On a recent post I brought up that condos close to the University of Alberta were hot right now. In reality properties close to Nait and Grant Macewan also doing very well. However with the UofA at around 26,000 students its definitely the grand daddy of the post secondary schools in our market place. Homes in these areas are doing well at this time as well. Just recently I met with a Century 21 agent who lives in another market and wants to sell the property that she's owned for the past 7 years that all of her children have lived in while they attended the UofA.
For something a little different we arranged for our team to take a tour of the UofA so that when we are helping families who are buying in Edmonton for their kids we are more familiar with the campus and facilities.
Highlites included the new multi million dollar inter disciplanary science building with an 800 seat lecture theatre (currently the largest lecture theatre at the UofA has 456 seats), the oldest building on campus, Athabasca hall (built in 1911), 2 of the 11 liabraries, and much more.
The top 3 things anyone buying an investment property in Edmonton for their children should consider:
- Structuring the deal – How are you buying it? Personally? Are your children going to be on title as first time buyers? Are you placing it in a corporation? These important considerations will have massive implications from an ongoing tax perspective and some estate planning issues as well (talk to your accountant).
- Estate planning – What would you want to happen to the property if something happened to you? Do you want it to be passed to your children? If you have one of your children on title that will complicate that somewhat. What if something happens to you and your estate has to sell the property you were planning to have your child live in for the next four or more years (talk to your lawyer)?
- Renting – You are going to be a landlord now and you should have all your agreements in writing especially if your children are going to have room mates and if they are going be on title it's essential.
Last thing you want is a good investment that has served its purpose for years become a problem because of poor planning at the beginning or due to something unforseen.
