Could buying a house for your child be the smartest financial move you make?
Have you heard about this new trend among parents?
Instead of paying for dorms and pricey meal plans, some families are buying homes in college towns for their kids to live in.
And it's not just for convenience - there are some real financial benefits too.
Instead of paying for expensive dorms and meal plans, some families are buying homes in college towns for their kids to live in with friends who pay rent, covering expenses and ideally the property's expenses. But before you jump into owning college property, there are risks and hassles to consider. That's why it's important to do your due diligence, crunch your numbers, and weigh the risks.
An article by Money Magazine suggests that buying a home for your college-aged child to live in can be a smart investment strategy.
Your child can live with friends who pay rent, covering expenses and, ideally, the property's expenses. At graduation, your kid leaves with a diploma and you're left with equity in a home.
But it's not all positive, owning college property can bring risks and hassles. Do your due diligence, crunch your numbers, and weigh the risks.
Buying a home in a college town could be a win-win for both you and your child with the right research and planning.
What are your thoughts? Let me know your thoughts in the comments below!
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