Some parents are considering an alternate housing plan for their students.  They’re in favor of purchasing a condo, townhouse or single-family home for their child to live in while attending College.  In some cases, it might be not a bad idea.

But, are students ready for such a big investment or undertaking?  Consider the following four points when making your decision.

1. Buying is not a bargain everywhere.                                                                                     In some markets, renting is still more affordable.  It depends on wether or not the area is has heavy competition for rentals.

2. You may not be ready to be a homeowner.
It takes a lot of responsibility and time to take on the duties of a homeowner. If you decide to buy a place with your parents, make sure that you are up to the challenge.

3.  Being a college landlord isn’t easy.                                                                                   While the first use of the property will be for you to live in with your friends, it’s also important to have a plan for the home after you graduate. Consider renting it out to other students or friends after graduation. Make sure you have what it takes.

4. Discuss with your parents.                                                                                               Before you schedule a single showing, make sure that this is something that you and your parents are interested in. These are your college first years away from home, and you might not want this type of parental involvement or responsibility.

This entry was posted on Tuesday, September 30th, 2008 at 4:56 am and is filed under Off Campus Student Living. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.