[Flejszon]

Make sure you truly crunch the numbers and don't fall for the myth "why waste money on rent when I can buy a place and put money into an asset". While buying may be beneficial, you have to consider everything. Unless you plan on owning the condo over a longer period of time, than she is in school, the costs of ownership may be really high.

- The first few years of a mortgage, the majority of the payment goes towards interest. If your selling the house after she is done school, you really haven't put that much into the asset.

- Property taxes

- Condo fees

- Repairs for any damages. As the landlord, you are responsible for the upkeep.

- Utilities

- Real estate agent costs if you plan on selling.

- Risk on housing market: while this may be unlikely, the risk of a drop in value is on you. There can also be a potential for gain, but the amount of risk you are willing to take is something that should be evaluated.

- Flexibilty. Your daughter is probably 19-20. Only being about 6-7 years older than her, you have to understand that this is her first time put on her own. She is just now able to truly discover who she is. She may change her mind about what she wants to do, where she wants to live, or where she wants to go to school. Having the flexibility to find out what she wants to do is a big benefit. By buying, you are eliminating some of this benefit, as she has now committed for the long run to something she may not want in a year from now.


At the end of the day, you have to make weigh out the pros and cons. Flexibility, finances, control, risk.