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If your son or daughter will be enrolling in a local Boston school, you should consider buying a second home residence or a primary residence for your college student. Residential Condominiums or even Multi Family Homes are a great alternative to crowded dorm rooms, and sloppy school lunches. Consider buying a place with as little as 5-10% down payment, at historically low interest rates of 7% or less.
Potentially you could pay for your Son or Daughters tuition with the equity you will gain from your real estate investment. Rents are currently on the rise, while sales prices are stable and steady (they have gone down in the past few years). Right now is a great time to buy. Take advantage of lower prices today for an investment you can utilize for 4 or more years. Do you have more than 1 kid? Are they both going to school in Boston? Are you going to come visit them and sleep on the floor of their dorm room, or pay the unnecessary expenses of a hotel room? Or the cost of taxi rides… these inconveniences can be avoided making life much simpler and comfortable! You need a Condominium in Boston for your loved one.
Do you have a College student that has several friends they will be living with? College students can live in groups of 12 or more. For Experienced or Savvy Investors, be on the look out of good Multi Family Homes. Large groups of students share large 2, 3 or even 4+ family homes, houses, dwellings etc. The average student pays $750-$1,100 for a room or possibly even a shared room in the Boston area that is convenient to Schools and public transportation, as well as Restaurants, Shopping, Theatres, and much more. Take that $9,000-$15,000 per year that you will be spending on rent, and pay a mortgage on a property that will appreciate at a rate of 5-7% per year. Not to mention that all the interest you pay on the loan, the monthly condo fees and the property taxes, are all tax deductibles. Ask your accountant about Depreciation on the property that will keep shelter over your kids head while helping you with the funding of that expensive College Education. And don’t think that it won’t go up in value over the next decade or two. If you bought a condominium or multi family in Boston in the late 90’s, only 6-10 years later, it would have doubled in value. It is No secret that hundreds of parents have made hundreds of thousands of dollars investing in Real Estate, in Boston for their Sons and Daughters who go to school here or went to school here in the past.
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