Increasingly as families look for ways to offset the growing costs associated with sending a son or daughter to college, they are looking beyond scholarships and grants that aid tuition costs. More and more parents are considering alternatives to the high cost of on-campus housing.
One option to consider is the purchase of a residential home. This web page will help you determine the benefit of buying a home as an alternative to on-campus housing.
First: Click here to see houses available in the surrounding area of Colleges in our area.
Second: Click here and enter the “List Price” of the home in our mortgage calculator to compare your monthly payments to on-campus housing.
This will help you assess the best housing opportunities for your student.
A student home investment has many advantages:
- You build an asset rather than pay an expense. Even in the current economic times, a carefully considered home purchase will gain some value over time.
- You or your student earn the tax advantages that come with home ownership, such as mortgage interest deductions, the current first-time home buyer tax credit, real estate tax deductions and others. Naturally, you should consult with your tax accountant to determine which tax advantages may occur with your purchase.
- Additional roommates can offset all or a significant part of the mortgage payments and other costs.
- Your asset can be sold following the student’s graduation with possible gains in equity.