Reasons Parents are Considering “Campus Cribs” for Their College Student


Whether attending their first year of college or their final semester before they receive their Master’s degree, school is back in session for most university students. It’s an exciting time as lecture halls teem with eager students looking to further their education, and of course form friendships that will last a lifetime.

As dorms and student apartments become more crowded due to the sheer number of college students enrolled in colleges across the country, one of the growing trends for student housing is the playfully named “Kiddie Condos” or “Campus Cribs.” Here are some reasons why campus cribs are becoming more and more popular.

Investment Home

Happy Girl

One of the main reasons people are considering purchasing a home while their children are attending college is the home’s potential value as an investment opportunity. According to Inman.com, a leading real estate news source, home prices grew 7.1% in May 2018 and could rise another 5.1% in 2019. You could be looking at a sound profit for when your child finishes college, or you may decide to keep the property to use as a supplemental income source by renting out to future children or students.

Rent Extra Rooms

As a way to offset some of the costs of your campus crib, you may consider renting out the extra rooms to other university students or friends. If the cost of the mortgage for a three-bedroom home is $2,000, and the average cost for a two-bedroom apartment in the same town in $1,400, you could rent two of the rooms out for $700+ each and offset a lot of the cost of the mortgage payment. Of course, this is just a rough estimate and many things go into the cost of a mortgage including taxes and escrow, so be sure to reach out to me for more information.

Housing Stability

College students tend to have plenty of stress, whether it be worrying about their next big exam or balancing a part-time job and homework. Looking for a place to live on or near campus shouldn’t be one of them. Owning a home in a college town can cut down on that stress for your college student, and we all know parents will breathe a sigh of relief when they don’t have to help move furniture out of a third-story apartment.

Work With the Experts

Colonial has a great reputation when it comes to investment property financing, whether it be a condo loan or single-family property. Contact me to begin a conversation, or visit my website to fill out an application. As always, GoColonial.com is full of helpful information, FAQs, home loan affordability calculators and more.

Related Artice

Are you or someone you know a current student looking to save more money? Don’t miss this article: Six Money Saving Tips for College Students.”

 

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