Posted Aug 4, 2011BY ROBERT PUGH
Many Canadian parents who have a son or daughter going away to college this fall, are already thinking about all the expenses this will involve. While there may not be much that most parents can do about the high cost of tuition, books or travel, there’s one major college expense that you may be able to turn to your advantage. Rather than paying rent at a student residence for three or four years, you could buy a rental property and turn that expense into a source of income. If you buy a property near the campus, you could rent rooms to other students and your child could potentially live there rent free. With financing rates at near historic lows, it’s a great time to invest in real estate. If you buy smart, you may be able to recover all or most of the cost of your child’s college housing expense. You might even be able to generate enough positive revenue to offset some of the other expenses of a college education. Best of all, if house prices continue their upward climb, in just a few years you could potentially realize a profit on the equity you have built up in the property.
Whether your real estate needs are nearby or in another community, you can start the process right there at home. Your local real estate professional can counsel you on what to look for and what to avoid. Through their connections in the financial sector, your Real Estate representative can even help you pre-qualify for a mortgage, so you’ll know in advance exactly how much house you can afford. And when you’re ready to start looking, they can personally show you properties near at hand, or if you’re looking for a property out of town, they can put you in touch with an experienced real estate professional who’ll show you suitable properties in your target area.
Why not take advantage of the opportunities that are available in today’s market and use it to help offset the high cost of a college education? If you’d like to talk about your options, your local Real Estate representative is just a phone call away. It could be the most important call you’ll ever make!