financial savvy as they transition into adulthood.
If you’d like to explore this opportunity but aren’t sure where to start, I can point you in the right direction by referring you to an out-of-town agent who can guide you through every step. Just reach out – it’d be great to hear from you!