Julie Sagan GRI - Sagan REALTORS ®, Swampscott, MA Real Estate, Marblehead, MA Real Estate

Investing in the Future: Why Buying a Condominium Instead of Paying for Dorming may be the Smartest Strategy

College is expensive. This is something we, and our pockets, know all too well. There’s no real way around it. Going to a good school, in an expensive city like Boston, is going to cost a pretty penny even with a little help. Tuition, books, dorms, they all add up. So there has to be a smarter way to save money, and create an opportunity for our students. 

Many students pay for room and board, or spend way too much money on renting an off-campus apartment. But once they’re done with school, they’re stuck with paying off their tuition on top of rental fees. Instead of losing money, many parents are doing something to help their students by buying a condominium for them to live in while focusing on their education. BostonPrivate.com comments, “For many, this strategy of converting room or rental costs otherwise lost into an investment has proven to be a practical method for building equity, diversifying a portfolio, enjoying tax benefits, and in some cases, capturing profits that offset tuition.”

If you’re looking into an opportunity like this there are many factors to consider. Remember that once your student graduates, you’ll have to rent it out, or put it on the market. Paying a little extra for a great, and safe location (one with access to basic needs- groceries, healthcare, etc) will help you in the long run. Other parents, or families looking to rent or buy will be looking for the same things. 

Of course, this investment means some hard work. Becoming a landlord, either to your child and his or her roommates, or future renters, probably involves more than you think. So make sure you’re ready to take on this responsibility before committing. 

Having a great real estate agent, can relieve a lot of the stresses this involves. I know how to find you the perfect spot to benefit you and your child now, and in the future. The right property will provide a safe place for your child to comfortably continue their education, and be easy to turn into a profit later. I know the housing market, and can guide you in knowing when to buy and when to start looking for renters or potential buyers. I can make you aware of risks and benefits to undergoing a project like this, and can make sure you make the smartest decision now to eliminate unseen future problems. 

There’s a smart way to start this process, and it’s with me, Julie Sagan. I can help you take advantage of intelligent and profitable opportunities like this one, and make you and your child’s educational experience all the more beneficial. If your child is planning on attending school in or around Boston, I can help you find an investment property right in the city, or surrounding areas like Somerville, Medford, Brookline, and more. Invest your time in me, and turn your child’s college experience into an investment opportunity of a life time. 

Sources: https://www.bostonprivate.com/our-thinking/vault/articles/is-buying-a-condo-for-your-college-student-the-right-choice-305