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September always means Back To School, and for thousands of families it also signals Off To College. In addition, more and more young people are opting to continue their education with post-graduate studies.
Once a student is past the Mandatory - Freshman - Year - In - The - Dorm Policy that many colleges have, parents face an interesting dilemma: should they continue to shell out rent, or considering buying a property for their children to occupy while attending school?
Before You Buy For Your Student, Ask Yourself:
- Can my child handle the responsibility of ownership? This is more often a question of maturity than an issue of chronological age. Some students are perfect for this arrangement at twenty, and some are not ready by thirty!
- Does the city/town where the school is located have suitable housing, at a reasonable price, to purchase? If your child is attending N.Y.U. and wants to live in Greenwich Village, you probably are NOT going to make the numbers work!
- Is property appreciating in the area; is this a "hot" location?
- Will there be a steady supply of good tenants? If quality student housing is in short supply, then chances are excellent that the unit will never be without a good tenant.
If the answer to all these questions is "Yes", then you might do well to examine this option. Beginning the process is quite easy. Search the web for a good agent from that area, explain your goals, and leave the rest up to your real estate professional.
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