If you’re the parent of a teenaged child, you’re likely considering their options for university or college. And as one of the best medium-sized universities in the country, Guelph is a great option. While most students rent apartments while they’re away at university, there are a couple of things to consider if you’re considering investing in a property instead.
While most people consider location one of the most important parts of investing in a property, Guelph has the added benefit of a good transit system - making almost any part of the city a convenient place for your child to commute from. With its many bus routes, many of which convene at the University Centre, you can explore many areas of the city for properties and won’t be confined to the downtown core or area around the university
Even when you’ve decided to buy instead of rent, you’re left with a lot of options for the type of property. If you’re purchasing a property in a different city than the one you live in, we often recommend our buyers purchase a condo rather than a freehold. Having a condo means that the maintenance and repairs are managed by someone else, so you won’t have to worry about them remotely.
However, if you choose a condo, talk to your Realtor about any regulations or by-laws that govern the specific condo you’re interested in purchasing. Some may have a limit on the number of students they accept, and some won’t take students at all
Part of student life is living with roommates, so if you’re purchasing a property, you may want to consider a multi-bedroom unit that your child’s friends or classmates can rent from you. If this is something that interests you, always be careful of the by-laws in the city you’re renting in. For example, in Guelph, no more than four unrelated people may live in a home. Check up on the by-laws to find out what other size or occupancy restrictions there might be
If you’re buying a property but want to rent out the basement to someone else, there are a few things to consider:
It can be tempting to renovate basement apartments the quick way, but doing it the right way and investing more time will result in a better outcome and fewer headaches.
Are you considering purchasing a property in Guelph for your university-aged child? It’s time to start looking, as these kinds of properties are usually gone by the summer. Contact Royal LePage Sales Representative David Halls and his team Lifestyle Real Estate in Guelph!