Help your kids get their bang for their buck with student housing

Navigating the world of college admissions, registration and orientation is intimidating enough for those experiencing it for the first time, finding housing should not be another point of anxiety. There are many options when it comes to student housing, so if you are interested in getting the most bang for your buck, there are few key suggestions to consider as you help your child make this rite of passage for any soon-to-be adult.

Know Your Options

In other words, do your research. The Orem student housing scene will vary greatly from the student housing scene in another part of the state or country. You can contact the student housing office of the college your student will attend and also look for local classifieds for options. Pay attention to shared rooms as opposed to private, the shared options are always cheaper. Also, make a record of what you’re getting for your money. Yes, stainless steel appliances are nice, but are they really necessary for the college crowd? It will help to understand what you will be paying for when you can see your choices. If possible, visit the area and tour your top 5 choices.

Consider Location

As they always say in real estate–location, location, location! This also applies to the real estate in student housing. Finding something close to campus will allow your child to get by without a car and this will save a considerable amount on costs. If needed, they could find a job on campus and be able to contribute to their monthly budget. In fact, it’s wise to have your child be responsible a certain amount each month so they start to understand the need to budget and respond to a boss.

Consider an Investment

Often townhomes or condos that are near campus are available for purchase. If your situation allows, you may want to consider investing in a property of this type. Your child could live rent-free and you would earn the rest of your mortgage payment in rent from the other tenants. These properties are generally economical and would not be a hassle to maintain. If you are seriously considering this, be sure to check with university policies about student housing, you may have to qualify to house students. You will also want to establish a clear contract that outlines the expectations for cleaning checks throughout the year, check-out routines and other rules.

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