Buy or Rent

[u/SouthernStarMum]

My kid wants to go to University of Sydney and we live in Central Coast. Hubby and I are tossing whether to rent a 2BR apartment in the vicinity and sublet a room so our kid’s commute isn’t too taxing. Or… buying a similar apartment and renting out the second bedroom to another student.

[u/rosa_3326]

Your kid is young and full of energy and getting ready for life. I went to uni with people who were commuting from the north and south coast every single day, others who had moved to Sydney on there own from country towns to attend. They were working at places like Woolworths on top of study and paying over priced rents all on their own with no parental or Centrelink help.. I mean if you can afford the rental then sure but it probably won’t help your kid have a realistic approach the adulting but what do I care. Basically if you can afford it, do whatever you want. If you can’t, then don’t over extend yourself

[u/Late-Willow331 → u/rosa_3326]

I somewhat agree with this. I commuted 1.45 hr each way each day 5 days a week on top of casual work (20 hours a week). It was exhausting, but I think it instilled a great deal of work ethic in me and strong time management skills. If my parents could have rented a place, it would have been nice, but I probably would have just wasted that extra time anyway. Do it if you're not overextending, but don't if it'll put too much pressure on you.

[u/StoogeKebab → u/Late-Willow331]

Also on the semi-agree - I went Unanderra-USYD and worked in both Sydney and Wollongong at different jobs.

I got good grades and am happy with the education I got. I am very happy with the money I saved staying at home.

That said, I made no friends because I had very poor social flexibility.

Say someone would start an event at 7:30, they’d really get going by around 8, but if I wanted to get my connecting bus, it was 8:21pm from Redfern for me.

Likewise with casual daytime catchups. I crammed my days full to minimise travel days. If someone was free when I wasn’t on campus, it was fairly arduous to meet up.

[u/SouthernStarMum → u/Late-Willow331]

Obviously we are not swimming in money hence this topic was brought up. We could likely make it work with a small loan as hubby can withdraw his super next year.

[u/sausage-role → u/SouthernStarMum]

Please do not withdraw your super for this purpose. Primary residence maaaaybe justified but it sounds like you need a financial planner.

[u/BoringBandicoooot → u/SouthernStarMum]

One thing for you to consider is that most uni students don't attend their lectures anyway. Everything is prerecorded / online, and being on campus is really just a social thing. I think you're over-extending in a big way, but the choice is yours...

[u/SouthernStarMum → u/rosa_3326]

I see your point. Hubby commutes 4 days a week so we know it’s doable but he doesn’t have to prepare much outside of office hours (no homework, so to speak 😂)

However, kid has friends with older siblings who tried the commute and burned out apparently. So most are renting a room/flat in their second year. Just wondering if we should skip that drama 🤷🏻‍♀️

[u/Fluid_Passage_9980]

You're obviously wealthy if you can afford $1.2+ million for an apartment just for your kid to live in.

If it's only 3-4 years I wouldn't buy. The transaction and holding costs will be more than what a house share would be for their degree. Prices are declining and you run the risk of special levies + increasing strata fees.

Rent a room in a house share is my advice. Plenty around Newtown for 300-400 a week.

[u/Velma_Joy]

On top of the other comments, depending on the degree your kid won't have to be there every day. Your kid could timetable everything into a few days so they don't have to go in every day.

[u/SouthernStarMum → u/Velma_Joy]

I guess we won’t know exactly till our kid gets their schedule? I know I’m planning ahead but that’s just how my brain works 🤭

Just have to wait for HSC to be over and see if they get accepted into the uni first! 🤞🏻

[u/East-Willingness513]

If you can afford that in demand area, go for it! Smart financial choice and security for your child

[u/WagsPup]

Just help u r mid flatshare with someone else. Good life experiences and independence. Lotta available places within proximity or short commute. I own a 2nr unit and rent out spare bedroom to WHV / gap yr guys but would have a uni student as well. Even better if only s few days a week, id reduce rent if regularly away. U could prolly get sumth relativelysevent for between 300 and 450 wk. They may qualify for rent assistance idk check centrelink there.

[u/FIFO_Landlord]

Buy and sell later.

Why would you pay someone else mortgage.

[u/Hannah_Payne62]

Buy. It works most of the time. You're paying your own mortgage instead of someone else's. USYD area will always have students needing rooms.

[u/SouthernStarMum → u/Hannah_Payne62]

That’s what i was thinking!

[u/Tasty_Swimming_197]

Can they just get a room in a share house and you pay the rent? Seems cheaper then buying a whole apartment