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Buying a Second Home Instead of Paying for a College Dorm

Are you kids getting ready for college? Think about the option of buying a second home instead of paying for a college dorm?

If you’ve turned on the radio or TV recently, you’ve heard about the rising costs of college tuition and room and board expenses. Even with financial aid available for today’s college-bound students, cash-strapped families are looking for options. Some are choosing to refinance their mortgages (Texas Cashout Refinance), while others are opting to buy second homes.

Yes, you read that right. Families are saving money by buying second homes for their college kids. While it may seem ludicrous at first, buying a second home can actually help you save money in the long term. How? Monthly mortgage payments may be less expensive than college room and board expenses.

Benefits include:
  • Some lenders have loan programs that provide the most benefit in the first 4-5 years of ownership – just in time for your kids to graduate.
  • Interest on a second home is tax deductible.
  • Owning a second home gives you an opportunity to build more equity and increase your net worth.
  • Extra space or rooms in the home can be rented out for additional income.
More and more families are buying second homes to reduce the increasing financial burden of sending their kids to college, and so can you. Give me a call at (214) 728-0449 today, and let me show you how my knowledge and experience as a mortgage professional can help. You and your wallet will feel much better.

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 9 commentsJohn Cannata • November 01 2011 01:22PM

Comments

Great ideas...in many cases it does make sense to buy a child a home instead of paying for dorm rooms!!!

Posted by Deborah Byron Leffler BzyBee Real Estate Lady! (Keller Williams Realty Boise) over 6 years ago

Thank you Deborah. This wont necessary pertain to all areas, but its good to consider for those College towns.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

It's definitely a great idea to buy a place for your college students!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 6 years ago

Thanks for the comment Donna.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

John - This is a great option with lots of benefits for parents.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 6 years ago

Sounds like a great way to come out ahead on college costs; good information, John,

Posted by Teral McDowell (Referral Patners LLC) over 6 years ago

Thank you Teral and Michelle. Im working with a client now that is doing this, which is what sparked the post.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

John, I know a lot of parents who, back in the day, paid for college and med school with nicely timed real estate purchases here in DC.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 6 years ago

Patricia - Just seems to cheaper to buy a home for your son/daughter and rent out a room a two to their friends.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

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