Benefits of Buying a Small Home for Your College-Bound Teenager

Posted on: 13 December 2016

When your son or daughter is preparing to head away to college in a different city or even a different state, the topic of housing will definitely come up. While there might be some interest in staying in a dorm on campus, you can also weigh the option of buying your teenager a small home to live in while he or she studies. During one of the orientation visits to the college, take the opportunity to meet with a local real-estate agent who can show you some suitable properties. Provided that you can find one that suits your budget, there are a number of advantages of buying a home for your child.

You Can Control the Environment

While on-campus residences have to meet the college's approval, off-campus housing does not. This means that if your teen opts to find roommates and live in a home off the campus, there's no telling how the environment will be. The house could be in poor condition; for example, the house could have a leaky roof that has resulted in water damage and that is causing the growth of mold and harming the air quality. Provided that the house you buy meets a local building inspector's approval, you'll find comfort in knowing that your child is in a suitable environment.

There's a Higher Degree of Safety

By owning the house, you can feel more confident in your child's safety. In on-campus housing, you have no idea who might have a key to your child's dorm room, and that could concern you. Similarly, if your child were to live with roommates, their house could become filled with students and partiers, and that may occasionally result in an unsavory environment for your child. In your own home, you can control who is accepted as a roommate, if anyone, and you can change the looks and install a security system to improve your child's safety.

It's a Smart Financial Investment

Renting a dorm room or space in a rented house isn't a smart financial move. By the time of your child's graduation, you'll have spent several thousand dollars with little to show for it. Conversely, buying the home is an investment. Whether you choose to sell the home at a profit at the end of the four years or keep it and rent it to other students, you'll be benefiting financially. Additionally, if your child wishes to have roommates, their rent payments may cover the bulk of the mortgage, and that can leave you with little in the way of monthly expenses for the home.

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Talking With Your Real Estate Agent About Your Needs

If you are on a budget, it can be frustrating to discuss your home needs with a real estate agent. You might find yourself stumbling over wants and needs, trying to figure out what you can get for your money. I found myself in that situation ten years ago when we bought our first home, and it was really frustrating. Fortunately, I had a real estate agent that really took the time to figure out what I wanted. After helping us to track down the home of our dreams, I decided to go into real estate for myself. I want to help other people to learn more about real estate.

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