Have you looked into the Price of Dorm Rooms??

By
Real Estate Agent with Century 21 MarkV

If you have a child who’s getting ready to head off to Oklahoma Baptist University, Oklahoma Christian University, Oklahoma City Community College, Oklahoma City University, Oklahoma State University – Oklahoma City, Redlands Community College, Rose State College, Southern Nazarene University, University of Central Oklahoma or University of Oklahoma, I’m sure you have been pricing dorms. However, have you thought about investing in your child’s future other than just paying for their college tuition?

How about purchasing a condo for them to live in the two to four years or more of college life? You save on paying rental on a dorm room, and if there are several bedrooms, you may be able to help offset the cost of living in a college town. Many parents have made a tidy sum purchasing a condo for their kid(s). You can sell the condo after graduation or continue to collect income renting to other students.

There are tax advantages to owning a condo during your child/ren’s college careers. Since your child/ren will have to pay rent either for a dorm room or a different apartment, according to SmartMoney.com, “You can give your kid up to $13,000 annually without any adverse federal tax consequences. If you're married, you and your spouse can together give up to $26,000. Your child can use that money to write you monthly rent checks. Just make sure he or she actually sends the checks and make sure they say they are for rent. Also, it's best if you open up a separate checking account to handle the rental income and expenses. Taking these simple steps will help keep the IRS off your back if you ever get audited. “

There are advantages to purchasing a “kidde condo”, but you should talk to your tax person to give you the details of those advantages. If you would like to see what properties may work out for you, please contact us today!!

Fall isn’t that far off!!

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Rainer
61,870
Virginia (Ginger) Schott
Century 21 Geba Realty Assoc. - Port Jervis, NY
Assoc. Broker, CBR, CHMS

Darren, that is exactly what one of my good friends did.  She purchased a condo and had her son and his friends live in it.  They paid the mortgage and now that he is done with school it's on the market hoping for another family to do the samethink.  I'm lucky, the school my daughter choose is very reasonable and it's not a worry.  If she had choosen a school in Boston, then we would have had to look into it.  Housing is only offered to first and second year students.

May 15, 2012 08:51 AM #1
Rainmaker
532,593
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

I had a client do this a few years ago and has never regretted it. When college was finished for his children, he sold the Condo at a small profit. He has shared more than once that it was a powerful investment for he and his family. Thanks for posting.

May 15, 2012 08:53 AM #2
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Rainer
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Darren Webb

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