Packing up your children's rooms and sending them off for their tertiary studies or first job away from home can be bitter sweet. But before you settle into your spacey empty nest, there are some big decisions to make regarding where your newly winged fledglings will stay during their early adult years.
The choices are many and include accommodation in a student residence, staying in a commune or renting private digs. But have you considered buying a property where your child can stay for the duration of his studies or early career? Although a large capital outlay or financial commitment, buying property is an investment, whereas the money paid as residence fees or rental is only a cost.
Recouping the initial investment, plus more
Investing in a property that can meet the needs of your child and, thereafter, generate rental income is a sound investment. What's more, the property will appreciate in value over time, giving parents the option of selling at a later stage and recouping the initial investment, plus more. Owning a property also means not having to deal with rental increases or being subjected to the whims of a landlord.
I would offer the following advice to parents looking to buy a property:
- The property must meet key criteria, such as location and security, while still suiting the student lifestyle. Location is obviously of primary concern; a property that is within a short walk or easy drive to a campus or business district is ideal. Although when thinking of long-term returns, perhaps looking for a property that also has easy access to other popular areas, such as holiday attractions, is first prize.
- Security is often the single most important consideration for parents when choosing property for their children. This is completely understandable considering that although their age defines their adult status; they are still our babies.
- Be sure to look for a property that either offers or is within close proximity to amenities that meet the needs of their lifestyle, such as a laundry, local shopping centre, gym or fitness centre, fast food outlets and restaurants, clubs and pubs.
There are few properties that deliver on all these key criteria as well as offer sound financial returns, but we believe that our most recent and largest development yet, De Velde Somerset West, does.
