Why should you buy a condo for your college kid?
- It’s cheaper than renting dorms or apartment spaces.
- You can choose to turn it into a small investment.
- When done right, you can always resell it in a few years.
You may be wondering, “Is buying a condo for sale in McKinley Hill for my kid worth it?” After graduating from high school, many would often leave their hometowns to set off for college. Others may live with their relatives, if there are, though many would still prefer paying for a dorm. Additional living expenses may be a critical factor, which is why some consider buying properties.
Take buying a condo for your child into consideration for college (and even after he/she graduates) as it is a relatively good investment. Why so? In this article, we’ll go on about 3 reasons as to why buying a condo for your college kid could be a smart move.
It comes out cheaper than renting dorms or apartment spaces
Say, your kid goes to college and spends on living expenses, it could either be renting a dorm or an apartment. Try summing up the overall expenses and you’ll definitely get something you could’ve spent on a long-term investment. For parents, while renting may seem a practical solution for your kid to be able to attend school without enduring the morning traffic and/or exhausting 2-3 hours of travel time, there could be options that may have been overlooked. One of those is buying a condo.
Your kid will be in college for years. This means that you’ll not only spend on school expenditures but also rent. These are expenses you can never get back! Do the math and you’ll see that this could amount to a good fortune – probably more expensive than purchasing a condo. Investing in property means your kid can be comfortable in their own home, which you will still have authority over, while they learn how to navigate adult life alone.
You can turn it into a small investment
There are many parents who have bought their kids a condo, not because they wanted to spoil their child but because it is also a good investment. There will no doubt be other youngsters looking to rent an apartment or dorm unit; with your kid living solo in the condo, they’re bound to find a friend or two willing to be their roommate. It is after all much more convenient for students to live with their friends than a stranger at some dorm.
When done right, you can always resell it in a few years.
This is where the basics of buying a condo becomes significant before actually purchasing one. For it to turn into a profitable investment, you should also consider the location and quality of the condo. If there are great amenities included, the better. In case you choose to resell it in a few years after your child graduates, you have to make sure it is still marketable. This then becomes a responsibility for your kid to maintain the space and avoid damages that may affect its market value in the future.
Whether it’s a condo for sale in Mckinley Hill or at The Fort, buying a condo does not only help ensure that your kid is living in comfort away from home, but have a place they can call their own for a long time coming. Should your child graduate and not wish to live there anymore you can either rent the condo out for some passive income or sell it. It’s a win-win!