VIEWS: 25 PAGES: 1 CATEGORY: Personal Finance POSTED ON: 10/4/2012
If your child is off to college, it is just common for you, as parents to worry about them in terms of handling their own money, whether they’ll be able to take care of themselves etc. But what’s important is that your child will be staying in a secure house. Follow the given tips to give your child the best house he or she could possibly have.
College Housing For Your Child: Tips To Save Money If your child is off to college, it is just common for you, as parents to worry about them in terms of handling their own money, whether they’ll be able to take care of themselves etc. But what’s important is that your child will be staying in a secure house. College housing for your child is important especially because you won’t be there to take of them. You have to give them the best house possible. If you want to buy your child a house for him or her to stay in, but aren’t sure whether they’ll be staying there for a long time, you might want to look for houses with short term ownership deals. Some real estate purchases will also require you to stay in it for at least five years before it becomes yours and by the time you get to that, it is just the breakeven point. College students will usually stay in school for only four years. A lot of parents think that owning is less expensive rather than renting. But what’s shocking about this is that when you compute everything, like the taxes, rent, maintenance, insurance, repairs and other expenses; you’ll realize that you’re actually spending more when you buy one. Buying a house can also be intimidating because there will be a huge down payment and other fees involved. But with renting, you can let the property owner’s deal with all the expenses and repairs. Your child can wait till you get to buy your own home and it’s probably the same time that they’re graduating from college already. If you cannot find a good place for your child to stay, you can find a normal studio type unit then have your child’s friend or friends share it with them. Just divide the rent and the utilities equally so everything will be fair. This will also ensure that your child is with people whom you know really well. Take your time in looking for a place for your child to stay. Some apartments have high interest rates that may have you spending more than what you have planned. Make sure you do check your credit rating before you go looking for a place to stay to ensure that your credit history will be enough to qualify for the rent. Most colleges are offering dormitories for their students. Inquire about this and surely, there will be an available slot for your child. Some schools are even offering their dorm rooms for free. You get to save more money and worry less about your child’s safety as well. Follow these tips to give your child the best house he or she could possibly have. Whether you bought it or just renting, what matters most is that you, your credit and your child is in good hands at all times. You are entitled to get your free credit report annually and keep a track on your credit history. Check credit report and credit score regularly throughout the year to keep your score high.
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