December 6th, 2009 12:17 AM

For parents looking for good deals on housing for their college-bound kids, now might be a good time to consider investing in an Orlando condo or single-family home for housing during their college years, and potential tax breaks and investment appreciation later on for the parents.

Today, with home prices depressed, there could be some great deals out there, which could beat the cost of traditional campus housing. But as with most investments, there are pros and cons to evaluate beforehand.

If your kid thinks you’re buying them a “party palace,” you’re already in trouble. The student must be responsible enough to act as an “onsite landlord,” making sure the property stays in a livable and salable condition. Not every child can do this, so unless you can also afford maintenance help, any doubts about this should dissuade you from such a purchase. You would want this to be a multi-year investment, so if you think your child may transfer schools or drop out during his/her college career, you should pass on this idea unless you plan to hire a rental/property manager to keep the rents coming in.

Consider this as a rental property with your child making the “rent” payments from his/her college housing fund. Perhaps he/she can get roommates to pay rent, offsetting the costs of ownership. Otherwise, be sure you have sufficient cash flow to cover the mortgage payments, taxes, insurance, homeowners association dues, etc. complete story

Source: BradentonHerald.com 

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