College and Home Ownership

I, like many other parents of teenagers, am beginning to think about my son’s college education. We are beginning the process of looking at colleges, which of course also involves considering housing.

Whether your young adult will be an undergraduate or graduate student, at a public university such as the University of Washington or University of Oregon, or at a private institution such as Seattle University or Whitman College, you will need to make decisions about housing. At many colleges, there is insufficient housing for all students (for example, we toured the University of Oregon this past weekend – although they have approximately 24,000 students, they only offer about 5,000 spots for housing, which mainly goes to freshman).

Another option that you may not have considered is buying a home, condo, or townhouse for your young adult and roommates. In fact, the first property I sold when I became a real estate broker was a townhouse in the University District for a UW student and 2 of her friends. The friends paid rent, and combined with the parents not having to pay for a dorm for that student, the parents brought in enough income to cover the costs of owning the townhouse.

I’d be happy to talk with you about buying a property for your college student, including helping you understand the costs and benefits. Locally, there are many options around the UW, Seattle U., SPU, and the community colleges. Nationally, I can refer you to a Coldwell Banker broker who can help you find the right place. Just give me a call at 206-790-0081 or an email at jamieflaxman@cbbain.com.

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