Why rent a student apartment when buying makes more sense?
Whether you are the parents or grandparents of young adults who are about to start their post-secondary education in Montréal, acquiring a property is an option to seriously consider.
Indeed, Montréal is unquestionably Québec’s metropolis and an economic hub. It is also a major university center in the country. The many famous universities (Université de Montréal, McGill, Concordia, Université du Québec à Montréal) and specialized schools, such as the École de technologie supérieure, École Polytechnique or the HEC business school are undeniable assets and attract many young people to the Montréal area.
When their family home is located off the island or outside the urban area, several options are considered: Make the long commute each day by public transport or cover the costs of the purchase and maintenance of a vehicle, rent an apartment, alone or with roommates, or opt for a student residence. The opportunity to acquire a property in Montréal is rarely considered. Yet, those who have chosen this avenue are still reaping the financial benefits. So, why not help your youngster to build equity?
In a recent article in Les Affaires newspaper, a financial adviser presented the case of a client. Buying a condo to help her daughter in her early twenties had allowed her, four years later, to sell the condo with an important added value and thus have the necessary down payment to afford a house. If you plan to help your child with lodging expenses while he or she is studying, or if you are paying for your education with a student job, buying rather than renting could be beneficial.
The SHDM Accès Condos program is particularly interesting in this case because a down payment of only $1,000 is required. Whether you are first time buyer or already own a home, you are eligible. Browse our list of ongoing or future projects and evaluate this option seriously. You won’t regret it!