Buying a House for Your Kids at College
I have had multiple requests for this over the last couple of months as some parents are getting geared up for the 2009 school year. The thought - "Why pay rent or dorm costs for my kids when they are at school when I could purchase a home and reap the benefits?"
I can't fault this thought process because overall it is a good idea. There are a couple of things to consider before going out to purchase another home:
1) Is your kid(s) responsible enough to be your on-site property manager?
2) How long will your Kid(s) be attending school in the St Cloud area?
3) Can you handle a distressed and/or foreclosed property or would something a little more maintenance free be a better option?
4) Are you willing to let on of your kids co-sign to try and capture the $8,000 first time home buyers tax credit?
5) Will you be renting out additional rooms and to whom?
6) Where do you sign?? :)
There are many other questions that will come into play like how to finance the property, how far away from campus, etc. If you'd like to learn more about making this option a reality, give me a call at (320) 492-2667.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
http://StCloudEdina.com - Home of the e-Market Analysis (free home value estimator).
http://JasonTangen.EdinaRealty.com - Search homes for sale in St Cloud MN
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