Why a Condo Could Be the Best Student Housing for Your College-Aged Kid
Whether it’s a new sense of freedom or the chance to meet lifelong friends, the prospect of moving to a college campus is exciting for many kids. However, it’s also a stressful process, not to mention, expensive.
Student apartments away from campus, however, can bring more value to both your kids and yourself. If your child needs to move closer to school for convenience, it wouldn’t hurt to consider buying an off-campus condo unit.
Great Investment for Both Students and Parents
The main benefit of purchasing off-campus housing is a long-term one – the investment potential. Remember, a condo is an appreciating asset and the price of that unit will most likely increase over time. You can sell it in the future and get your initial investment back along with added profit. You can’t do this with a dorm room once your kid finishes their program.
Additionally, it’s a move that can teach your son or daughter skills they wouldn’t learn from living on campus. This includes things like market analysis (knowing when it’s best to buy/sell) and maintaining value (so that the property has more “curb appeal”). These skills can serve your son or daughter for life. This is even more true if they’re studying a program that involves finance, business or even marketing.
Buying off-campus housing might seem like a massive undertaking, and you might feel like you’re not in the right position to do so. But it doesn’t have to strain your finances.
Remember, what you put into the condo monetarily you can get back.
You can purchase a unit for your son or daughter, and they can share this unit with a roommate who will pay rent. This condo unit then turns into a means of building equity.
When your child finishes their schooling, you have two options: 1) Rent the unit out, 2) Sell it down the road. Either choice serves as a “win” for you and your kids, because that condo will turn into an appreciating, value-generating asset.
Fewer Rules & Regulations
With campus dorm rooms, rules tend to err more on the stricter side. Tougher rules provide students with a quiet and comfortable environment to study.
In an off-campus condo unit, rules tend to be more accommodating. These residences work well for students who want more flexibility for matters such as visitation or storage.
Of course, that doesn’t mean that they’ll have unlimited freedom. Like any other condo, the property managers who oversee these student apartments expect their young tenants to follow the rules.
Dorm rooms are built for an economy of space, not for maximum luxury. That usually comes at the expense of having added floor room. A student condo off campus will more than likely provide more space than a dorm room.
That means more room for your kids to add furnishings that may not fit into a campus apartment. Also, with more space, students can maintain a higher degree of privacy especially if they avoid sharing a unit with a roommate.
A first apartment is a big step for a young adult. Paying the bills, maintaining the suite and budgeting for expenses is challenging. But these responsibilities will benefit them for life. Owning a condo teaches young people many skills they’ll need throughout life for their future success.
In fact, a skill that didn’t quite sink in at home could turn into a strength not long after they move into their condo.
Kids may not need to go furniture shopping or pay for utilities if they’re on campus, but they sure will have to do so for their own apartment.
So if you want them to grow up a bit faster, a student apartment could do the trick.
Choosing a Condo Wisely
Choosing the right student apartment is no small feat. It takes planning, persistence and patience. However, spending the time needed to find the right unit will mean the difference between a choice they love or a choice they regret.
Doing Your Homework
- Look at condos that allow for a convenient commute
- Pay attention to the market value of a particular area
- Pick a suite within their means (what you and they can afford monthly)
- Put monthly budgets on paper
- Set long-term financial goals for cutting costs, building savings and investments
- Pick your roommate carefully (if they decide to live with one)
- Write all agreements, shared costs and chores on paper (like a contract)
A Condo Could Help With the Dorm Room Dilemma and More…
If you and your kid want an alternative to a dorm room, consider a student apartment off campus. In the short term, having their own condo allows them to enjoy the privacy and lifestyle preferences they enjoyed at home. More importantly, an off-campus unit can help your kids learn lifelong skills while providing both them and yourself with an appreciating asset.