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Buy a College Condo for Your Kid and Skip the Dorm

Author: 
Toronto Condo Team CA
Publication date:
March 30, 2019
Article Summary: 

Parents are buying condos for their college-going kids instead of spending a lot of money on rent. Buying a condo for a child can help set them up for success and teach them about homeownership. However, personal, tax, and financial considerations need to be taken into account before making the decision. Personal considerations include the child's maturity and willingness to be a landlord and maintain a home. Tax considerations include state and federal tax implications, ownership, and deductions. Financial considerations include upfront costs, maintenance expenses, and potential liabilities. It is important to consider if the property will appreciate in value and if there will be a profit if sold after the child graduates.



Keywords: 

college condo, buying property, renting, investment, tax implications, financial considerations, cash flow, liabilities, insurance, property value, closing costs.



Source Citation: 
Toronto Condo Team CA
Buy a College Condo for Your Kid and Skip the Dorm
March 30, 2019
https://torontocondoteam.ca/buy-a-college-condo-for-your-kid-and-skip-the-dorm
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