Many parents with college-aged children are stunned at the high cost of on-campus housing in cities such as Boston. A semester?s room and board could run $5,000 ? $10,000 and more. So, increasingly, they seek out alternatives, including buying a condominium off-campus, near the schools.
The logic is, if you?re paying thousands of dollars in housing costs, why not put it toward a mortgage on an investment that may increase in value, instead of giving it away to the college? It?s logic similar to whether to buy or rent a home.
I?ve helped many parents purchase condos here in Boston, so I have lots of advice and information should you be considering the same thing.
With some forethought, purchasing a home for your child can make sense, financially.
According to the New York Times:
Families must decide whether they?re buying the property as their second home or solely as an investment, in which case it would be run as a business, with costs and depreciation deducted from rental income. This would require more record-keeping, but can provide tax benefits, experts say.
Please contact me to learn more.
More:: Financing Student Housing ? Vicki Elmer, New York Times
usssa baseball alex o loughlin the godfather cape breton bowling green marysville tornados
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.