It’s been a few years since I went to college. But the memories are quite fond. Maybe not of studying and final exams, but certainly of college life in general. It was my first opportunity to live away from my parents. (Yippie!) But, I can also remember HOW scared I was at the same time!! Meeting all these new people, fitting in with them in some form or fashion, and also being able to “start out fresh” from high school. WOW…there was lots to think about! Of course, Georgia Tech Parents want to know where their student is going to live?
I don’t think I could/would ever trade my 2 years of dorm life. I had two years, because I transferred schools. The first was my freshman year at Montana State University, and then after 3 years, I transferred to University of Houston where I again lived on campus for 1 year in the dorm, before I moved to off campus housing. That first year on campus at both colleges gave me the opportunity to make new friends and meet all the guys (and girls) that would later be my room mates. (In the essence of full disclosure, during one year at the University of Houston, we did an opposite Three’s Company living arrangement with 2 guys and one girl, living in a 3 bedroom house.)
But after the first year, I was off to bigger and better things, living off campus in apartment or houses. While my parents still paid my rent, or a portion of it, I was still renting. Paying someone else’s mortgage payment. It worked for my situation, but perhaps as a Georgia Tech parent, you might want to look at your students’ housing as a potential investment.
One way to do that is to consider purchasing a condominium near the Georgia Tech campus where your student could live after their first year on campus. Why consider a condominium? Well, first off, your student gets way more space than most any dorm room can offer. (I speak from experience here!) Secondly, it gives them the the added sense of independence by living in more of a home enviornment. But from a financial perspective, it gives you an opportunity to make a real estate investment.
Georgia Tech Parents Where Is YOUR Student Going to Live?
I know, you think “invest in real estate in this market?” Actually, this is the BEST time to invest in the real estate market, especially Midtown Atlanta. Prices have fallen dramatically in the past two years and interest rates are most likely at “once in a life time” historic lows we may never see again.
As a Georgia Tech parent, you can make a real estate investment while providing your student a safe enviornment to live in and experience more of what life is like living outside both the dorm and your home.
Additionally, you can help your student with their future through an FHA program called the Kiddie Condo Program. Basically, you purchase a condo, and co-sign with your son or daughter. Some of the advantages to this purchasing program are:
- A low down payment (as little as 3% of the purchase price).
- A lower, owner-occupied interest rate on the mortgage Vs the higher investment property interest rate.
- Helps the new borrower establish a solid credit rating.
With a Kiddie Condo loan program, at least one borrower must occupy the property as his/her primary residence, but extra bedrooms could be rented out to help cover the cost of the mortgage payments.
As a Georgia Tech parent, if you’d like to look at these options further, please contact me for more information about the Midtown Atlanta real estate market and the options available to you and your Georgia Tech student.