It depends on whether or not you think your student will be able to handle homeownership responsibilities like exterior maintenance, snow removal, lawn care, etc.

Often a condo suits the student life better since most college students won't be interested in mowing the lawn in their free time. You'll have to pay a homeowners association (HOA) fee for a condo or townhome, which covers these maintenance items. This increases your cost but ensures that maintenance is taken care of. Read more about HOAs.

CONDOS

Advantages:

• No lawn care, snow shoveling or exterior maintenance
• Easier to just leave for the summer

• Owner occupancy ratio of the complex could affect ability to purchase, sell or refinance
• Homeowners association fee may be high and out of your control
• Loud stereos might bother nearby neighbors

SINGLE FAMILY HOMES

Advantages:

• No concern over occupancy ratios
• A single family home might be easier to resell than a condo since you tend to have more competing properties when selling a condo or townhome
• No homeowners association fee (unless you buy a house in a planned unit development)

Disadvantages:

• Student needs to mow and water the lawn and shovel snow
• Neighborhood may be less friendly to a group of students living there

<< Rental Roommate Income I Disposing of Your Rental Property When Your Student Moves On >>

Comments