With post-secondary school application deadlines quickly closing in, it might be time for parents to start thinking about where their children are going to be living during their first years away from home. One of the most attractive approaches to student housing is a very common one – parents purchasing a home for their children to provide a long-term, worry-free home for the entire length of their educational career.
What to consider before you invest
It’s important to weigh the pros and cons of any real estate investment, especially when the safety and happiness of children are concerned. It’s important to discuss the possible investment with your child in order to determine whether or not it’s something they are comfortable with, and if they are willing to undertake the amount of responsibility needed. Your child may desire the freedom allowed by being their own landlord, but also might want to experience more carefree life in dorms during their college years. Both parents and their student children should understand the benefits and opportunities that a student housing investment can provide.
Understanding the real estate market in the area your child will be living in is important, as is finding an ideal property that will be attractive to other tenants and will require little upkeep during their time in school. Purchasing a house for your student child will provide them and others with a reliable place to live during their years as a student, and can prove to be highly beneficial to your own bottom line.
A worthwhile investment for all sides
Purchasing student housing for your child can be a good investment for everybody if handled correctly. You and your adult child will be able to rent out the other rooms of your new investment home to other students in the area, giving them a reliable place to stay and helping to recoup the costs of the investment. The rental income generated from the other students living in the house is a great way to help you quickly pay off the mortgage without putting too much of your own income into the investment – meaning that this investment will be able to pay for itself and provide your child with a permanent and attractive place to live.
Being a landlord may also mean that you can claim certain expenses during tax season, and gives you the freedom to choose what kind of people are sharing a home with your children. The idea of investing in student housing is to build your own equity rather than somebody else’s, freeing you and your child up from costly residence fees and putting more money in your own pocket. Not only can this be a profitable investment for you as a parent, but it is also a great way to teach your children about responsibility, real estate, and investing – making it an invaluable experience for them. Once your child is finished with their schooling and ready to move onto the next stage of their life, the property can be sold, and the profits can be put towards future investments.
Property management services take the pressure off parents and students
Investing in a student housing property for your child can seem like a time-consuming process, especially for parents living away from where their parents will be going to school. Things like rent collection, utilities, maintenance, and sudden vacancies are sure to arise during your child’s educational tenure, creating potential headaches for you and your kids. Luckily, property management services are an ideal solution to help take the pressure away from both parents and students, dealing with these inconveniences as they arise. Only property management companies like Highgate have the knowledge and experience needed to deal with problems promptly and professionally, overseeing the day-to-day landlord duties and freeing you and your children up for the more important things in their lives.