Do the math, it might add up to a good buy for college

BUYING for College?

Now that the first round CAO offers are out and accommodation is fully booked, those who’ve left it late could follow a time-honoured tradition.

That is, buying rather than renting a house for the little darlings on their way through education, (which may also involve drinking, eating beans and staying up very, very late).

You can pick up a three-bed near UCC at the moment for a record-breaking € 135,000 and for a large family, buying could make sense.

Repayments on this house, less 10% deposit, would see it cost €753 per month over 20 years, less again over 30 years.

However, a single, en suite room for a student will cost in the region of €5,000 per 40-week term in Cork, which works out at close to €500 per month, including utilities.

With potential rental income on the other two rooms, (and there is demand), this would further reduce the monthly outlay for parents.

A family of two or more would see real value over a four, five or six year period and the house could then be sold on after graduation.

There is the option of summer lets too, to maximise on income when it’s not in use and then there are those extra costs involved in running a house to factor into the scheme.

However, with three or more children going to the same, or adjacent colleges, this method does make sense and has been used by rural families for generations.

No 50 Briar’s Court is an end-of-terrace three-bed within a brisk, ten-minute walk of UCC and is also quite near to Cork city. It’s on the market with Killian Lynch Auctioneers, Macroom.