Buying a home for your student when they go off to college can be a really smart idea. It’s something that many parents will do in order to save money over the long run. There are definitely a few things you’ll want to think about if you’re thinking about buying a home new Winthrop University.
First of all, renting can be pretty expensive over the course of four years (or longer!). The amount of money that you end up putting into your student’s rent could be put towards the down payment of a house. As far as the mortgage payments go, you can rent out the other rooms of the house to friends of your student. This should be able to cover the monthly mortgage payments. In fact, you may be able to get away with charging enough for rent to cover a few other costs, such as maintenance costs, property tax and homeowners insurance costs. Once your student graduates and moves out, you could continue renting out the house until the value has appreciated enough to be worth selling.
Consider buying a home near Winthrop University for your student and contact us at Randy Lindsay for real estate advice.
