It’s August, the last unofficial month of summer when all the college students start popping up around the Boston area. So here’s the big question many parents of college students may be asking: Is it better to rent an apartment or to purchase a condo for a college student?
On Beacon Hill, there are some nice 2-bedroom condos with an asking price of $525,000 (and less), probably more geared for the graduate student who wants some nicer digs. Granite countertop and perhaps a fireplace for those students who want a calmer, more upscale student living. Assuming a 20 percent downpayment on a 4.5 percent mortgage, the monthly mortgage would be just above $2100 a month. Find a roommate and charge them $1,200 which will make your part just slightly less.
For those with children heading off to a 4-year university, buying a place for the four-year period may be a consideration. Maybe the price won’t go up in a few years, but getting a Boston condo that can be lived in by your college kid and one of his or her friends can definitely help defray, if not cover, at least half of the mortgage expenses.
Please note: Taxes, condo fees and insurance must be considered. Also it’s possible to purchase two bedroom condo in Allston/Brighton for as low as $230,000.00.
What are your thoughts?