It is officially springtime in San Luis Obispo. Boy has the weather changed; it's 85 degrees today!
With the change in the weather, comes the parents of Cal Poly students who are considering if it would be a good idea to buy a housefor their son or daughter to reside in while they they attend college here in beautiful San Luis Obispo.
Parents estimate the cost of renting here in San Luis Obispo and figure the idea of buying a house for their college student is a pretty good one.
Certainly buying a house in San Luis Obispo and renting out the other rooms sounds good. Someone would have to pay rent for your student anyway. Then there is the possibility that upon graduating, you could sell ...and ...no promises...make a profit! There are costs to consider when buying a house for your Cal Poly, San Luis Obispo student. Namely, the mortgage (including points and fees), property taxes, homeowners insurance, maintenance costs, (condo HOA fees, if you buy a condo). And if there will be roommates, you may want to add an umbrella liability policy to your homeowners insurance to protect you now that you're a landlord.
I have sold property to Cal Poly parents over the years. College may be fun, but it is very stressful as well. Having a stable home can reduce the stress of college for many students. These students are really fortunate that their parents can create a stable home for them while they attend college. Mostly, it does turn out well. But there are some things to consider if you are thinking about buying that college home. Consider:
- Your property is an investment, be sure you can afford it.
- Who will manage your property? Your student is facing a whole new world at Cal Poly.
- If your child will manage, how will they do that.
- Some students like to have parties. There are significant consequesces if the neighbors complain
Buying a property for your son or daughter to live in while they go to Cal Poly can create a nice stable home for them. If you are considering a purchase, I would be delighted to help.
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