Buying a Condo in Calgary for Your University Student

University condoAre you looking ahead and considering how you will support your future university student? One smart strategy some parents are leveraging is buying real estate for their students rather than having them live in the dorms. This post will provide some reasons this might be the right strategy for your family. 

If you want to learn more about Calgary condos for sale, contact us any time. We can help you narrow your search to the property that is the right investment for you. In the meantime, check out this post on the benefits of buying a condo for your university student. 

Benefits of Buying a Calgary Condo for Your Student

Financial Investment

Support your university student in any capacity can be a major expense. When you opt to put these funds toward an investment rather than just paying for a dorm, you're setting yourself up for success.

Instead of spending money on dormitory fees, buying a condo allows you to make a long-term financial investment. You build equity in real estate rather than paying rent, potentially offering a return on investment when you sell the property.

You may even be able to find other university students in the area who can rent part of the condo with your student, offsetting your monthly mortgage costs or even covering them altogether. 

Stability

Owning a condo provides stability and control over your student's living situation. There's no need to worry about changing roommates or dorm assignments, offering a consistent and comfortable environment for your student to focus on their studies.

Customization and Comfort

Condos offer more privacy and space compared to typical dormitory living. Your student can enjoy the comfort of a personalized space, including a kitchen, bathroom, and living area, fostering a sense of independence and responsibility. You can also more comfortably visit them, choosing a condo where there will be space to visit for special events, games, or other occasions.

What to Look for in a Calgary Condo for Your Student 

Location

Perhaps of top importance is the location of the condo. Consider the proximity of the condo to the university your student will be attending. Opt for a location with convenient access to campus, public transportation, and essential amenities, possibly allowing your student to not even need a car. Proximity to shops, restaurants, and recreational areas can enhance your student's lifestyle and ensure great resale value in the future. 

Amenities and Security

Look for condos with desirable amenities such as fitness centers, study spaces, and secure entry systems. These features can contribute to your student's well-being and provide added value to the investment.

Budget Considerations 

Establish a clear budget, factoring in the purchase price, property taxes, condominium fees, and potential maintenance costs. Understanding the financial implications upfront ensures that the investment aligns with your long-term financial goals. We can help connect you with local lenders who can give you a clear understanding of what you can spend.

Future Development

Investigate potential future developments in the neighborhood. An area experiencing growth and improvements may positively impact property values over time, providing additional value to your investment.

What Happens After Graduation?

One of the best things about buying real estate is that it is never just a purchase; it's an investment. Calgary is showing a stable, steady trend upward that means you will very likely be in a strong position with your condo investment when your student graduates. There are a few ways this might go, and in our opinion they are all positive. 

There is a possibility that your student will graduate university and want to stay in the condo, finding a job in Calgary and being happy with the home. In this case, you can either sell the home to them, rent it to them, or work out another arrangement that works for both parties. Many parents find that being able to support their adult children while still letting them spread their wings is a great compromise. 

If your student is not going to continue living in the condo, you have a few options. You can sell the condo, and we can help you market it for others in your similar situation or stage it to appeal to other buyers. Calgary has a competitive real estate market that you can reasonably expect will work in your favor four years from now. 

Calgary also attracts tourists with its scenic beauty and cultural attractions. You may explore the option of converting the condo into a vacation rental after your student graduates. This strategy can offer flexibility and the potential for higher rental income during peak tourist seasons.

You may also decide that holding on to the condo as a rental property makes sense. Chances are, you will have chosen a property that is ideally suited to university students, with a layout and location that are conducive to their needs. This means you can continue to operate a profitable investment property marketing your condo to students needing a lease for the school year, likely covering your mortgage payment and then some. 

The way we see it, your future possibilities with this type of investment are all wins. Ready to find condos for sale in Calgary? Contact us any time.

1013 Properties
Page 1 of 29

Contact Us


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment