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Kiddie Condo Argumentative Essay

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According to a many published articles discussing ever increasing cost for college bound students the cost for room and board is exploding. Unfortunately when your child graduates, there’s little to show for those housing dollars. FHA’s “Kiddie Condo” program may allow you to get something back for your money and create a great tax deduction.

Don’t let the name “Kiddie Condo” fool you. You don’t have to limit your purchase to just a condominium with the Kiddie Condo Program. FHA allows for any one to four family properties to be included in the program. With just 3.5 percent for the down payment FHA allows parents and their college bound child the opportunity to purchase a home while attending college anywhere in the country. Although multi-family …show more content…

One solution is to make the mortgage payment yourself and have the child pay you each month. That way you know that the mortgage is being paid as agreed.

It goes without saying that before opting to buy a home for your student bound child, be certain that he or she is responsible enough to pay bills on time, maintain the property and collect any rental payments he might be collecting for fellow students. Also, be reasonably sure that he or she isn’t going to quit or change schools anytime soon.

If your college bound student takes in student renters to help with their costs, you become a landlord and having a rental agreement in place is probably a good idea. If a student/roommate isn’t responsible with their payment get in touch with their parent. Also, don’t forget that as a landlord, you take on the liability issues that are involved with a rental. If someone gets hurt on the property, you might be sued. Obtain sufficient liability insurance, so you’re covered in case of a lawsuit. Talk to your insurance agent about adding an umbrella liability policy. It boosts your coverage to $1 million and is a fairly inexpensive way to buy peace of

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