Owning a condominium in Florida has several benefits even for an individual who does not wish to reside in it. With the increasingly high costs of college tuition, parents have turned toward condos as a less expensive alternative for providing housing for their adult children. Rather than paying for a college dormitory, many parents find that “kiddie” condos meet their student housing needs, as reported by Business Insider.
Depending on the financial burden that living in a dorm or off-campus apartment may place on parents, a condo could prove to be cost-effective or about the same. A notable difference, however, could be the ownership of property that also serves as a means of income for the family during the academic off-season and in the long run.
Generating rental income while the kids are in college
Many young adults prefer to live with their peers as they are sharing their experiences in the college world. When parents have a say in who their adult children may choose to share a condo with, it could also result in a safer and more secure living environment.
Acting as a landlord, parents may screen potential roommates interested in renting and sharing a condo with their adult children. A carefully drafted lease agreement can enable a landlord to effectively monitor his or her property.
Producing revenue after graduation
Cutting down on college housing expenses may provide parents with the initial motive for purchasing a Sunshine State condominium, but there can also be future advantages.
The benefits include generating additional income after an adult child has graduated. Parents may place their condo on the rental market for other students to share. They may also prefer to save their property for later use as a vacation home or retirement residence.
Drafting the necessary property-transfer agreements
A carefully written contract drawn up between a buyer and seller in a condo transaction includes ironclad terminology to prevent surprises later on. Legal documentation covering inspections, disclosures and the terms of the sale may require advance planning in order to close in time before the school season begins.