Is your kid attending Georgian College? It’s great that they are attending college but its also a great opportunity to make an investment. Barrie is a rapidly expanding marketplace which is one of the best places to invest.
You can do what a lot of other parents are doing and make a really good investment. Instead of having your child rent a home or condo while attending Georgian College, buy a home. Then after they graduate you can sell the home. Home prices in Barrie continue to rise and assuming that continues as expected, you’ll see a great return on your investment.
Not only do you get the return on your investment on the increase of property values but you can also get other benefits. Buy a home in Barrie with 3 or 4 bedrooms and rent out the other bedrooms. Now you can cover a lot of your mortgage payments and potentially even make some extra on top. This can be more effective than just having them buy a one bedroom condo. Cover many of your costs this way and then sell it in a few years or keep it as a long term investment.
You also have the added benefit of having someone living in the home all the time. Your son or daughter who is attending Georgian College can be your de facto property manager. Not only is this great for you but its also a great lesson in responsibility for them as well. They can deal with minor maintenance and repairs, collecting rent, and ensuring the property is looked after. With the other roommates covering rent your child can use this opportunity to contribute it another way while saving money not having to contribute as much, or at all, to the rent.
If this is an avenue you’d like to consider pursuing for your child then get in touch with me. You can email me at firstname.lastname@example.org or call/text me at 705-331-1441. We can start the process of seeing if this is the right move for you.