5 Benefits to Buying a Student Condo in Calgary
Category : Blog
Going to university or college is exciting; finding somewhere to live might not be. There are few housing options available for post-secondary students, most of which are not easy on the wallet. A growing number of parents are considering buying a student condo instead while their son or daughter complete their studies.
If you’ve thought about it but are still on the fence, consider these benefits to investing in a student condo in Calgary:
1. It’s a Great Investment
Investing in a student condo gives parents the opportunity to build equity while their son or daughter pursue a post-secondary education. Unless the student is able to live at home rent-free, you’ll be doling it out every month with no expectation of return. The attractiveness increases for parents with several children who are likely to need housing one after the other, which gives the investment more time to mature. If you don’t want to sell after your son or daughter finishes school, you can rent it out.
By purchasing a property with a fixed rate mortgage, your student’s housing expense will be fixed. In addition, you won’t have to deal with paying security deposits or going through the hassle of getting the deposit back.
2. Save Money
Post-secondary education isn’t cheap. In addition to paying for tuition and school supplies, students must cover living expenses year after year. According to RentBoard, the average cost of rent for a 1 bedroom apartment in Calgary is around $1,000 per month. Over the course of a 4-year degree, that’s more than $40,000 paid in rent! Students can also save valuable time and money by eliminating their commute if you buy a condo close to the school- no public transit or campus parking costs.
3. Great Quality & Convenience
Having the right environment in which to live, eat, sleep, and study is critical when you are a student. Investing in a new condo will ensure they’re in a great living environment so they spend less time worrying about their living arrangements and more time on the things that matter (like studying!). You will also have extra security knowing that the condo is in a neighborhood that you choose.
4. Avoid Moving EVERY Year
Coordinating an annual move date between student apartments at the end of every semester can be challenging. Avoid this stress and hassle by choosing a living situation that will suit your son or daughter’s needs throughout the duration of their studies.
5. To Focus on Studies
From midterms to finals, post-secondary studies are stressful enough. The last thing your son or daughter needs is a distracting work environment to disrupt their studying. Living in a new student condo provides a quiet retreat from busy campus life. Optimize your son or daughter’s chances for success with a great environment in which to study!
Does the math work?
There are three factors to consider before buying a property for your college student, says Kerri Markle, real estate agent with RE/MAX Landan Real Estate.
How long do you think your son or daughter is going to be there?
What will it cost to sell the property if you decide?
What are current rental rates in the neighborhood?
The answer to these questions will help you decide the best course of action. Investing in student property can be a rewarding and lucrative decision. If you’re considering buying a “college crib”, it’s important to choose the right property in the right location for the right price to get the best return on your investment.