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12 Things No One Tells You About Working In Real Estate
Congratulations! You’ve selected a highly rewarding, super lucrative, and totally fun career in the oh-so-cool field of… real estate. If you’re brand new to this
You don’t even need to have a child going to college to know that it costs a ton of money! But when you do have a student about to enter college or already there, you become extremely aware of how much it actually costs.
For those who aren’t quite there yet, when you hear how much tuition is, that number often doesn’t include room and board. So on top of what the classes cost per year, you need to include housing, which can be a hefty amount.
According to this recent article published by Education Data Initiative, the average room and board cost can range anywhere between a low of around $8,000 to a high of just over $14,000 per year. The average cost varies depending on whether it’s a private or public school, and whether it’s a 2-year or 4-year institution:
But those are averages, so the actual cost may be higher or lower depending upon the school your child attends, and the type of accommodations they choose. (For example, the fee for a single-occupancy room will likely cost more than living in a dorm room or suite that is shared by multiple students.)
Regardless, no matter where a student goes to college, or what their living arrangements are, a significant amount of money will be spent on their housing. Which is why it makes sense for some parents to buy an investment property for their child to live in while in college, according to this recent realtor.com article.
But does it make sense?
Let’s rephrase that… does it make sense for you?
There’s no absolute answer to whether or not it makes sense to buy an investment property for your child to live while at college. It certainly might be a wise decision for some parents and students, but it really depends upon many factors. Here are some questions to ask yourself if it’s something you’re considering:
Those questions aren’t meant to scare you away from buying an investment property for your child to live in while at college, they’re meant to help make sure you make a well-informed decision.
And If you feel like it’s the right decision for you and your child, reach out to your local real estate agent and ask them to recommend the best investment-savvy agent they can find in the area of your child’s school to help you make the best purchase possible!
The Takeaway:
College is expensive, and tuition doesn’t usually include room and board, which adds significantly to the cost. The average annual room and board costs can range from $8,000 to $14,000, depending on the type of school and whether it’s public or private. Given these costs, some parents consider buying an investment property for their child to live in during college.
However, whether this makes sense depends on several factors: campus housing policies, cost comparisons between dorms and buying a property, maintenance responsibilities, the child’s readiness to manage a property, reliance on rental income from other students, potential legal liabilities, social impacts on the child, and the property’s future value and ease of sale.
These considerations are important to ensure a well-informed decision. If it seems like the right choice for you and your child, ask your local real estate agent to recommend the best investment-savvy agent they can find in the area of your child’s school to help you make the best purchase possible.
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