Kids in University. Buy or Rent?

It has been said that 'opinions are like noses...we all have one'.

Ask ten different people, who have sent their children to university, whether it is wiser to buy a property for them or strictly rent,and you will get aan equal number of different opinions.

This is rather understandable as each situation IS different!

So! Here are a few questions to answer that may help you to make a slightly more informed decision.

1) How many family members will be going to post secondary schools in the community?

2) How many years?

3) How responsible are the children who will be attending post secondary institutions?

    i.e. Will they keep the grass cut and the snow shoveled?

4) Do the students want to share their living accomodation with others?

5) How much will it cost to purchase and maintain a property, if you invest?

6) How much will it cost to rent?

7) Will the students be staying in the community to work through the summer?

 

These are a few to get you started.

The Benjamin Franklin approach is often a practical way to approach this if you wind yourself caught in indecision.

Very simply list the ;Pros' and 'Cons' of each.

This is not exactly foolproof as we often have simple instincts that suggest one approach is preferable to another.

(Personally....I still 'listen' to those 'instincts'. They may not agree with Benjamin;s approach..but they always seem to be accurate!!)

 

All the best!!

 

 

 

 

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