Richmond Virginia has some great investment options for parents right now in the area around Virginia Commonwealth University, the Bio Tech park, and Medical college of Virginia.
Some job changes and companies relocating have put some reasonable priced properties on the market and parents are scooping them up.
it makes sense if student is going to be here for 4-6 years depending on the major.
For first time home buyers (put you child's name on property), the savvy parents can make minimum down payment and get closing cost from seller.
There are also some stressed sellers who need to sell; they have already relocated to another city.
Several developers are building 600 + more apartments around VCU in the next year, so there is demand; but rent is wasted money.
Purchasing is a good investment. Rent out two Bedrooms to other students and keep one for your student.
Make him or her the manager and pay them a small sum to manage and write off their spending money on taxes. Talk to your accountant.
Richmond is a great college town. Cultural events go on almost every weekend.
There is the Asian festival, the Greek Festival, the Indian Pow Wows in King William, the Armenian food festival, the Folk Music festival, and tons of out door free music concerts.
Parents, you can put your student on loan and cosign. Investment VS Rent. Plus nowadays mortgages are cheaper than rent.
Contact your accountant. Then give me a call. Don't waste money on rent.
Long and Foster Richmond Va.