Buying a Home for Your College Kid in Norfolk, Virginia

A degree isn't the only thing that can come from the college experience. Buying a home in cities like Norfolk, Williamsburg and Hampton for kids entering college can promote a bright future while building investment portfolios. According to Bill Bischoff, in his article, Skip the Dorm, Buy Your Kid a Condo, tax breaks are easy to come by and purchasing these homes makes good sense.

The greater Hampton Roads area of Virginia has several four-year colleges where buyers may consider buying properties for their college kids. Norfolk is home to Old Dominion University and Norfolk State University, while Eastern Virginia Medical School offers advanced study programs. The College of William and Mary is located in Williamsburg, and Hampton University is situated in Hampton. When it comes to buying a home, all of these schools offer many possibilities as they are all near desirable neighborhoods. Many housing options are close enough to campus that students can bike and walk to class.

Investing money into a home rather than a dorm room is similar to buying a personal residence. If a college student will be using the place for four years, buyers may need to look closely at the numbers to ensure this financial decision works. But those anticipating their kids will stay on to complete graduate studies, buyers who have additional kids slated to attend nearby colleges and parents who want a lasting investment will face a fairly easy decision here. This is a perfect example of where our savvy agents come in, and provide the financial data to help the decision-making process go smoothly. Buying a home for your college kid in Norfolk or anywhere in Hampton Roads can earn parents an A+ in economics.