Have You Considered an Investment Property Over Other Housing Alternatives?
As the bustling summer months arrive, many families are preparing for a significant milestone: sending their children off to college. While planning for everything else for college, some parents are redirecting their financial support from campus housing to investment property purchases! Read more below about how this could be an opportunity, not just an expense!
- Potential Tax Deductions
Owning a second home or investment property can often provide various tax benefits. Depending on your circumstances, you might be able to deduct mortgage interest, property taxes, and potentially even expenses related to property management. This can significantly offset the cost of owning the property.
- Building Equity
Instead of paying rent for a dormitory or off-campus apartment, why not build equity in a property you own? Over the four or five years your child attends college, the property value could appreciate, offering a return on investment when it comes time to sell.
- Rental Income Potential
A college town offers a unique rental market. If your child has roommates, you can collect rent, which can help cover the mortgage and other expenses. This rental income can be a substantial financial boost and make the investment even more attractive.
- Stable Housing for Your Student
Owning a property provides peace of mind knowing your child has a stable, safe place to live throughout their college years. You can control the living conditions and maintenance, ensuring a comfortable and secure environment.
- Long-Term Investment Opportunity
After your child graduates, you have the option to keep the property as a long-term investment. College towns often have a consistent demand for rental properties, providing a steady stream of potential tenants.
How I Can Assist You? As your trusted mortgage lender, I can guide you through the process of purchasing a second or investment property. Contact me today to discuss how we can make this investment work for you.