Buy - Don’t Rent: What to Know When Your Child Goes to University

Buying a property in Guelph for your university student

Buy - Don’t Rent: What to Know When Your Child Goes to University

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.

Location, Location, Location

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

Condo vs. Freehold

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

How Big Will the Property Be?

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

How About Basement Apartments?

If you’re buying a property but want to rent out the basement to someone else, there are a few things to consider:

  • Building codes & regulations
  • City by-laws
  • Separate entrances

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.