Parents Buying Homes for Kids At College
By Laura
@lwelizabeth (288)
United States
November 12, 2009 2:11pm CST
As I was checking my email yesterday, I opened up my weekly or bi-weekly FastWeb email about new articles published on their website. I can't find this particular article on their site now, but it is still up on the Washington Times website. The article discusses how parents are choosing to buy homes that are in foreclosure for their college students to decrease the cost of housing for the college student. I found it interesting, to say the least, and thought I would share the information with others here at MyLot.
The link is here: http://www.washingtimes.com/news/2009/nov/08/parents-buying-homes-for-kids-at-college/?feat=home_top5_read
What are your thoughts and opinions on this? It seems to be a growing trend, and I don't know if this sort of thing would turn out to be a good or bad investment in the long-term.
1 person likes this
2 responses
@kykidd (6812)
• United States
12 Nov 09
Obviously, it would depend on the child themselves. But for the main part, I think it would definitely be a good thing.
The child can rent out the extra rooms in the home, and probably would either save money, or have no housing expense at all. Plus, he/she may even have a little bit of income that can be used elsewhere depending on the cost of the house and rents that he charges for the roommates.
Also, the real estate market cannot stay down forever. Eventually it will go back to it's standard 5 percent growth rate. And, it may increase even faster when the economy turns back around.
I bought my first home when I was 22 years old, although I didn't have any help from parents or any other relatives. It is now paid for in full, plus I own another home which is divided into apartments.
Thank you for sharing this article with us. In my opinion, you can never go wrong with real estate.
1 person likes this
@lwelizabeth (288)
• United States
13 Nov 09
Thanks for the reply! You're right, it does definitely depend upon the individual. There are many 22 yr olds who aren't responsible enough for that kind of responsibility and would turn the home into a party house and not properly care for it. I myself don't feel that I'm quite ready for that responsibility, though I may not be far off. I have been considering real estate for the last year or so, but I am only now doing serious research about it.
1 person likes this
@kykidd (6812)
• United States
12 May 10
Thank you for the Best Response, lwelizabeth. I have recently purchased another home. It was in foreclosure, just as discussed in this article. It also is a 3 unit apartment house. I am really looking forward to the incomes from these properties in my senior years. I hope that I was right about the economy eventually turning around and going back to the five percent growth rate.
Thanks again for sharing, and have a great day!
@ersmommy1 (12588)
• United States
13 Nov 09
Sounds like an interesting idea. Don't think I'd want to do it if they child went to school out of state. Renting out other rooms may also have alot more income potential. But you'd have to be up for being a land lord. Not my cup 'o tea.
@lwelizabeth (288)
• United States
13 Nov 09
Thanks for the reply. I agree with you on the out-of-state thing, and the landlord issue is one of the things they discussed in the article as a negative, although I'm sure the right person could use it to their advantage and make it a positive thing rather than a negative. It also depends upon whether or not you have roommate living in the home with the child or not.
