Parents faced with the prospect of finding accommodation for children attending a post secondary school in another community, city or province, somewhat challenging. Living in residence or renting a room offers no return on your investment, so purchasing a property that your child can share with other roommates is a popular alternative.
The cost to carry mortgage, taxes, maintenance, heat and hydro can mostly be covered in the revenues received from other student renters. Depending on the length of stay – anywhere from 3 years and up, your child may be able to realize a realistic increase in equity and a return on their investment. And if the property is registered in your child’s name, as their principal residence, capital gains may not apply. There are also government incentives for first time home buyers that help make the buying process more affordable.
- Parents faced with the prospect of finding accommodation for children attending a post secondary school in another community, city or province, somewhat challenging.
- Living in residence or renting a room offers no return on your investment.
- Buying a property that your child can share with other roommates is a popular alternative.
- The cost to carry mortgage, taxes, maintenance, heat and hydro can mostly be covered in the revenues received from other student renters.
- Depending on the length of stay, anywhere from 3 years and up, your child may be able to realize a realistic increase in equity and a return on their investment.
- If the property is registered in your child’s name, as their principal residence, capital gains may not apply.
- There are also government incentives for first time home buyers that help make the buying process more affordable.
If you would like to discuss some of your options, feel free to contact us at any time!