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College Students Should Buy Instead of Renting!

Blog by | April 14th, 2012

Just helped two smart parents buy a condo for their daughter who is going to be attending UBCO. Their mortgage plus strata fees adds up to less than what their daugther would have had to pay in rent. And the best part: in 4 years when their daughter graduates we will be in an up market. The parents will be able to flip this condo for a nice profit! The condo was purchased in the daughter's name = no transfer tax as she is a first time home owner, she will be living in the condo as her primary residence = no capital gains when she sells it! The plan is to sell this condo in 4 years for enough to pay off all the daughter's student loans! Win/Win. I wish more parents were this smart. Think about being able to graduate university debt free....that's a pretty big gift these parents are giving their daughter and it's costing them less than what they would have had to pay in rent. Instead of working for your money, make your money work for you.   :)    

Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty
Tel: 250.870.2792