Student housing can be very expensive, especially if the school requires paying for a meal plan, cleaning services and a host of other things. Buying a home or condo for your child to live in, along with a couple of other students could be a perfect solution to paying thousands of dollars for student residence or rent.
Investing in a property for your student to go to school can have many benefits:
- The other rented rooms could cover, or come close to covering, the mortgage and utilities
- You have at least one guaranteed tenant, your child
- You can claim many expenses on your tax return, including mortgage interest
- You’ll increase your equity as the mortgage gets paid off
Some drawbacks do come with any income properties, however, such as:
- Vacancies, particularly when students go home for summer breaks
- Property values could go down
- Upkeep can be difficult, especially if the property is far away
If your child is going away to school and you’re interested in exploring a second home or condo as an option, José Rauda can help you make the decision, weigh the pros and cons, and find the perfect fit for your family.
Call (403) 329-8899 or email us to get started.