{"id":2465,"date":"2021-07-13T13:47:48","date_gmt":"2021-07-13T17:47:48","guid":{"rendered":"https:\/\/canadianlending.ca\/brokers\/?p=2465"},"modified":"2023-05-17T16:30:59","modified_gmt":"2023-05-17T20:30:59","slug":"help-clients-finance-a-home-away-from-home-for-university-bound-kids","status":"publish","type":"post","link":"https:\/\/staging.canadianlending.ca\/brokers\/help-clients-finance-a-home-away-from-home-for-university-bound-kids\/","title":{"rendered":"Help clients finance a home away from home for university-bound kids"},"content":{"rendered":"

Many parents are exploring financing options to help fund their kids\u2019 post-secondary pursuits, including housing. Here\u2019s advice you can offer your clients.\u00a0<\/span><\/i><\/p>\n

Back-to-school season can be a stressful time for both parents and students, especially for students headed to university or those approaching their final years in high school. There are many big decisions ahead, and with summer employment down due to the COVID-19 pandemic, kids are turning to their parents for financial support now more than ever before.<\/span><\/p>\n

On top of tuition, the cost of accommodation is shockingly high. On-campus student housing (including meal plans) can be upwards of $15,000<\/a> for the academic year. Off-campus rental properties, which range significantly depending on the city, can also run as high as $2,000 a month. As a result, many families are seeking more cost-effective options for student accommodations. As a mortgage broker, you can help families navigate this financially challenging time by talking through different options like buying an investment property that their child can live in during university, or even renovating or extending the family home for the kids studying locally.\u00a0<\/span><\/p>\n

\"Rental<\/p>\n

Buying a condo in a university region\u00a0<\/b><\/p>\n

For clients who are sending their kids to college or university for the next four to six years, buying an investment property instead of paying rent for student accommodation can be financially advantageous. During those years, equity in the home will continue to build as the market value increases and the mortgage balance decreases. If the property has additional rooms that can be rented to other students, it could also be a source of income so that a borrower can profit off the home during this time and make up for other education and living expenses. According to a news report from the Globe and Mail<\/a>, a home buyer near Vancouver\u2019s Simon Fraser University bought a condo for his daughter for $348,000, and saw the condo\u2019s assessment increase by 20% in just two years.\u00a0<\/span><\/p>\n

For borrowers who don\u2019t qualify for a mortgage through traditional lenders, private lenders like CMI can help finance the investment property. A private mortgage is a great option for a borrower who wants to use the equity in their home but isn\u2019t able to refinance or break out of their first mortgage because of high penalties and fees. You can also suggest a second mortgage to clients who want extra cash to help their child with education-related costs or even a down payment so that they can purchase their own first property.\u00a0<\/span><\/p>\n

If your client is considering an investment property, encourage them to speak with a financial professional about associated <\/span>tax-deductible expenses<\/span><\/a>, including mortgage interest.<\/span><\/p>\n

\"Student<\/p>\n

Fixing up the family home\u00a0<\/b><\/p>\n

For clients with children studying at a university close to home, another great option is to create a new space in the family home. While those students may be outgrowing their childhood bedroom, parents may want to consider renovating the basement or building a new extension to accommodate a university student who may still want some independence while living at home. Not only can this save parents lots of cash, renovating a space in the family’s primary residence will likely increase the value of the home as well.\u00a0\u00a0<\/span><\/p>\n

Access extra cash for education-related costs\u00a0<\/b><\/p>\n

A private mortgage can be a versatile tool for parents with kids headed to university or college. Other than purchasing a property, or renovating the family home, their children may also need help with tuition costs, other education expenses like a new laptop or textbooks, and living expenses. When a line of credit isn\u2019t an option, CMI can provide creative financing options and help your clients use the equity in their home to come up with the extra cash.<\/span><\/p>\n

Children going away to college or university can be a very emotional and stressful time for parents. As a mortgage broker, you can help ease your clients\u2019 minds by taking one thing off their plate and helping them access the financial resources they need. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Many parents are exploring financing options to help fund their kids\u2019 post-secondary pursuits, including housing. Here\u2019s advice you can offer your clients.\u00a0 Back-to-school season can be a stressful time for both parents and students, especially for students headed to university or those approaching their final years in high school. There are many big decisions ahead, … <\/p>\n

Continue reading “Help clients finance a home away from home for university-bound kids”<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":2469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\nHelp clients finance a home away from home for university-bound kids - Brokers | Real Estate Secured Mortgage Investments<\/title>\n<meta name=\"description\" content=\"Part 1 of our Back to School blog series explores the idea of purchasing a property for students studying away, or renovating a space in the family home, and how a private mortgage can help.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Help clients finance a home away from home for university-bound kids - 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