Condos Solution to College Housing

By: Colleen DeBaise: REALTOR® Magazine Online
Low interest rates and flexible financing have prompted more parents to buy a house or condo for their children to use while they are away at college, at a time when on-campus housing costs are escalating.

According to the NATIONAL ASSOCIATION OF REALTORS®, which tracked the college market for the first time last year, homes purchased for post-secondary students accounted for about 169,000 properties in 2004.

The college market also offers buyers investment potential in that parents can turn the unit into a rental property upon graduation, securing a steady stream of renters from future incoming-student populations. Additionally, mortgage interest and property taxes can be written off.