Student Housing In Guelph
Whether you are looking for off-campus student housing in Guelph, an investment property for yourself or your son or daughter, or for ideal student accommodation, Bonnie has the experience and knowledge you need.
Home to the world renowned University of Guelph and Conestoga College, the market for off-campus student housing in Guelph remains strong. Although sales in this segment of the market occur year round, November through March is the prime time. Since leases often end with the school year at April 30th, investors want to have new tenants and signed leases before the students leave the city for the summer. Of course, not all students leave and many do stay on in the rental units and find summer employment locally.
Investment Property
Parents of students make up a significant portion of these investors. With students paying $350 to $550 and more per month, it makes sense for parents to invest in a property and rent additional rooms to friends of their son or daughter. Hopefully after three or four years when they sell the property they will have enough equity to recoup at least of some of the tuition costs. Bonnie has sold properties to parents who have more than one child attending Guelph and they continue to hold the property for much longer periods. Investors often begin with a single townhouse or two then sell those and purchase a duplex or triplex and build their real estate portfolio from there.
Considerations for New Landlords
There are some factors to consider in such purchases. What type of housing are you comfortable owning? With condominium townhouses and apartments the grass is usually cut for you, the snow shoveled and the exterior maintained. Your realtor will be able to explain which maintenance items you are responsible for. Perhaps you are local and don’t mind cutting the grass while your tenants are absent in the summer so a semi or detached house may be preferable. There are numerous options.
The City of Guelph has bylaws and regulations concerning auxiliary apartments and rooming houses. Issue such as egress windows in basement bedrooms, interconnected smoke alarms and fire rated building materials are to be considered when renovating a building for this purpose. The City’s website and a call to the City’s Building Department can be helpful.
When considering becoming a landlord it is wise to familiarize yourself with Ontario’s Residential Tenancies Act and visit the Landlord and Tenant Board’s website.
With so many aspects of investment property to consider, make sure you use an experienced realtor. Call Bonnie today to discuss the options.
