As we gear up for yet another school year, you might be getting ready to write yet another check to pay for your student’s tiny dorm room. If your child is a UT student—and even if your family is from out of state—you could be missing out on some big tuition savings by not buying a condo. Texas residency for your UT student is easily established if he or she lives in a condo or apartment you own. This can mean substantial savings on the cost of UT tuition because you can avoid paying out-of-state tuition.
But before you decide to jump into buying a condo for your student to reside, you need to do your homework.
Do the Math—and Make Sure Buying a Condo Works Out in Your Favor
Chances are if you purchase a condo today to serve as UT student housing, you’ll be selling it a few years down the road. Ask yourself these questions:
- How long will your child likely live in the condo?
- What will it cost to sell the property when your son or daughter graduates?
- What are the current rental rates in the neighborhood?
Keep in mind that few students finish a four-year undergraduate degree in four years, so you could be looking at ownership for as long as five or six years.
Consider the Responsibility That Comes With Ownership
With real estate comes responsibility. Unlike having your student live in UT student housing, there will expenses with ownership. Be sure to figure in ongoing maintenance expenses, taxes, and utilities. You will want to check and see what your homeowner’s association will cover.
Another question to ask yourself—and this might be a difficult one—but how responsible is your student? Will he or she take good care of your investment? Or will the property be trashed at the end of their University of Texas – Austin tenure? This could provide your student with a good learning opportunity for taking on some additional responsibility which comes with ownership versus renting.
Find Out More From the Experts at Resolute Properties
If you have a student planning to attend UT, Texas residency for your UT student is easily established and it only makes sense to investigate ways to save on University of Texas tuition. Is purchasing an investment property to establish residency the best option for you? Call Resolute Properties; we have the experts who know the Austin area and who can help you make the best decision for your family, your UT student, and your bottom line. Contact us today!