Student Rentals - An opportunity for parents and students
If you have a University or college student in your family, or you’re planning on your kids moving on to a post-secondary education, you already know there are a lot of costs beyond tuition. Budgets need to be considered for food, books, entertainment and the big one.... housing.
Whether students stays on campus or off, a university or college education can cost thousands of dollars by the time they are celebrating graduation. One way to offset (if not eliminate) that cost is to purchase a home for your student and rent the extra rooms to a few of their friends.
There are a number of advantages to owning the house your child lives in during school:
- The other tenants are able to offset many of the costs of carrying the home.
- The house can be sold once the kids are done school, with the possibility of making a profit.
- The money you budget for student housing stays in your bank account.
- You have a say about who your child’s housemates will be.
In addition to the financial benefits of owning your student’s house, your child may also learn some valuable life lessons in being independent, maintaining a property and being responsible for a home while still “under your watch”.
Owning your child’s home-away-from home is appealing. But you do need to be aware there are differences between owning your own home and a student rental house. Each municipality has its own bylaws around student investment properties. And condominiums, which are popular for student homes, also may have rules and restrictions.
Local agents in University and College towns can be your best resource for learning about the municipal rules and the best areas for student housing. The last thing you want as a parent and a real estate investor is to purchase a house and then find out that the rules restrict student rentals.
At Lifestyle Real Estate, we are very knowledgeable of the regulations and bylaws related to student housing. And, we have as helpful contacts regarding property management, maintenance and repair. If you’d like to learn about owning a student rental property, we’d love to chat with you more about this great opportunity for you and your student.