If you can afford it, should you buy a house for your college student?

When her children went off to college, Lynnette Khalfani-Cox saw it as an investment opportunity.

Rather than pay for a bed in a dorm room — at an average annual cost of $7,456 at private universities or $7,167 at state colleges, according to the National Center for Education Statistics — she and her husband bought a condo in Austin, Texas, and a townhouse in Raleigh, N.C., for their children who were attending nearby universities.

“When you buy property for your college student, you’re essentially killing multiple birds with one stone,” says Khalfani-Cox, who is called the Money Coach and is the author of “Bounce Back: The Ultimate Guide to Financial Resilience.” “Instead of paying thousands in dorm fees that simply disappear, you’re building equity in real estate.”

Those real estate ventures proved to be successful for her family.

“In our case, our children’s roommates’ rent covered our monthly housing costs, including mortgage, taxes, insurance and HOA [homeowner association] fees,” Khalfani-Cox says. “Plus, we’ve seen tremendous appreciation. Our Austin condo increased by 60% in value, and our Raleigh townhouse appreciated 90% in just five years.”

Their children were pleased with the housing arrangement as well.

“Our kids embraced the arrangement: our daughter, Aziza, joined her HOA board, while our son, Jakada, learned to handle maintenance issues. The properties gave them real-world experience in financial responsibility while building equity for their futures,” Khalfani-Cox says.

Wondering if buying a house, condo or townhouse for your college student is right for your family? Here is a closer look at the pros and cons.

Let’s begin with Khalfani-Cox’s advice.

Her pros are:

Another significant pro is potentially saving on college housing costs and giving your college student a stable place to live for four years, according to Ryan Fitzgerald, owner of Raleigh Realty in Raleigh, N.C.

“Instead of handing over thousands in rent each year for dorms or apartments, owning a place can sometimes end up being more affordable,” Fitzgerald says. “And there are practical perks here, like potentially deducting mortgage interest or property taxes, which can ease some costs on your taxes.”

With their own house, condo or townhouse to live in, a college student won’t need to move each school year.

“Stability is another big plus,” Fitzgerald says. “Moving from one rental to the next, dealing with security deposits, and hunting for available places every school year takes time and can be stressful.

“Owning gives your student a set place to come back to each year, and if it’s a house or multi-bedroom setup, they can even rent out extra rooms to help cover costs, which gives you some relief on the mortgage.”

And now let’s look at some of the cons, beginning with Khalfani-Cox. Her cons for buying a property for a college student are:

“The reality is that owning also means responsibility,” Fitzgerald says. “If the dishwasher breaks, it’s up to you or your student to handle it. The need for repairs, maintenance or just staying on top of utility bills might be more than they’re used to managing.”

With so much of your money tied up in the property for a college student, you may have trouble accessing cash if you need it fast.

Another con to consider is the possibility that your real estate investment may not appreciate as planned.

“Real estate [isn’t] a sure thing — markets shift, and the property might not appreciate as expected,” says Eric Bramlett, owner of Bramlett Real Estate in Austin, Texas.

And if your child leaves school before graduation, you’ll be left with a property and no student.

Convinced that buying property for your college student is the right thing for your family? The next step is choosing the kind of property you want. Will it be a house, condo or townhouse?

“A single-family home offers space and privacy, with potential for roommates,” Fitzgerald says. “Condos require less upkeep but often come with HOA fees, which can add up. Townhouses are a middle ground but might come with shared walls, which can be a little noisy for students.”

A condo or townhouse may be more in reach for many families than a house. A house comes with a potentially higher price and greater upkeep responsibilities.

Look for your student’s new home in neighborhoods close to campus. You’re looking for a safe place for your college student to live.

“When it comes to finding the right place, focus on a safe neighborhood close to campus, ideally one with a good rental market,” Fitzgerald says. “This matters because college towns can have strong rental demand, which is useful if you decide to keep the property as an investment down the line. Work with a local real estate agent who knows which areas are likely to appreciate and stay in demand.”

Khalfani-Cox used the following strategy to find a condo and a townhouse for her college students.

“We focused on safe neighborhoods near campus to ensure attractiveness to future student renters,” she says. “We set modest budgets based on local market conditions: around $200,000 to $250,000 in Austin, and lower in Raleigh. The key is finding properties that are in good condition but not luxury-level, and that can attract reliable student renters.”

Once your college student graduates, the next big question to ask is whether to keep the property or sell it.

“After your student graduates, selling could make sense, especially if the market’s hot,” Fitzgerald says. “But if the property’s value is on the rise and your child or other students can live there, keeping it as a rental lets you build more equity while covering costs.

“You have options,” he adds, “and knowing what works for you will depend on the property’s performance and your family’s plans.”