If you’re at that stage or if your children will be leaving for post-secondary education in the next few years, there’s another option worth exploring: purchasing an apartment or house where they can live during their studies and which can also serve as an investment for you.
For parents whose financial circumstances allow it, this can be an attractive option for several reasons.
If your children are in a typical four-year program and if you are assisting them financially with tuition and housing costs, consider the thousands of dollars you will spend over those four years, either for student accommodation at the university or college or to assist your children with rent on an apartment.
If you purchase a condominium apartment or small home instead, you could choose something in a location that works for your children and gives them something they can call home during their studies. When the studies are completed, you can consider whether to continue renting the unit to others as a source of additional income, or selling a property that’s likely to have increased in value over those four years.
Either way, the income from renting or from selling could also help pay off some of those tuition bills.
If you live in another city and have children coming to Ottawa, I have been helping clients buy and sell real estate for more than 30 years, and would be happy to help you find an ideal property. If you live in Ottawa and your son or daughter are heading to another city, I can put you in touch with experts wherever they’re headed.
Thanks to my three decades as a realtor, I have my own network of contacts on other cities, and I also have access to the huge network of thousands of realtors who are part of the RE/MAX family around the world. Feel free to get in touch and we can chat about whether this option would work for you. Reach me directly 613-747-4747