Is Buying a Home for Your College Student a Good Idea?

There are many great San Gabriel Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 643-7090 for a FREE home buying or selling consultation to answer any of your real estate questions.

Purchasing a Home for Your College-Bound Child...

It's spring time, and with the blooming flowers also comes lots of high school seniors preparing to go off to college. This will cause a lot of decision making, from where your child is going to college, to where your child is going to live in college. Some choose to house their children in dorms, but I have another option that might work well for you.

I am talking about purchasing a home for your college student. I will point out 4 advantages to purchasing a home for your college student to live in.

1. Rent-free living: This will save you lots of money over your child's college career. College is extremely expensive, and this is one way to cut the costs down.
2. Extra Rooms can be Rented Out: This will allow roommates to pay for rent, and this money will go directly toward your mortgage, taxes, insurance, and utilities. 
3. Depreciation of rental property: Instead of losing value as a rented property, this property will continue to gain value if the tenants take good care of it and then you can sell it again at the end of your student's college career. 
4. Security & Surveillance: You can keep track of whether or not your student is abusing the new found privileges of home-ownership and throwing lots of parties. This is of course just another way to protect your child and your investment property. 

I have done this for my clients' children and they have had positive experiences with it. Also, as part of the National Association of Realtors, I can provide you with information about this process and refer you to other realtors if you are doing business outside of the Los Angeles, Riverside, Orange County, or San Bernardino areas. 

I am also a member of the Century 21 Systems, so I have access to reputable agents that I can refer to you, and my information as a professional realtor is sure to benefit you in your search. 

If you need any information about real estate in the towns that your children are heading to, feel free to contact me for advice and consultation. We can talk about whether it will make sense to purchase a home or find another way for your child to live comfortably in college.  

So just give me a call at (626) 643-7090 or email me at reoagent@shawnluong.com