Have you considered a purchase instead of renting for four+ years?
If your budget permits, I would like to suggest a way to provide a place for your child to live while in school and position yourself in a market that is more attractive for buyers at this time.
Let’s take a look at renting a one bedroom apartment in a college town. This can be in the neighborhood of $1,000. per month. Multiply that X12 and you have $12,000. per year in expense with no ownership or tax benefits for yourself. By the way, that adds up to $48,000. over a four year period. This could very well go up over the next few years.
Purchasing an investment property could be a very nice solution instead of throwing money away on 4-5 years of your child’s housing with no return at the end. Consider the purchase of condo or house close to your son or daughter’s school. Recruit a roommate to help offset the cost of the mortgage. Yes there will be extra upkeep on the home but that can be sorted out between your child and yourself. If it can not be worked out then you will have to factor in that extra part. As the owners of the property, you can write off mortgage interest costs to provide a wonderful tax benefit (Talk to your tax advisor for information on how much you can write off.)
Whether your son or daughter has chosen a Florida school or they have decided on an out of state college or university, give us a call, we will be happy to assist or refer you to one of our preferred referral associates around the country.
Jon Tipton ~ Florida’s Beautiful Homes- Realtors®