Are you a parent of a child that is in or entering college soon?! Well what do you think about paying for their college tuition and buying them a home?! It seems like a lot doesn’t it?!
Well, I read an article called, “Buying Real Estate Property for Your College Student” which showed the advantages of purchasing a home. There were some minor disadvantages but of course the positive outweighed the negative.
For many of you parents who did attend college, or may have an older child in college, think back on some of the difficulties you had with housing. Where were you or your child going to stay after the first year? Today, housing is never guaranteed, it’s sometimes first come, first serve. My point is that stability is a main issue for a college student. Now the article was saying that buying a home would definitely fix that problem. A college student with a home would never have to worry about where he/she would live the next few years, because they own a house. That would eliminate the trips parents would have to take to constantly move storage.
Another advantage of a college student owning a home was life lessons. Not only is your child building a future, but they are also learning the responsibility of an adult. What parent wouldn’t want their child to graduate in ACADEMICS and MATURITY?! Exactly, not one. The other advantages were less money being spent on apartments on and off campus considering they constantly increase in price and building equity from owning a home.
Now, considering that more and more people are becoming renters, buying a home for your child early would definitely change the market. The market might appear to be slow right now, but if young adults understood the market and how they can gain financial benefits, the market has a chance to blossom.
However, I’m not saying that buying a home for every college student is wise. I understand that there are college students who aren’t responsible, constantly change schools every year and may not want to be bothered with taking care of a house. But, for those young adults who are more mature and serious about their future, would it hurt for you as the parent to sit down and really consider purchasing a home for your child?! Do you think it’s even worth it?!
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