Take a look at your home from a buyer’s perspective.
Well, you are stuck at home, and solitaire gets boring after a while. One of my suggestions is that you take the self-isolation time to start thinking about how a potential buyer would view your home? Even if you aren’t planning on selling today, tomorrow or as one client puts it… “that’s for my trustees to worry about” It’s a good perspective to take as you purge and evaluate your home?
Go out to the street…. look at your house? Compare it to houses you’ve driven past that you liked. Is there something simple you can do during this break to improve the “curb-appeal?
Next, pretend you are me, showing a prospective buyer, your home. Walk in the front door, turn on the light and look around. Is it clean, tidy, and inviting? After all, this is the first impression of your home.
Take this same approach room by room, along with doing that deep clean you’ve wanted to do for a while anyway, and soon your home will feel like a model home.
Please don’t do too good of a job, I don’t want you to love your current home and decide you are staying until the 50th anniversary of the Covid-19 Pandemic.
When the dust settles, and we look back on this chapter in our lives, I hope we look at it with a sense of, that wasn’t so bad. Either way, give me a call, I’d love to see how your cleaning and purging worked out.
If you have a University or college student in your family, or you’re planning on your kids moving on to post-secondary education, you already know there are a lot of costs beyond tuition. Budgets need to be considered for food, books, entertainment and the big one…. housing.
Whether a student stays on campus or off, a university or college education can cost thousands by the time they are celebrating graduation. One way to offset that cost is to purchase a home for your student and rent the extra rooms to a few of their friends or classmates.
There are a number of advantages to owning the house your child lives in during school:
The other tenants are able to offset many of the costs of carrying the home.
The house can be sold once the kids are done school, with the possibility of making a profit.
The money you budget for student housing can stay in your bank account.
You have some control over who your child’s housemates will be.
In addition to the financial benefits of owning your student’s house, your child may also learn some valuable life lessons in maintaining a property, budgeting for repairs and emergencies and being responsible for a home while still “under your watch”.
Owning your child’s home-away-from-home is appealing. But you do need to do your research as there are differences between owning your own home and just renting a house. Each municipality has its own bylaws around student investment properties. And condominiums, which are popular for student homes, also may have rules and restrictions.
Local Realtors in University and College towns can be your best resource for learning about the municipal rules and the best areas for student housing. The last thing you want as a parent and a real estate investor is to purchase a house and then find out that the rules restrict student rentals.
Michael Bennett has knowledge of the regulations and bylaws related to student housing. And, with helpful contacts regarding property management, maintenance, and repair, can guide you in the right direction. If you’d like to learn about owning a student rental property, we’d love to chat with you more about this great opportunity for you and your student.