Buying a condo for your child while they are in college can be a good investment. In Chapel Hill the number of new condo communities has increased dramatically as older apartment buildings are converted to condos and as more upscale new condos are being built.
Recently I worked with a couple purchasing a condo for their children while they are attending UNC. While working with them, I realized what a rare and wonderful gift they were giving their children. Their daughters accompanied them while touring the properties. They learned the basics of what to look for in a property and listened as we discussed the pros and cons of each location and property. The girls also added their insights. While they probably don't realize it, they learned some fundamentals of buying property. When the time comes, it won't seem quite so overwhelming as first time homebuyers.
Most importantly, they saw (and have no doubt seen in the past) how two people collaborate equally reaching decisions and achieving a goal. What a wonderful gift for parents to give their children: a good example. It was a pleasure to observe.
While the condo they chose will provide a great place for the students to live and create cash flow for the parents in years to come, the real investment...demonstrating how to successfully collaborate in your personal and professional life is priceless.
