Eric Skicki

Parents Helping Their Kids Buy Condos

HelpingKidsBuyCondos

Will parent-investors become the new type of condo investors?

Over the past year we have seen more and more parents buying condos for their kids to enjoy in the future. The most common purchase is a pre-construction one bedroom/ one bedroom plus den condo, which typically goes for about $270,000-290,000 depending on the size, floor and layout.

What makes the parent investor different from your traditional condo investor, is that they are in it for the long term. Typically this means anywhere from 5-10 years.

When the parents initially purchase these pre-construction condos, the kids are sometimes as young as 14-16 years. Once the pre-construction condos are ready, parents hope to rent them out for a few years, and have their kids move in once they have finished school and land a good job.

If the parents, for whatever reason, decide that the kids should not move in, then they can continue to rent out the condo (so that it pays itself off), or sell it for an anticipated profit. Parents see this as a “win-win” situation.

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      7 Comments

      • Rosey says:

        Hi, Could you please send me some information regarding this condo or any other condo’s in this price range. Thank you

      • tenci says:

        are there model suites to view? can I get more info on these new condos please. Thanx !

      • Hi Tenci

        Yes there is. Please check your email and visit http://mypinnaclecondo.ca.

      • mohamad al abdallah says:

        Kindly inform me more about this project especially the location,fees,size, ect….
        Thanks

      • Mak says:

        Hi,
        so which property is best suited for this type parent-child investement.
        could you please provide more details such as how much is the 1+1 unit and what are the maintenance charges (does it include parking, locker as well), what are the development charges, what other hidden costs to look into.
        I never bought an investment property before and would like to know more details about such condo buying process to plunge into this market.

      • Mak says:

        It looks like this property is Grand park 2. does the same thing applicable to one on Hwy10/Ellington (amber or crystal).
        Also, is it not worth to buy recently occupied unit such as Crystal (pinnacle)instead of waiting for 2 or 3 years as the day one you can start renting vs waiting until another 3 years?

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