Kiddie Condos can be a great option for parents who have a student headed off to school. Kiddie Condo is a term used when a parent is providing the down payment for a condo in which their child will occupy. It’s surprising how many parents have never thought through this possibility. Why pay for room and board to the University or pay rent to a landlord when you can cut your costs while investing at the same time? In years past, it’s become more and more difficult to obtain financing on condos. This is no longer the case here in Ft. Collins. One local bank has committed to a “Community Re-investment” program. And, here the best part: this can be an option for as little as 3.5% down.
Here is a current market example:
Purchase Price – $84,000
3.5% Down Payment – $2,940
PITI + HOA – $550/month
Rent Collected for 2nd bedroom – $400/month
Cost per month to you = $150/month
This option potentially saves you a minimum of$12,000 over the 4 years a child is in school. And, this doesn’t even include the potential appreciation and re-sale value of the condo. Kiddie Condos are a slam dunk way to minimize living expenses for a student/parents throughout their college career. Call me for more info.
This article originally posted at: http://liveftcollins.com/2011/10/14/kiddie-condo/