Things to Consider Before Purchasing a Student Rental
If you’re thinking about buying a student rental property, there are several things that you should consider before you make a purchase.
LOCATION, LOCATION, LOCATION!
First of all, you should look at what’s the best location to buy in. Some things to consider about location are proximity to the university, as well as other amenities, and bus routes. Is it a direct bus route to the university or do they have to transfer to get there? Can they walk to the grocery store? Are there bars nearby?
Whose name should the property be under?
Another thing to consider if you’re purchasing the student rental property for your child while they’re going to school is whose name should the property be under? Should it be in your child’s name, your name, or both? Depending on what you choose it could provide you with different financing options, tax saving, and a 1st-time buyer credit.
Which type of home?
You’ll also want to consider what type of home to purchase. It may be different depending on what your specific needs are. Some people may be better to purchase a freehold detached house and others may be better to purchase a condo.
Bylaws?
The other thing you want to look into is what bylaws do you need to know about? For example, how many people can you rent to in a single dwelling? And what are the restrictions on accessory apartments and lodging houses? An experienced Realtor will be able to explain to you the different bylaws affecting student properties.
When is the best time to buy?
You also want to consider when is the best time to buy a student rental property? Not only to get the best deal but also to avoid any vacancies. For example, in Guelph, if you wait until March to purchase your student rental, you’re already too late for that rental term. We recommend purchasing in December & January to allow yourself plenty of time to get renters for May 1st.
Click here to learn more about the best time to purchase a student rental.
If done right, a student rental property can be a fantastic investment. If you want to find out how, please contact us at the GoWylde team.
