Should I Buy a Condo Instead of Paying for a Dorm?

Have you thought about investing in a condo or home to house your college-bound child? If so, here are some tips and advice to consider.

Living on campus is expensive. For instance, a full-time student at George Washington University can easily spend $15,000 per year on meals and housing. And we all know that this number is only going up. With so many condos for sale near these dorms, it might be prudent to ask if buying a condo for your college-bound child is a better way to spend your money.

The first thing to think about is do you want to invest in a property with more than one room. If you purchased a condo in DC with extra rooms, you could rent out the rooms to other students and use that money to cover your mortgage. With the right investment, your child could live for free during their college years. You also know that they are getting to live with enough space and control their environment to create the positive study habits they need. Also, this model helps teach your child responsibility and real life challenges so that when they graduate, they have the real life skills needed to be successful.

If you think this might be a good investment to consider it’s important to work with agents like us who specialize in condos. We can help guide you through some of the important questions to ask, like:

How many vacancies are in the building?
How many rentals are in the building?
Can I get financing for this building?
What are the condo dues, and what is included?
How strong is the Homeowner’s Association?
What are the repairs needed?
What are the typical cost of utilities?

By the time your child graduates, you can bet that the cost of dorm living will have increased. You could always sell the unit at that point, or perhaps continue to rent it out to other students. Then you’ll have it in the family when it’s time for your grandchildren to go to college, and you can just imagine how much dorms will cost then!

If you want to discuss purchasing a condo to use for housing for your college student, give us a call at 202-505-5409, or visit our website at www.SellingDC.com. There are plenty of DC Condos located around Georgetown Law and George Washington University. We would be happy to fill you in on the latest market trends in neighborhoods and buildings that are perfect for students.