Does It Make Sense to Buy a Condo for Your College Student?
Most parents don’t buy condos for their children when they’re in college, but if the circumstances make sense, then it might be a wise choice. However, before you bypass the normal route of putting your child into campus housing, you want to make sure that you are really up for the challenge. There are some situations that will make it easier for you as a parent, but in most cases, this could just be the type of juice that isn’t worth the squeeze. If you want to know whether or not buying a condo for your college student makes sense for you, then you will want to consider a few key questions.
Does Your Child Have Special Needs?
In some cases, it could make a lot of sense for you to buy a condo if your child has certain special needs. For example, if your child is a little person, you might need to retrofit the condo in order to accommodate. This could also be the case if your child is in a wheelchair. If your child is hearing, vision, or intellectually impaired, then they might need some kind of a caretaker to live with them and help them to manage all of their daily activities. This is a great way to give your child a distinct sense of autonomy without leaving them to fend for themselves.
Do You Intend to Manage the Property Yourself?
You need to decide whether or not you will be managing the property yourself. If your child is earning their degree with USC Online, then they can live anywhere in the country, which means that you can keep them close and manage the property yourself. However, if they are going to Clark College and you don’t live in Vancouver, Washington, then you will need to hire somebody else to manage the property. In this case, it could be difficult to find somebody you trust and know that your child is in good hands.
Will They Be Living There Alone?
It’s essential to consider whether or not there will be any other tenants besides your child. If so, then you need to be prepared to become a landlord to strangers. Even if your son or daughter says that their friend is trustworthy and reliable, you want to make sure that you ask for an application, a credit report, and in most cases, a guarantor before you allow anybody to move into the property. If you aren’t prepared to start background checking everyone who plans to live with your child, you could potentially be putting your child into harm’s way.
Do You Live Near Campus?
It’s definitely a lot more convenient to buy a condo for your college student if you live near campus. This way you can check on the property periodically, you can perform basic repairs and maintenance on your own, and you can actually get to know any tenants that plan to live with your child. This will not only save you a lot of time, it will also save you a lot of money.
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