Housing options for college students

housing optionsDriving around the college town on Parents Weekend, our son discussed his housing options for his next few years and my mouth opened faster than my mind could think. Out it came: “We should just buy a place.”

It was an impulse based on the facts that we are landlords, we have been in the student rental business in the past, and we see that the real estate around the university is reasonably priced. I know other parents also consider buying a property as an option when they see the cost of renting, so let me throw out some thoughts:

For the cost of renting, why not invest in a property instead? If you have good credit and the down payment money, you might be able to secure a place that seems financially in-line with the rental costs. This could work specifically if you know a second or third child may be attending the same school within a short timeframe. Then, you would have an extra set of years to let the house value hopefully grow.

I reminded myself of these issues after I blurted out the buying suggestion. Now I am reminded it will be best to keep our real estate ventures out of our son’s college experience.

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