If you went to university or college, you can probably remember the amount of money you spent on living expenses over those four or five years. Whether paid to your school’s housing facility or handed over each month to a landlord, it was a big chunk of change that you never saw again. Now you’re a working professional, thinking about your financial future, and you understand the value of real estate. A student condo investment can be a great starting place for first-time buyers.
For someone who wants to enter the real estate market, buying into a student condo development may be a smart move that will grow your financial portfolio today and potentially save you money in the future, if and when your own children need a place to live while attending college or university.
Student condos are a common housing option in many of Ontario’s big university cities such as Toronto, Waterloo, and Kingston. For first-time buyers as well as seasoned investors, the value of student condos is clear in the low entry price points, which means a minimal down payment, matched with an immediate rental demand from thousands of students who need a place to live. In fact, the ongoing demand for housing in university and college districts acts as a kind of investment security against economic changes. As long as the school doesn’t pick up and move, the students will always need a place to call home.
Launching currently in Kingston, IN8 Development’s Sage Prestige Condos is a great example of this type of investment. Geared towards the students of Queens University, the project is offering fully-furnished condos starting at $472/sqft. The units come with a two-year minimum lease guarantee, two years of free property management, and capped development charges below $6,000. Like most student condo developments, it’s a potentially profitable piece of real estate for the savvy investor. To learn more about the Sage Prestige project, Condo Pro Gloria Yeung is the expert to speak to.
While we’ve used IN8 Developments’ Sage Prestige project as a clear, current example of a student condo investment opportunity, these tips act as a smart starting place for first-time buyers and investors interested in any student condo project now and in the future.
Just because you work and/or live in Toronto, you can still buy a condo somewhere else to get started in the real estate market. You should be thinking about entering the market wherever the investment makes sense and offers a consistent source of revenue.