Now comes the fun part: the excitement of getting ready for college. What will freshman year be like? What classes will they take? What activities will they do? Where will they live? That, fellow parents, is a big one!
Where will your student live? Perhaps dorm housing is just not right for them. And renting…well…it’s very pricey and all you’re doing is paying someone else’s mortgage instead of your own. This is why you might want to consider purchasing a condo, townhouse, or single family home for your student. In the long-run, it makes more financial sense to purchase a home vs. renting for 4+ years. Not only do you build equity for yourself, but you also can use the home as an investment property, especially if your student has a roommate (or two!) paying YOU rent.