Boston Area Real Estate Can Save Parents Money on College

Parents who are going to be sending their kids to college should consider some of the ways buying Boston area real estate could actually end up saving them money on those college costs.

Tuition plus room and board runs into the tens of thousands of dollars each year. Imagine what it will cost 5 or 10 years from now. Why not consider cutting down on that “room” portion you’re going to be paying anyway by looking at Boston area real estate as an investment?

Boston area real estate as an investment could save you thousands on college costs.Most students choose to live on campus for their first year or two, but after that they’re pretty much on their own when it comes to housing. Many college students today end up going to school for 5 or more years. Many students look to get a house together to save on housing costs.

Boston Area Real Estate as an Investment

Think about the great investment opportunity as parents to buy a condo or small house in the Boston area and rent it out to your student and some of his or her friends.

Most students are very picky about who they want to live with. They live with many people their first year or two in the dorms so they get a sense of how clean they are, how organized they are and things like that. They basically get a sneak preview of what it would be like to live with them without having to do any tenant screening. As a parent/investor, you would be able to leave the entire tenant screening process up to your student.

Nearly every student these days has guaranteed income in the form of their parents income or the federal government. When renting to students you know they will almost never lose their source of income. Just to be safe, you can always have their parents co-sign the lease too.

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Even though students are only in school 9 months out of the year, most students understand they will need to sign a lease for 12 months. The only time you might have some trouble with turnover is in the summer months but during the school year you know you will get guaranteed income for 9 straight months every single year on your Boston area real estate investment.

Buying a second property or an investment property is always a risk. But when you have to pay up to $10,000 a year or more for your child’s housing costs anyway, why not put that money to good use? Students don’t expect much when it comes to amenities and repairs so you could save yourself a lot of the headache and heartache in that department as well.

Talk to your financial advisor or CPA about the benefits of offsetting college living expenses for your student before investing in Boston area real estate. Remember, your Boston area real estate will still be there working for you even after your student graduates.

For more on Boston area real estate trends and news, visit our Boston Real Estate section of articles under our Boston Real Estate Categories to the right.

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