With the costs of tuition, dorm fees and rents increasing, you should consider buying a condo while your kid is attending the University of California Santa Cruz or Cabrillo College. This will replace your child dorms costs and allow you to earn an income by renting out the extra space to a college student. You may decide to keep the Santa Cruz condo for longer than the term that your child is in school and reap the tax advantages.
Condo Expense Deduction
The benefit of buying a Santa Cruz condo instead of paying your child’s dorm housing is that you can collect rent from your child and any other roommates. Your condo expense such as insurance, utilities, repairs, and any costs of maintaining the property along with your property taxes and the interest from your mortgage can be deducted from your taxes.
For Santa Cruz, Soquel and Capitola area specific real estate information, please contact Hyko Roppel, American Dream Realty at (831) 477-5815.
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