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Dearest Friends,
Dare we say it? Summer is almost over … and that has us thinking of back to school.
Although we can’t help you with the pens, pencils and notebooks, we can help you make the right decision with an investment property for your children who are attending (or soon to be attending) University or College.
Here are some things to consider when choosing an investment property:
- Will your student want to have roommates or prefer to live alone? Having roommates will create a situation where the additional tenants may be paying the entire mortgage amount, allowing your child to live “rent-free”.
- Will the total carrying costs be equivalent to living in residence or renting a property? The numbers truly have to work; as with everything, there are good and bad investments.
- Are there any “red flags” in terms of reselling the property in the future? Electric heat, stigmatized neighbourhoods, renovations or upgrades required that may not be completed. All of these things can delay the sale of the investment property and cut into profits.
- Will you be planning on keeping the property long term? Perhaps this will start with your family “renting” from you and carry on as a long term investment. Who will manage the property once it is not owner occupied?
- Are there any restrictions in renting the property? This is becoming increasingly common in Ottawa condos; definitely something to consider.
We can help you find a home that is close to public transit, in a good neighbourhood and at the right price for your budget. It’s never too early to start thinking about your kids’ future! Even if your kids are attending a school outside of Ottawa, we are able, through our network of trusted Realtors, to refer you to a Realtor in the city of your choice.
Wishing you all the best in your school preparations, no matter what stage your children (or you) may be in.
Sincerely,
Rachel, Dana, Christina
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