Off campus housing or kiddie condo

By
Real Estate Broker/Owner with Oaklawn Real Estate

Does it make sense to buy off campus housing also known as the kiddie condo?  We say yes, there is an alternative in the greater metro Boston area to renting off campus housing. In our recent blog regarding a kiddie condo alternative.

Here we give an example of buying a condo in the Boston area and how that it might make good financial sense.  Massachusetts is chock full of colleges, universities and other higher learning institutions. Whether in Boston or outside there are plenty of opportunities to buy and hold a single family or condo for your college student.  We stress responsibility in our blog titled Student Housing or Kiddie Condo.

In our experience typically during the freshman year a student will opt for dorm life.  But once the student gets to know her town or city she wants to move off campus. Well here is an opportunity for a relative assist the student in a purchase of property instead of renting.  If the relative has the financial wherewith all to pony up a 20% down payment and qualify for a mortgage, then it could be a win win for all involved. 

We give an example in our blog of how the loan works to the alternative of renting an apartment with roommates.  Buying a property with your student is not the right thing to do for many.  But those that can take advantage of the current real estate market and low interest rates it might be worth a look.

 

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Making Dreams Reality

 

Comments (1)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I was looking for your current posts. I hope all is going well for you.

May 04, 2018 12:15 PM