These days, with bank foreclosures still showing no signs of slowing down and cheap student housing always a highly desired item, the smart real estate agent should encourage his or her clients to purchase a home for their college kids, either as a savvy investment or simply to save some much-needed cash on room-and-board costs on the college level. In fact, this time in the real estate market can make buying a home for college kids a particularly attractive option, what with real estate prices already being low and tax breaks always looming on the horizon.
The thing about purchasing a condo or other type of residence for one’s college kid is that it appears more expensive than it actually is. This can be seen as very apparent when we just take into consideration some basic figures. For instance, according to the very helpful website named Free By Fifty, it costs about $8000 per year for a client to send his or her son or daughter to college; if you multiply that by a tenure of 4 years, that will come out to about $32,000 over the 4-year period. These figures are simply in relation to the room-and-board costs.
Now, on the flipside, again according to Free By Fifty, it actually costs less money for a client per year to put up his or her kid in a house for the college year. Now, this second figure actually includes assumptions such as the mom or dad being able to successfully rent out the remaining rooms in the house and make some money back that way, too. But no matter how one looks at it, though, the calculations work out in such a way it is actually cheaper for a mom or a dad to put up the college kid in his or her own house rather than simply paying for the cost of room and board in the college dorm!
That's why I strongly recommend real estate agents to encourage their clients to purchase a residence (a condo, a house, etc.) for their college-student. This makes a lot more sense financially than what it perhaps appears to be, at least on the surface at first glance! College room and board is an expensive endeavor for any parent to finance. Thus, it only makes sense to look into all options, which includes buying a home for the college-bound kid.
RealtyStore has set up a special offer aimed at students and their parents. If you're looking for homes for your college kid, check it out.