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Personal Considerationsīefore you seriously consider the financial implications of buying a property for your child's college years, there are important nonfinancial concerns to address. It's just one of the many personal, financial and tax considerations that factor into the analysis when deciding to rent or buy off-campus real estate, including college condos. If there's a reasonable chance that your son or daughter will want to change schools before earning a degree - or spend a semester or two abroad - would you buy your college student an off-campus home, at least during the first year or two? Or would you prefer to limit the risk by renting? And half of all students who enroll in a four-year college never actually earn a degree from that college, according to the National Center for Education Statistics.
Roughly one in four college students will either change schools or drop out after the first year.
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But a cash flow analysis overlooks other critical considerations in buying a college condo. Often, they've made the rent-or-buy decision based simply on a comparison of cash flows. Increasingly, parents are leveraging low interest rates to buy such properties as an alternative to paying for dorms or rental apartments. But they've also heard of families who found another alternative: buying a college condo or single-family home as an investment property or second home. Her parents are researching the cost and availability of rentals near campus. This year, since she has the option, she'd rather live off-campus with two long-time friends in a shared house or an apartment. Laura, an only child, begins her second year of college this fall - and, for the first time, she'll be living truly on her own.Īs a freshman, Laura was required to stay in on-campus housing, at a cost of nearly $11,000 for basic room and board. It's an exciting time for the Wolff family.