One of the most essential decisions to make when starting college is finding suitable housing. Many parents of incoming college students must decide whether to let their children live in a dormtel, also known as student residence, or buy a condominium. Both are residences. One you buy, the other you rent. These two most popular options have unique advantages and disadvantages. Some students find that dorm life is exciting and nurturing, while others find the pace too frenetic and prefer the relative privacy of owning a condominium.

 

Here are some pros and cons to consider before deciding to buy a condo or sign a lease for a dorm/student residence.

 

A condo or condominium is a housing unit that you buy, generally in a large multi-unit building or complex. You have full ownership of your condo and you can paint it and remodel the interior however you choose, as long as it is in accordance with the condo association ownership rules. When renting an apartment, you are not free to make these changes because you do not own the apartment. This is an important in weighing the condo vs. dorm or student differences.

 

Why lease a student residence?

An ideal student residence life can be enjoyable. Roommates can be nice and fun to be with. The assessment is affordable. There is a chapel, gym, a pool, a front desk who signs for any packages that come, a maintenance service that comes in to clean the rooms and vacuum the carpet on every floor every day, and a 24/7 security service. So, a really good student residence is a pretty good starting point for a freshman. University Pad Residences is one of the dorms that offer such excellent amenities and securities.

 

Why buy a condo?

Many parents are tempted by the idea of buying their college students a place to live rather than paying for dorms or student residences. Whether it makes financial sense depends on a number of factors, from living costs in a particular college town to the emotional makeup of the kid.

 

Other things to consider before leasing a student residence or buying a condo are the following:

 

1. Cost

Cost will probably be a big factor for many parents.

 

All the costs of leasing the student residence are less than what the parent would pay for a condo. And presumably your child will have only going to condo for four years. Some costs to consider in buying a condo:

• Mortgage
• Property taxes
• Homeowners insurance
• Additional liability coverage
• Homeowners or condo association dues
• Maintenance and repair costs

If you own the condo for just a few years, it's possible you won't get enough appreciation to offset the considerable expenses.

 

Some Parents are buying a condo not because it's a good investment. Maybe their child hates the dorm. Although they may find that buying a condo doesn't make financial sense once you factor in all the costs, they may still opt to go ahead just to provide their progeny a nicer place to live. They still find that the upfront expenses of buying a condo is still preferable to the loss of privacy experienced in dormitories.

 

2. Privacy

Condo dwellers have a lot of privacy, which may be a pro or con. Those who study best in private and want to avoid the social politics of a dorm would probably appreciate this aspect. Others who thrive in a more social atmosphere may find student residence living less exciting by comparison.

 

3. Upkeep and Cleaning

Another factor to consider is the upkeep and cleaning of the place.

 

It probably would have been overwhelming for many parents to buy a condo- it is hard enough keeping up with the maintenance of a little condo (something ALWAYS going wrong). All the upkeep and cleaning that comes with it is so daunting to students sometimes.

 

4. Safety

A good student residence offers secured environment. Parents will feel safer knowing 24/7security camera is watching the student residence and the security guards are "on rounds" day and night. Less expensive condos don’t offer such extensive security service.

Dorm or student residence dwellers must adhere to rules concerning conduct and restrictions not faced by those condo owners. Condo owners are not bound by curfews so they are free to spend more time pursuing outside interests.

 

5. Food

One thing to think about is food. This is especially important if the student has no car. Is there a supermarket within walking distance? Are there a reasonable selection of restaurants and convenience stores near the student residence or condo?

 

Virtually every student residence is equipped with a standard refrigerator, microwave and a counter top. One con with dorm life is strict control over cooking options. Dorm residents may also decide to visit outside restaurants as a group, which means developing a true sense of community. Roommates in a dorm could split the expense of food for the refrigerator, or the cost of a pizza or other convenience food.

 

Condo owners can cook their own meals and plan their food budget.

 

6. Making New Friends

A disadvantage of living in owned-condominium is that students do not have as many opportunities to make new friends as those living in dorms do. Condo owners tend to stay in their own condos, unlike dorm residents.

 

Student residence dwellers experience of having getting to know lots of other students. Roommates can supply some companionship, as well as help brain-storm an assignment or project.

 

Conclusion

Finding a place for your children to live while studying away from home is as crucial as finding the school that fits them best academically, socially, emotionally and financially. The simple mantra is “The school that fits your children best is the best school for them.” Likewise, “The best home that fits your children best is a home away from home.”