Becoming A Homeowner

Posted on: 25 June 2018

If your child has just finished their first year of college and is gung-ho about moving off campus and sharing an apartment with another student, you are probably both proud of your loved one and apprehensive about this milestone. Housing that is affordable and safe should be prioritized when helping your child locate a rental unit. 

Help Your Child Create A Budget

Before your child decides to definitely move off campus, their budget should be taken into account. Purchasing meals, books, and paying for tuition are major expenses that must be handled before even thinking about moving into a separate housing unit.

If your loved one is determined to work hard and has already landed a job, then help them create a budget that includes their potential rental amount, utilities, personal hygiene items, groceries, and transportation.

If you are willing to chip in on expenses then tell your child a specific amount of money that you plan to give them each month. Don't overextend yourself, however. If you are not going to be able to afford to pay a decent chunk of your child's expenses, be upfront about it so that your loved one can look for an apartment that is cheaper or pick up some extra hours at their job. 

Ask About Security, Past Problems, And Renovations

The last thing that you will want to worry about is if your loved one is safe in their new home. Investigating potential properties, finding out if security is offered, if any past problems occurred at one or more of the residences, and if any renovations have recently been made are your and your child's rights to know.

Ask the realtor who is assisting you for a detailed history associated with each apartment. You should also take the time to view the properties. Since your child is planning on moving in with another student, they are going to need to sit down to discuss the apartments and the amount of money that each of them will be responsible for paying.

An agreement will need to be made and this could take some time if your child or their friend is picky about the location, size, or style of the apartment that they will be moving into. 

Read A Lease's Terms Before Your Child Signs It

More than likely, you and your child's new roommate will be required to sign a lease. A lease's terms could vary and it is very important that you and your loved one read over the lease before signing it.

The lease will provide information about the date of the month that rental payments are due, where to send the payments, what utilities are paid for by the landlord, any maintenance procedures that are included with the rent, and items that are prohibited inside of the dwelling. 

For more information about finding off-campus housing for rent, visit sites like uofaarearentalhomes.com.