Don’t spend money on rent while your child studies in Boston!
Have a child at College in Boston?
The housing expenses at the dorms can run quite high. Often a shared room in school houses can run as high as $1,000/month. You don’t need to spend that money. It is an opportunity to invest in real estate and hopefully have the income pay for some of your child’s living expenses.
The rental market in Boston is very strong. A one bedroom can run anywhere from $900-$1,800/month. Quite often students share a 3-4 bedroom. Usually it’s from anywhere $600-$900 per person.
Consider buying a 3 bedroom for $310,000. A mortgage at 7% with 20% down will run $1650/month. With condo fees and taxes approximately $2,000/month. On top of that there are many tax benefits and appreciation over time. If each roommate pays $750 that will put $250 in your pocket (or your child’s pocket?).
You will save money on not having to pay those high dorm fees, your child will not have to move in and out every summer, and will set a great example to you kid on value of investing.
I have helped a lot of parents put they’re children into condos. I am very familiar with all Boston neighborhoods and would love to show you around. Please visit my site at www.BostonrealEstateMA.com or www.BuyRealEstateinBoston.com.