REAL ESTATE SAVING FOR CHILD’S EDUCATION Property investment can bring long-term profit SAVING FOR a child's post secondary education has, for years, been a financial goal for many parents. By DEBORAH ASHTON Contributing Writer The theory was that armed with marketable skills, and the requisite degree or diploma, the graduate would land a good job, accumulate a substantial downpayment, and be well on the way to owning his or her home. But, as house prices rise, a growing number of couples with the capital are choosing to invest in a second or even third real estate property with an ulterior motive — the detached houses, townhomes, or con- dominium apartments they buy can eventually provide viable housing options for their grown children. The Staceys exemplify this type of investor. They and their two children, aged 8 and 13, live in a large, four-bedroom home. Since paying off their mortgage five years ago, the Staceys have managed to ac- cumulate close to $30,000. They’ve investigated several investment clternatives and have decided to put a down payment on a two-bedroom condominium apartment. They plan to rent the unit, using that income to help defray the mortgage pay- ments. Anticipating that their in- vestment will increase in value over the years, the Staceys are confident that they could sell at almost any pcint in the future and earn a good return on their in- vestment. But at the back of their minds is the thought that one of the children might eventually call the condominium home. The Staceys, like most such investors, aren’t con- cerned with the details — whether their son or daugh- ter would rent, buy or just occupy the unit or what the financial arrangements would include. For them, it’s enough that they’ve em-_ barked on an investment Strategy that in addition to its other rewards, might help launch their children into home ownership. As with any real estate purchase, particularly those acquired for long-term in- vestment, the key word is caution. List your priorities in terms of the type, size and location of the property you desire. Consult with your real estate sales repre- sentative to determine what y you can expect to purchase with your available capital. The following are some criteria that might apply to the purchase of an invest- ment property: © Location will be a key factor in how well the prop- erty retains its value cer the long term. Homes purchased in well-maintained neighborhocds, either estab- lished of newer develop- ments, and/or located in downtown cores are general- ly safe bets. Investors with more speculative nature may prefer to choose property in “‘up and coming’’ areas, on the theory that like most neighborhoods, they will eventually be rejuvenated, at a healthy profit to the home owners. © If renting out the prop- erty is your plan, consider the proximity of the new unit to your home, Deter- mine the extent of time and work you are willing to devote to your role as “Jandiord.’”? Take into ac- count the ongoing costs of maintaining a rental proper- ty. @ Conversely, property located in other towns and Sea Choose Page 52 om — —— BUDGET YUPPIE SPECIAL! 8 240 (Mahon. | BRUCE SAVORY 988-6131 EXCELLENT VALUE m Please call ; : MICKEY VICKERY 980-4440, AUDREY HOFKINSON 929-7085 CONDO DELUXE investor or owner occupier. 240 Mahon St. AZiZ HAJI 980-6868 & A 1 bdrm. condo with all the features awaits you. A Tracklighting, double glazed windows, four ap- m pliances, insuite storage and a huge BBO patio! 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