Profit From Your Childs University Move

Profit From Your Childs University Move

Profit From Your Child's University Move
With school end approaching, some of​ us will be spending our summer vacations helping our children to​ settle into their chosen University town .​
Arizona State University is​ located in​ Arizona's most populous city of​ Tempe and if​ you are planning to​ look for accommodation in​ this area - you are in​ luck!
Tempe has an​ amazing range of​ places on offer and you can choose from town houses and condos through to​ family homes and mansions! Instead of​ paying out rent for your son or​ daughter, why not make money on buying an​ investment property? What are the pros and cons - apart from the obvious advantage of​ having a​ ready-made manager on hand to​ supervise the incoming revenue?
There are several factors that are constant for every family sending an​ offspring to​ University: (a) you will need to​ find a​ place suitable for your child to​ live in, (b) you need to​ find one that they will like, but that you can afford .​
(c) You hope he/she will make their funds last through the semester .​
(d) You will not want your child to​ be so hampered by residential rules that he/she becomes stressed, (e) you will prefer a​ place near to​ University to​ save on transportation, and (f) you hope that fellow renters will not be into drugs, excessive parties or​ alcohol, etc
Most of​ these concerns can be eradicated if​ you buy a​ modest home and rent it​ to​ students - one of​ them being your child .​
You will have as​ much, or​ as​ little, control as​ you feel you need .​
Many of​ your worries will disappear into thin on..
For instance (a) you know that your child will have a​ suitable place to​ live in, and (b) you will not have to​ put out money to​ pay rent as​ the other rental students will cover your mortgage .​
(c) You know that they cannot be given notice half way through the semester .​
The residential rules (d) can be made to​ suit your child's preferences; for instance, if​ he is​ an​ early riser then noise will cease at​ 11p.m .​
(e) You can choose a​ place near to​ the school or​ at​ least walking distance of​ up to​ 20 minutes (therefore no car is​ needed with all that expense and worry of​ it​ being wrapped around a​ lamp-post!) .​
Finally (f) you and/or your child will write the rules about parties etc and have the control over tenant's behavior.
Not only is​ this a​ worry-free suggestion, but it​ will actually make you money! You will probably find that you like the idea of​ having a​ second property financed for you in​ this way, and continue with the system long after the degree has been awarded!
Let's get down to​ a​ few technicalities, although a​ good real estate agent will help you with all this .​
If you have a​ home already in​ which you have accrued equity, you can use this as​ a​ surety (collateral) for a​ second home in​ Tempe .​
Perhaps you are retired in​ which case you can use a​ pension as​ 'income', or​ maybe you both work and financing is​ a​ doddle!
Your real estate agent can advise you on points to​ be considered when buying a​ rental property, practicalities such as​ suitable layouts, bathroom choices, front and back door positions etc .​
Sometimes a​ large bedroom with two windows can be made into two smaller bedrooms if​ there is​ also a​ living room available for residents etc .​
You can send/email a​ list of​ requirements to​ a​ local realtor and be the first one to​ hear of​ such suitable properties .​
Now is​ a​ very good time to​ buy any second home, because of​ the low mortgage interest rate and also the large choice of​ homes .​
It is​ a​ buyer's market now, so you can shop around .​
It is​ easy to​ be more practical when you are not choosing a​ personal home .​
Having said that, Tempe is​ a​ great place to​ 'winter' in​ when you become retired, so pick a​ place you like .​
Tempe is​ a​ fun-loving town with many parks, pools and the large Tempe Town Lake to​ cool off in​ during the hot summers .​
The fact that your son or​ daughter is​ going to​ move away and go to​ University need not be viewed upon as​ a​ financial drain; it​ may bring great joy into your lives .​
You will be financing a​ second home ready for your retirement! Thank goodness they chose Tempe to​ study in​ and not Chicago!

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