It’s already June and another school year is winding down. Many Canadians with a son or daughter who will be going away to college this fall are already thinking about all the expenses this will involve. There may not be much you can do about the high cost of tuition, books or travel, but 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, why not consider buying a property and turning 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 homes for sale at very attractive prices, and 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 the cost of your child’s 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 go higher in a few years – and industry forecasts say that they will – you could potentially realize a profit on the equity you have built up in the property.
If you’re interested in exploring this option, your local Coldwell Banker® real estate professional, can counsel you on what to look for and what to avoid. There are also online resources such as the Home Price Comparison Index on www.coldwellbanker.com and On Location, the first real estate channel on YouTube™ to help you research and evaluate your options. 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, your Coldwell Banker representative can personally show you properties near at hand, or if you’re looking for a property out of town, 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 this great market and use it to help offset the high cost of a college education? Call your local Coldwell Banker representative and starting talking real estate. You’ll be glad you called us first!