If your child is going to be going to a university or college and they won't be living at home, but you don't want to pay the high rent and costs that are associated with dorm or near-campus apartment properties, you can turn the dilemma into an investment. Instead of paying rent, you may as well pay a mortgage and make money off a property. You will want to find a real estate agent in the area where your child will be going to school, and then you want to discuss the following about available single family homes.
An Affordable House in a Safe Neighborhood
If you can find an affordable property to buy in a safe neighborhood, you can pay a mortgage instead of rent. Often the cost of the mortgage with rental insurance is less than what you would pay for your student to live in a shared apartment. If the property has multiple bedrooms, this is another opportunity to save or make money. Ask the agent for a house that is close to campus, in a respectable neighborhood, and that is livable as is.
A Property Where Students Can Pay Rent
Have your teen put out the word that they are looking for roommates, or ask the real estate agent what they think you can get for rent with each room. If you are able to get a couple of other students in the house, the rent that is paid could cover the cost of the mortgage, or it could bring down the cost that you pay significantly. You could even be making money to help pay off the house quickly.
A Home With Resale Value
You want a house that will sell in the future, and that you can upgrade over time to improve the property value. Talk with your real estate agent about finding a property that can be lived in at the time of purchase, but that could also easily be upgraded to increase the property value, like changing out flooring and appliances.
Your real estate agent can look at the credentials that you have for a property and then help you get into the house that you need for your student. They could also help you with lease agreements for the future tenants that you may have moving in. You can turn your student going to college into an opportunity to make money, instead of getting drained paying rent.