If you’re the parent or guardian of a college/university age student, and you haven’t considered it yet, perhaps now is the time you will. As spring is just around the corner, it’s time to think about what investments you can make, and an investment that shouldn’t be overlooked is buying a home.

Buying A Home For Your Student

College and university are very expensive endeavours no matter what you do, but with a little planning, you can find ways to minimize costs. One way that can be done would be by purchasing a home for your student to live in while they’re in school. By buying a home, you have a hand in your students’ quality of life, and are involved in their living situation. Your student can learn the responsibility of owning a home, without burdening all of the financial costs, as well as ensuring they have a stable living situation, that has fewer costs than finding an apartment to rent throughout their school years.

What are the benefits?

There are many benefits that come along with buying a home for your student to live in including, but not limited to: having stability in their housing, fixed expenses, and the rental income that can come from having roommates. If you have more than one student enrolled, having a place they can both live is easier than having them both go apartment hunting. Their friends can become their roommates, which can allow the mortgage to be paid, and then some.

As students continue to live in your second home, the value will increase, and when your student finishes school, you can have the option of selling this home at a significant profit.

Of course, there is always the question of “What if they don’t stay there?” – perhaps your student may be interested in travelling abroad, or changing schools later on – but that doesn’t take away from the investment you’ve made. If your student chooses to study abroad for a year, you will have tenants in place already and the house will continue to build equity. Investing in a home is always a sound decision that holds a variety of opportunity for you, and your student.

An investment is always best returned to those who intend to hold onto the “second nest” for longer than their children are enrolled in university/college, as it gives them time to build more equity and increase the value/profit that may come from the sale of this home.

We Can Help!

If you are considering buying or selling an investment property that is close to the University Of Ontario Institute of TECHNOLOGY or Durham College, contact Team BRYANT today.  We look forward to helping you with all or your real estate needs.