Should you buy or rent an apartment or a house when the child/children start college? That is the question many parents who have the ability to buy property in these circumstances ask. We have seen that contrary to what one might think, not all are advantages.
While typically when buying a property, you can make profits and benefits, sometimes long-term, but it is not always the case. Although economic gains are obtained because the property goes up in value, responsibilities tend to tuck to the end of the owners could be a bad decision. In other cases, if the purchase was made without due care and analysis, you could lose money or at least fail to make the investment. But there is the other side, those who are happy with the purchase, which profit and does not represent them any discomfort. Look at some of the pluses of this measure.
Your property gains value!
It is the most positive and direct effect of all purchases of real estate which is carefully evaluated in accurate way if the property can grow in value. It is assumed that if you buy a property, it will increase in value over time and the gain will serve you much in future if you want to get money from the property to continue investing, as in the case of those making a mortgage further.
You can rent it or use it as a vacation apartment when your child graduates!
If you want to accumulate profits and have no need to sell it when your first child graduates, you can leave it rented. This may be long term, also to university, or short-term if the venue permits, because in university areas there is high demand for places for short-term rental for people traveling to evaluate the destination instead of studying of their children.
If you propose to rent, another advantage is that if you have minor children who study at the same university, you could have it available for them while increasing its value.
You can also leave without renting if your budget allows, and use it as a holiday apartment if the place is attractive enough and you can spend some season there.
You can give it away or sell it to your son if he continues he decides to live in that place.
It is a tremendous way to start your professional life, taking a property. Many parents who do have the economic capacity, but only after seeing their children graduate, and offer it as a prize. If you can do it, go ahead. No matter how small, when established as successful professionals, they can sell it and buy another property.
It provides stability to your children.
Although it is not a prerequisite for success in college property, having stable housing provides peace of mind, security and avoidance of discomfort to young people and parents too.
There are many advantages but before buying, evaluate the real estate market, the characteristics and level of responsibility of your child, your personal finances and your ability to also assume much of the responsibility as the owner. Remember two things, your child/children are often overwhelmed by the studies and the owner is still you. If all this leaves you positive analysis, go ahead.