Planning all costs and expenses associated with sending children to University !
I know I don’t need to tell you that if you are sending a child away to school in the next year or two, it’s smart to budget for it ahead of time.
There are a number of checklists available on line that will help you as you prepare to budget for the expenses college students typically face. There are also some handy calculators available, which are a great tool Here is an example: Click Here
Unless you are blessed with your children having a scholarship or some form of financial aid, you have to pay in one way or another. A great way to relieve yourself of some of the financial strain is to invest in your child’s education. What a concept …and here’s one way you can do that !
If you find yourselves paying for rent, either an apartment or house for your children, (hopefully shared accommodations) you may want to consider the option of purchasing a home or condo, that your children can live in, and share with friends. The primary goal is that the rent you will collect will cover the expenses of your mortgage (if you have one), and your HOA fees. Your children will typically go to University for a minimum of 4 years, therefore investing in a property, allows you to either generate some income during this time and/or at the very least, cover all of your costs. You would also apply a Home Warranty coverage on the property so that any immediate needs are addressed, by a simple phone call, given you may be out of state, and you can have a sense of relief ! Now you’re saving on Room and Board !
The next part of your investment is the actual purchase of the property. Given that Arizona is at an all time low, it’s a perfect time to buy. One day the prices will again go up. When you might ask ? I cannot answer that as I don’t have a crystal ball. But I can tell you is that we were once gravely over priced…. at the “highest extreme”… now we’re either close to or at the “lowest extreme”. One can only assume/hope/pray that Arizona will stabilize and prices will increase to a logical price point. Can you imagine selling your property in years to come, making a profit, and gaining back all or most of the University costs you paid for your children’s tuition ?
Here is an example of a listing I have of a beautiful Tempe Townhouse . It’s a lovely Townhouse with the master suite, suitable for 2, and two more bedrooms, + 3 bathrooms. This would surely accommodate 3-4 students. Are the numbers spinning now ??? ($$$)
There are options out there for us parents, we just need to think of them and get the ball rolling ! I’m happy to help, please call me anytime with questions @ 602-284-9822.
Joyce Corsi Hazen, REALTOR®, CNE, SFR
Long Realty Arizona Properties
Member of the Peoria Chamber of Commerce
Toll Free: 877-477-2578 (U.S only)