Buying an Investment Property For College/University Bound Students in Kitchener-Waterloo

Buying an Investment Property For College/University Bound Students in Kitchener-Waterloouniversity of waterloo houses for sale

I recently helped a family who had a daughter going to the U of W. They were looking to buy a house so that she could live there with a couple of friends during her term at the university. The reason why they were doing this was so that they could avoid paying for a rental. Instead of paying high rental costs for student housing, they decided to buy a house and pay the money they were going to pay in rent towards their own investment.

We are seeing more and more people doing this. I have another person who is still deciding whether this is a good option for them. Some people are afraid to commit to a mortgage on a property like this. This is totally understandable because it is still a huge commitment.

conestoga college houses for saleThose that do decide to go this route often come out on top. If you add up the cost of renting an apartment or paying for university accommodations (residence) then you will soon realize you can pay that towards your own mortgage and receive appreciation on your investment. Even if you factor in very low appreciation (3-4%) per year, you will still come out with some extra money at the end even after you factor in the real estate fees and land transfer tax. Even if you break even, you can look at it from the point of view that you didn’t have to pay rent.

So what kind of house should you buy? Like any investment, it all depends onwilfred laurier houses for sale what you wish to achieve. Some people only need a single one bedroom apartment style condo where others want to buy a house which they can have other people/friends/fellow students share in on the costs.

Check out this video I recently did:

Here is a complete transcript of the video

Hi There! I am Warren McNeil from Team McNeil at Re/Max Twin City Realty in Kitchener

Do you have a son or daughter who is going to the University of Waterloo, Wilfred Laurier or Conestogo College in Kitchener Waterloo area? Then maybe you are deciding whether you should rent or buy a home. Here are a couple of things to consider if you are thinking of buying a house or condominium during their term at University or College.

1. Difficulty in Finding Good Quality Rentals – Sometimes it can be difficult to find good quality rentals. They are not always in the best condition and the good ones usually rent out quickly. The last thing you want is to rent something that is not taken care of or is very costly.

2. Control: When you buy a home, you will have more control over choosing things such as location, type of home, size and other features such as garages and parking. Most rentals have many limitations. When you are the home owner you will have much more control and enjoy piece of mind!

3. Equity – When you purchase a house or condo your monthly mortgage payment could be the same or less then what you would pay monthly for rental accomodations.. Since you have to pay something monthly anyways, why not pay it towards your own investment instead of somebody elses. Build equity and hopefully you will gain lots of appreciation in the future when go to sell!

I hope you found the information here useful. Thanks for reading and watching!