buying a house? NF

[Garnet]

Go to Canadian money Forum theirs tons of info on rentals.

[lookinforwalleye]

Well hopefully by now you see that it is probably not a good idea, just rent or ask your parents to buy the house as an investment!

[express168]

Another thing that hasn't been mentioned is that I am assuming you will be there for 5 years and likely not staying in that area after graduation. After 5 years at 0 down if it is still available there will be basically 0 equity in the home after just 5 years even with market increases. When you go to sell it and pay the commissions, legal fees, and the like you are likely in a losing deal anyway. Rent or stay at the dorm, enjoy your University days they are a special time of life.

[I'mHooked]

If you are putting down anything less than 25% the banks will require you to sign as part of your mortgage agreement a document verifying that you will be the tenant and you will not be renting out portions of the property. You will need to qualify for the mortgage on your own 'verifiable' income without renters. When you put down at least 25% you can do what you want.

[Squid]

First year students stay in residence and its mandatory in Laurier and Waterloo.

[splashhopper]

I rented out a 4 bedroom townhouse when I went to College 25 years ago.

 

The three other rooms paid for the cost of the townhouse and it's utilities.

 

BUT, I always had a worry under my neck about the place getting destroyed.

 

It never happened, because I lived there too.

 

If you are living there, a little more respect for the property will be adhered to.

 

Also, as mentioned above, the parents had to co-sign for their rent. No questions asked. If their parents balked, they didn't get the room.