Kiddie condo /College housing

Also wanted to add that my oldest dd did move off campus for her junior and senior years and rented a house with three friends. I think that was good practice for the real world because they had to deal with the landlord, paying utilities, maintaining the yard in exchange for slightly lower rent, etc. But by junior year she was well-established at school, in a sorority, etc. The house she had was actually closer to her classes than her freshman dorm was.
Also it was cheaper when she moved off campus-rent was split four ways, and she had no meal plan.

My other dd will probably move off campus junior year or senior year, as many at her school do. At her school there are many rental buildings occupied entirely by students and she will probably end up in one of those.
 
I know two people who did this for their children, but the biggest difference were the costs involved.

Both kids went to schools where room and board ran over $15k a year (both children ended up in major cities).

One family ended up keeping the condo after their children graduated and continued to rent it out as the rents more than covered the costs. In fact, I they still own it.

The other family sold their after the last child that was living there graduated. It turned out to be a great investment for them because it appreciated in value quite a bit in the 10+ years they owned it.

Both families had more than one child that ended up attending schools in the same area and using the condos. Neither one had any trouble finding roommates to help cover the costs. After the first year, the kids pretty much ended up picking their own roommates from friends they had made.
 
I think a big part of freshmen year is living on campus and meeting people. Is this a regional/state school for you, where she will go knowing lots of people? Living in the dorms makes it so much easier to meet people.

Also, what if she doesn't like her choice and wants to transfer or wants to change her major and it isn't offered there?

I have friends who just did this, but it was after their oldest child's sophomore year and they had anotehr child already accepted and a third who may very well go.

They are in Atlanta though and while they got a great deal on the condo they don't expect to make any money when they sell it. As soon as the economy improves there will probably be 1000s of new condos built as they were in the pipeline when the economy tanked.
 
my BIL/SIL did this for their daughter BUT it was 8 years ago when being able to sell was not an issue. We dabbled in the idea as our DD attends school in Sarasota and we live in Illinois. We ultimately decided not to based on the fact that DD did not have a car so that would be an additional outlay of $ ahead of schedule to get a car, cost of upkeep etc. and DD really benefited from being on campus to meet friends etc. She also needs the computer lab there usually until midnight and we were not comfortable with her commuting at late hours. Heading that far away was enough of a change/challenge without worrying about homeownership on top of it. It WAS a difficult decision as we have family in Fl and vacation there frequently...and only 2 hours from WDW !However, our DS who is now a Junior would not have been attending the same school and honestly, we dod not want DD to feel pressured to continue at her current school if things did nt work out initially. If she knew we bought a condo for her to live in ,sheowuld have felt obligated to stay even if she did not care for it. As it turnd out she LOVES it there, but our initial locations that we would have looked to purchase in are nothing like what we would have wanted now. There are definite pockets around her school that are less than marketable but those are the ones close to the school. Her housing is about $7000 a year rent only and is in a 4 bedroom standard apartment on campus with 3 roommates. She likes being on campus still as a Junior and so do we. She attends a very small school only about 1500 kids. I think it depends entirely on your DD thoughts of caring for her own place , and you guys not caring that college kids do not keep a property in tip top shape ;)
 

I would not for several reasons:

1. What if she ends up transferring for whatever reason?

2. What if the market continues to decline and you can't sell?

Too risky IMHO.

Dawn
 
Seriously, the price isn't too bad when you look at it compared to other areas of the country. His argument is that it could be ZERO (after the condo is sold and the money is recouped).

Like I said, I'm trying to keep an open mind and investigate the possibilities, but y'all have really reinforced all the things I was already thinking.

You keep mentioning that the costs will be ZERO (once sold, provided it sells for at least what you paid for it). But won't there be electricity costs? Gas? Phone? (maybe?) TV? Costs like that??

Maggie
 
I agree with the posters who said that living in the dorm is an important part of freshman year, with a good support system in place and better security. Also, at my college, the biggest parties were in the off-campus apartments/houses, and she could ending up with a roommate who wants to have nonstop parties!

With any condo, keep in mind that in addition to the mortgage, taxes, insurance, and condo fees (which can be high), there are also periodic assessments that can really add up over time and make it much more expensive than anticipated.
 
Again, the majority's comments tend to back up my own: The concerns about the social aspect of living on campus as a freshman, the benefits of being immersed into college life.

Yes, it is possible for a freshman to make this housing choice. My husband's cousin's children are doing it right now at the same college. So I know it IS a choice -- I'm just looking into whether it's a good choice or not.

Someone asked if my daughter had much experience being away from home. Yes, absolutely. She's had much, much more experience in that field than the average student. She's spent weeks at a time at camp, she's done trips with school and scouts. She's also a very outgoing girl, the type who knows everyone and is involved in everything. I feel sure that the party would come to her -- which presents problems in and of itself. She's not the wild party type (though neither was I, yet in college I did throw a few parties that the police ended up attending -- we all have our moments), but I can see her having trouble getting people to leave. I think with some coaching she'd do okay, though the safety net of the dorm staff would be better.

What concerns me more than the first daughter's social life is that of the second daughter: She is not an outgoing girl; she's much slower to make frirends. The dorm would benefit her more than it would benefit her sister. BUT if we already owned the condo AND daughter #2 chose the same college, there's no way her dad would pay for a dorm. And, yet, this argument is even more hypothetical than the first daughter's housing . . . the second daughter may not like this school at all when she's ready for college.

Safety is something I had thought about but hadn't mentioned in my post. I'm remembering a girl whom I knew just in the vaguest way -- really, she was just someone I knew lived in my dorm, someone to whom I'd nod and say "hi" to in passing -- who moved off campus because she wanted more freedom than the dorms allowed. She lived in her apartment 10 days when someone threw a brick through her sliding glass door, came in and raped and murdered her. They caught the guy, but what good did that do her?

IF we went the condo route, I have no idea where the condo would be located -- as I said, we're discussing whether this is a good idea or not, but we certainly haven't done any more than glance through over internet posts to see what's actually out there. I wouldn't agree to something that wasn't within walking distance of campus. If she ends up at what is now her #1 choice, it's a physically small campus rather landlocked by the surrounding city; thus, it's very easy to walk to restaurants, stores, and apartments.

Without having investigated completely, I think the area right by the campus is mostly students -- the people who come to ski tend to stay a little closer to the slopes; we're only talking about a few miles down the road, but when you come off the interstate you go right to go to the college, left to head to the ski slopes. Also, someone mentioned renting it to tourists in the summer. That isn't really viable: First, we would furnish it in family cast-offs, not furniture that would make it tourist-worthy. Second, since it's a ski town, aside from students needing summer school housing or the occasional hiker, really there'd be no market.

While I'm thinking about location, the car issue pops into my mind. This college discourages freshmen from having cars (and I'm fine with that -- it's 3 hours from home, not so far that we can't move her in and come up/bring her home once a month or so). On campus students are allowed to have cars, but they have to buy an expensive parking sticker AND the freshman parking lot is literally more than a mile from the dorm. They have to take a shuttle bus to get to their cars. Moreover, the shuttlebus will take them to restaurants, stores, etc., so why bother to use your own car? We've already promised that IF she gets a scholarship that pays all/most of her education, we'll get her a new car at graduation (she has an old hand-me-down clunker to drive around town, but we don't allow her to drive much past the city limits) . . . but seeing the circumstances that she'd have to keep a car at this college, she's already suggested that she'd forego her new car 'til after freshman year so that it'd be NEW for sophomore year when she'd be able to get a viable parking spot on campus, and that'd mean the car'd last a little longer into her first job. She wants that car sooooo badly -- I was downright shocked when SHE came up with that very practical plan.

One person commented that living on campus it's very easy to leave the dining hall, the library, or a party and find someone who's walking back to Big Dorm #1. It's not so easy to find someone walking back to your condo. I think my husband -- determined as he is that this is a money-saver -- will really bite on that one. He is a miser, but he's also a good father.

Also, I noticed the campus is equipped with LOADS of emergency phones -- you know, the ones that you don't even have to dial: You just pick up the receiver, and the police know your location. Those are only ON CAMPUS.

Someone mentioned that dorms aren't really all that nice. This isn't a topic that's on my radar at all. We walked through the dorms; And, yes, they looked like they were built in the 1960s: plain white floors, plain white cinder block walls. But they were clean, the rooms were large and well-lit. The closets and dressers looked, if not generous, at least adequate. I am not concerned with lack of luxury in the least, and my daughter said she could definitely see herself living there, though she specified a few things she'd want to "make it home".

As for cost, I'm totally aware that the $2000/semester includes electricity, wi-fi service, and cable TV -- things that'd cost in another venue. And that the condo would add taxes, home owner's association fees, groundskeeping, and other things that'd add up. My husband is the one focusing on getting "all the housing money back".

Thanks for the advice -- keep it coming!
 
Have you asked your daughter what she thinks about it?

Personally, I wouldn't even consider sending my kid away to her on condo knowing no one - nor would I have wanted to do it at 18. But I went to a school where we could live in the dorms for 4 years and most people did.

As for the party atmosphere, my guess is that with a condo, she could become the party house. Has your husband thought of that? No parents, no RA/RD's. It could become a free-for-all.

The money aspect might work out, but to me, the social aspect for your daughter would be much more important.
 
When I was in college back in the "80s, my parents bought a condo right off campus in an area that was pretty much all students. I also had a brother that was was 2 years ahead of me and a sister that was a year behind me in the same school. We were required to live on campus for our freshman and sophomore years and then could move off campus which worked out well for us. I was moving off campus as my brother was graduating, etc. From their experience, here is what I have to offer:

When it comes to the roommates, make sure that they split utilities and that none are included in the rent. My parents included electricity and I was constantly getting calls to make sure everything was turned off because the bill was so high. I didn't like having to be the "light police" with my roommates and it caused undue tension between us.

ALWAYS make sure you get either a deposit and/or first/last months rent. You would be surprised at how many "friends" move out without paying the last month and then it's awkward having to continually ask them for it if you even get it at all.

The condo maintenance fees can get very steep and seem to rise continuously.

If you decide to keep it after the girls move out or cannot sell it (which is what happened to my parents--bad economy and bought too high), then you might consider hiring a rental maintenance company to handle repairs, lease agreements, and collecting rent. Even so, they still had problems with kids "subleasing", causing damages, allowing illegal activity, etc.

Does your daughter have any friends that currently own off campus? If so, they would probably be your best source of information regarding which real estate/property management company would be most reliable and honest. If it is in a good resale area (check with the realtor to see how many units are available and how long they stay on the market--not city wide, but in the immediate complex you are interested in) then this might be a good time to jump in if the prices are a bit depressed.
 
What about putting the idea on hold until she does her freshman year? Then she'd have a good idea of where to live/who to live with/if she's up for living off-campus. Your other child may know if that school is right for them. I wouldn't say "no" to your husband, I'd say let's wait until we can make a better decision. You'd be out 1 year of room & board, but still have 4-7 years left to save.
 
Wow $2000 for a semester that is so inexpensive compared to my DS who is paying $4500 per semester and $1900 for food per semester. He is at a public NYS college!

FWIW I would personally not let a freshman live off campus, way too much integral socialization going on on campus.

I agree with the PP about living off campus and missing things.
Freshman year is when everyone starts out together and not living in a dorm can make you miss out on the fun. Granted dorms are not very nice! but that is where you meet friends in the beginning.

My thought exactly...Come on NY get with it. I moved off campus my senior year and am still off campus as I finish grad school. Next door to me last year some parents "rented" an apartment and "moved in" with their daughter to get around the rules of being a freshmen and living on campus. She ended up disappearing over Christmas break never to return, I know she was really struggling to meet anyone socially. Personally, all of my really close friends from college are not people I met in classes but it's all the people from dorming. Skipping the dorming step would really make her miss out on a part of the college experience.

Also, you mentioned younger DD going to that school? You can't make this decision based on the fact that your now middle schooler will choose to go to the same school. She might love older DS school now, but she hasn't been able to look into any schools of her own. My sister might have loved my school when I started attending, but that doesn't mean she had any intention of going here (this campus just isn't big enough for the two of us apparently:rotfl:).
 
Have you asked your daughter what she thinks about it?
Yes, as I said previously, we've talked about it -- frankly, I'm trying to convince her that she'd love dorm life and has only this small section of her life to live that lifestyle, while my husband is trying to persuade her the other direction. She wisely hasn't signed on officially to one side or the other.
When it comes to the roommates, make sure that they split utilities and that none are included in the rent. My parents included electricity and I was constantly getting calls to make sure everything was turned off because the bill was so high. I didn't like having to be the "light police" with my roommates and it caused undue tension between us.
Yes, that's good advice. I remember utilities being a slight problem between roommates years ago. I wouldn't argue over the lights though; in this area a lightbulb can run for two days for one penny.
Does your daughter have any friends that currently own off campus?
Yes, my husband's cousin's daughter. I guess that's her 2nd cousin. My daughter is interested in this idea, but I'm not sure she is ready to sign on for it. She has a clear vision in her head of herself living in a dorm -- she has lots of friends who do that, so she has a clear point of reference.
Also, you mentioned younger DD going to that school? You can't make this decision based on the fact that your now middle schooler will choose to go to the same school.
And that's something I said in my first post, then repeated later.

My husband's fantasy idea is that he can put in very minimal effort to buy a condo for the first daugther, and the second will fall into line.
 
Is your husband being overly optimistic about the financial reality of the condo? Is it really SURE to appreciate in value, or stay even? Have you looked at real estate trends in the area?

I'd tell him that the money you spend on dorms isn't just for room and board, it's also an investment in a support system.
 
From a parent's perspective one of the great things about the dorm: maintenance department.

My daughter is in her second year at a southern school and for the second year, her air conditioner needed service. In the dorm, it simply requires a quick e-mail or phone call to maintenance and within 24 hours the problem is resolved. Plumbing problem? Same thing. And no need to be 'home' when the service man arrives.

Off campus in a condo? Totally different story. If something needs fixing, what reliable service company are you going to call? Are you going to need to get estimates? When they give you that 'window' for their time of arrival, how is that going to fit in with the students' schedules? What if only a roommate can be available and not your daughter. Will you trust that person to recognize whether the service person is doing the job?
 
Have you even priced condo's in the area? If it is a college town and a resort area I would think they would be selling at a premium. If they were so cheap wouldn't people just hoping to make money and rent to students and tourists have already scooped up the good ones. What if the market continues to go down? If the dorm is that cheap do you honestly think you will find a place cheaper than that? especially since you have to pay 12 months a year not just 2 terms. How about insurance? how much will home owners be especially if no one over 21 or 25 is going to be living there? Plus you have to furnish it, fix things that go wrong. And carry a policy on yours if someone got hurt etc.. since you are the owners.

What about transportation? Or does your DH think that condos within easy walking distance to campus are just sitting there waiting to be bought?
Even if she can walk to class how about getting to a store for food and stuff for an apartment? having to keep a car can really add to the expense.

If she is in a condo are you perfectly happy with the local security/police protection? She won't be on campus under the eye of campus security. Is it safe for her to be coming and going, be alone at night, not have the escorts service most campuses have now for returning after dark. Having anybody at a desk watching who is coming and going. Security would be an issue for me with an 18 yr old girl. How is the crime rate off campus?

Is she a strong natured girl that could say no if her friends find out she is living in a condo without any school rules.

I also think freshman should stay at school to fully get immersed in college life. And like some have said almost all the schools my DD looked at and the ones her friends choose I think only 1 allowed freshman to live off campus. At hers you have to live in the dorms for the first 2 yrs.

I'm all for saving money but I think this isn't one way to do it plus too many headaches I don't need.


forgot to add when figuring the utilities remember to add in money for good internet access, she won't be able to use the schools and that usually is a pretty big bill.
 
I know what you're saying: I lived in a dorm for three years, and I loved it. My husband never did. Because he visited friends in dorms on weekends, he THINKS they're non-stop parties all week long. He doesn't grasp that my dorm was a quiet, serious place Sunday night - Friday afternoon, and it turned into a party every weekend.

Anyway, he has the idea that a condo is quieter, more condusive to studying. I'm with you: It's also a great way to meet people, to immerse yourself in the school, and to really start your college experience whole-heartedly.

Your husband is very unrealistic in his feelings. If anything, once people moved OUT of dorms at my small university, THAT is when the partying began.

In a dorm, a good dorm, you have RAs policing parties. We managed to have some *small* parties, but we couldn't have anyone being excessive, because if your RA found you throwing up in the bathroom, the party you were at was OVER, and everyone in that room was getting into big trouble.

But once you went off campus, you were free and clear to do whatever you wanted to do and whatever you could get away with. I lived in a dorm the 1st year, campus-owned proper house the next year, totally off campus junior year, back in a dorm (upperclass dorm) senior year (and campus-owned again for a semester extra caused by my advisor). The biggest party year was Junior year totally off campus.

Now, I have one friend who lived with her sister off campus for the 3 years after frosh year (our university required, NO exceptions, freshmen to live on campus), and they did well. But the sister was in law school (back when my U had a law school) and the friend didn't drink at all, so they were quiet no matter where they lived.

One thing that hasn't been mentioned is to look into the town ordinances in the town the college is in. The town my school is in actually has ordinances stating the amount of unrelated people in one house or condo.

Absolutely. Especially if this town is a resort AND college town, they will have some strict ordinances.


By the way, IMO "kiddie condo" is really a yucko term. Just say you're thinking of buying a condo for your adult daughter in college to live in...don't make people wonder if you're talking about a play structure for cats...
 
Well, buying the condo might be a good idea financially, BUT that's a big MIGHT depending on a lot of different variables. However, I don't think it's a good decision for a freshman for most of the reasons already stated here. The biggest being safety. Really push that angle with your DH. If DD is in the dorm there will be campus security, lots of other students around and RA's. I got very sick once when I was living in the dorms. It turned out to be a very bad kidney infection, but when I was at my worst I was able to crawl out into the hall (yeah, I actually crawled) and another resident found me pretty quickly. The RA took me to the ER. The following week the RA's would check on me daily and they also brought me food from the dining hall. I was really thankful for that. Just some things to think about.
 
We looked into this too. But with DD's university 700+ miles away, the maintenance and repair issues a PP mentioned were a huge concern for us, so we decided we would need to hire a management company. Once we really ran our numbers accounting for management costs, insurance, HOA fees, possible repair and vacancy costs, tax implications, etc, etc. it didn't seem like such a good idea for us anymore. Of course DD is in an area where RE prices are still high enough that buying as a cash flow investment doesn't make sense. Maybe prices are more sane where your DD is.

Something we ran into that you might not have thought of: I picked out 2 complexes I really liked when we were looking. Turns out one houses tons of band students (and is right across from the field where they have early morning practices) and the other houses mostly grad students. If we had bought in either one, I don't think DD would have been happy living there, and certainly not living there all four years. The complexes near DD's campus all seem to cater to a slightly different demographic. I'm thinking what works for her sophmore year might not be what works for her junior year or senior year. It's nice that she has the flexibility to move to a complex that fits just what she's looking for, rather than being stuck wherever we chose to buy.

Good luck with your decision.
 
I just went house shopping and looked at a number of University area condos where parents had done just this.

Unfortunately for those parents, the market dropped. They are going to loose a lot of money. The condo we considered is still on the market three months later, and has come down ANOTHER $5k in price.

Concerns my realtor had with the condo plan - at least in our area. The condo market has not yet (she feels) reached bottom. There are a lot of short sales on the market, she expect there to be more. The condo market will lag the house market on an upswing - we were looking at owning 3-7 years - she thought we'd break even on a house in that time, but not a condo. If the units sit empty on a forclosure and the bank doesn't pay association fees (they often don't) - fees will go up or maintenance will go down.

Now, our situation was different - we were buying a place for my brother in law to live in. A house fit our needs better than a condo. Even with the house, I'm figuring if he lives there three years, we won't loose our shirt and only be out $20k or so. If he stays there seven, we will break even or make some profit. But by the time we pay taxes and insurance and upkeep - it isn't exactly a for profit situation.

(He is supposed to pay us taxes and insurance - and be responsible for his own utilities - but he has cancer and he may not have the means to do anything other than feed himself if it gets bad, which is why we wanted to be his landlords.)
 












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