<p>I have borrowed my daughter's user name to post this thread. We are considering purchasing an apartment or single family home close to her school to use when we visit and for her to use on weekends when she wants to get off campus. We think some of her friend's parents and other family friends can help with costs by renting the apartment from us on weekends when they visit their child. Did anyone do this and what was your experience? Did it work out or was it a source of regret for you? Thanks.</p>
<p>Does the school allow kids to live off campus? If so, she may want to live there with roomies later on.</p>
<p>I know a a few people who have bought condos (as an investment) for their kids off-campus housing (plan to continue renting to students after their kid graduates) but have never heard of anyone buying for a weekend getaway. </p>
<p>Is your D already in college or is she going to be a freshman this year? Do you/will you really visit often enough to make it worthwhile? We don't vist our S at school but I know people who do visit their kids at school occassionally but not on a regular basis. I predict that if it's available to D and her friends (because you know she wouldn't want to spend weekends in a house/apt. alone), it won't be long before she wants to move off campus and live there full-time. S moved off campus after one year and loves apartment life. If you do it, I would got the condo route. A single family home would require lots more upkeep (like yardwork,etc) that could become a pain to deal with.</p>
<p>If I were considering this I would do the math. (Beating mathmom to the punch here). In other words, how many times would you use it, what is the cost of the condo, electric, water, furnishing, appliances, etc. What is the cost of staying in a hotel when you visit vs. the cost of the condo. What is the real estate market like in that area? Will it appreciate? Will you be able to sell it should you want to?
Also, don't forget that most colleges see second properties as assets for financial aid purposes. (This might not affect you, just mentioning it).
When you say D would be able to get away on weekends will that help her socially? Will it become a party place or will it become a place she can go to get away from the social aspects/pressures of college life?</p>
<p>While in med school I lived in a condo purchased by a parent for their kid to live in. Kid lasted one whole semester at the University. Parent stuck with condo for years during a housing slump (sound familiar). I do have friends who have bought homes for kids to live in with friends, and it might make sense if you have multiple kids all attending same college. But unless you have more money than most, it seems like a lovely hotel room is what you are looking for when visiting your kid.</p>
<p>One issue to consider is summer plans. Does your kid plan on staying around campus in the summer? If not, what plans do you have to rent out the condo?</p>
<p>I would also consider liability issues. Nothing says "Let's get together for a party" like an unoccupied house. Could possibly even happen without your daughter's knowledge once the word gets out. Maybe consider waiting to buy a condo until your daughter will actually be living there full time? Or make sure you but in a security or doorman building?</p>
<p>I have certainly thought about doing such a thing ... but even when I add up 10 weekends a year at $500/weekend for a really nice hotel room for 4 years ... I don't quite make the dollars work. </p>
<p>Twenty grand for weekend hotels ... vs what? A house at $100K with all the risk? Not sure it's a good idea unless my child is going to live in the house and have roommates and do the maintenance ... and there's a hot housing market ... and S2 is going to follow him to that school!</p>
<p>Even if the math works out, I would consider the liability issue carefully, and whether you really want either an empty house/condo sitting somewhere near a college and or the result of renting to students. I made the mistake of renting our beach condo to Pepperdine students one schoolyear and thought I selected the tenants wisely. Many thousands of dollars of damage repair later and after numerous complaints from the neighbors, I realized I was an idiot.</p>
<p>I can't imagine that buying a condo for the occasional parental visit or weekend getaway by the student could ever be cheaper than simply renting a hotel room when one is needed. Monthly mortgage payment will likely be in four figures. That much money every month could rent a lot of hotels.</p>
<p>Now buying a condo for the student to live in fulltime might be a better deal, since it would save the dorm costs. I know a family who had six kids that all went to the same college. Dad bought a house for the first kid to live in and cycled all the rest through too. There were usually two or three siblings living there at any given time. This was during th housing boom years, so after the last kid graduated Dad sold the house and recouped most of what he had spent on six college educations.</p>
<p>I heard that! Not doing the math!</p>