As your child approaches college age and you tackle all the questions surrounding their next stage of life, you may find yourself wondering about alternative options to shared campus housing or pricey student rentals. One oft-overlooked alternative to these expensive and potentially low-quality accommodation options is purchasing a second home for your student to use while enrolled.
Learn more about the benefits of this alternative option to college housing, and see why more and more parents are choosing to purchase a second home for their child to use during their college years.
Comfort, Safety, and Peace of Mind
For most parents, safety is of the utmost importance when considering housing for their child. Uncertainty about roommates, theft, or even more serious possibilities may cross your mind. When you purchase a second home for your child to use, you’ll have control over the neighborhood in which they live, say in the roommates they have, and the peace of mind that comes with knowing they have a comfortable space to study.
Plus, should any issues arise, such as a water leak or electrical issue, you know it will be resolved in a time-sensitive way because no one cares more for your child’s well-being than you do.
Stability for Your Academic
One of the most challenging aspects of student life is the instability around housing. Roommates can come and go, landlords can choose to go a different direction, and prices increase beyond the reasonable range. All of these things can add to your academic’s stress, making it difficult to focus during an instrumental time in their development.
When you purchase a second home for your student to use during their years of study, you’ll give them a leg up by providing stable housing that allows them to focus their energy on other things—like acing organic chem.
Build Your Equity
Living on campus can add thousands of dollars to college bills. If you purchase a second home for your student child, you’ll be choosing to build your own equity rather than padding the pockets of a university or landlord.
Some parents find it important for their children to learn financial responsibility during their college days—should you choose to have your student pay rent while living at your property, you’ll be able to determine the cost, ensuring that your child won’t be struggling with rent as they focus on their studies and building their future. Your mortgage interest and property taxes may also be deductible while your child is in school—although, of course, it’s important to consult with your tax advisor about any property purchase.
Once your child moves out, you can get fantastic ROI by renting or selling the property. You could also choose to keep the property for retirement, gift it to your child as a starter home, or utilize it for family vacations. The possibilities are endless.
Thinking About a Second Home for Your Student’s College Years?
If your child is interested in attending college in the Nashville area, consider purchasing from Harpeth Valley Homes. Our new-build homes are safe, comfortable, and will only build equity over time! Fill out our contact form or call Harpeth Valley Homes at 615-436-5854 to learn more about purchasing a second home as an alternative to traditional college housing.
