Can we buy a place to live in while studying?
Apr 25th 2016, 7:17 pm
#16
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Can we buy a place to live in while studying?
I have done my sums and based on the current market we would be better off buying than renting. Currently apartments in Vancouver are selling in days. I'm aware though that markets change and the £ is very volatile. Our real estate agent is extremely knowledgable and won't even let us look at places which are badly managed!
Apr 25th 2016, 7:34 pm
#17
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Re: Can we buy a place to live in while studying?
Non residents can buy property in Canada but suggest a lot of reading on tax implications of buying, living in and eventually selling. Not sure immigration will be that concerned but the taxman at some point might be at some point both in UK and Canada on any rental income or capital gains. Any comments on not selling up in UK just reflects someones opinion based on fact a study visa is temporary and not an easy route to PR if at all. Plus of course need to demonstrate up front course funds plus first year living costs which could total near 30k cAD. Maybe share some of the areas where these relatively cheap properties are located, might open up a lot of negative feedback but on other hand discussion is what forums are mostly about, good and bad.
A study permit for a suitable program of study can lead on to an eventual PR application. You have to take a medium term view. So it is not the study permit as such. It is more what may flow from that, in terms of Canadian qualifications; a possible PGWP (leading to work experience which may qualify the person for CEC EE together with their Canadian qualifications). As well, some PNP programs have international graduate streams. I would not disregard this option at all, depending on where you are in your life and what situation you are in. Many people make this kind of investment.
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My daughter went to Uni in Toronto for 5 years...this entitled her to work for 3 years after graduation (Student Work Permit). It must be an accredited course/uni. During this time she applied for PR and is now about to apply for citizenship.
I have done my sums and based on the current market we would be better off buying than renting. Currently apartments in Vancouver are selling in days. I'm aware though that markets change and the £ is very volatile. Our real estate agent is extremely knowledgable and won't even let us look at places which are badly managed!
Last edited by Jerseygirl; Apr 25th 2016 at 7:40 pm. Reason: Add another quote/post
Apr 25th 2016, 7:57 pm
#18
Pea Brain
Joined: Jun 2005
Location: TBD
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Re: Can we buy a place to live in while studying?
Your situation shouldn't necessarily be considered de facto though. I rent property and generate a monthly return that's 2x what it costs me to live in my own home, so renting doesn't make financial sense to me. I could just as easily assure that buying is cheaper.
Apr 25th 2016, 8:46 pm
#19
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Re: Can we buy a place to live in while studying?
Apr 25th 2016, 9:40 pm
#20
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Re: Can we buy a place to live in while studying?
I hope you have a large cash buffer. Since the property in the UK will be rented out it's not eligible for a conventional mortgage, your status in Canada precludes simply getting a mortgage on the property here, so there's not much chance of using the equity in the properties. If you can't get a tenant for the UK property or, if you do and they trash the place, then there could be an extended period of no income. Not a worry if you have, say, a year's worth of cash to maintain both places but not everyone does.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
Apr 26th 2016, 4:32 am
#21
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Re: Can we buy a place to live in while studying?
We'll be mortgage free, but it is fairly easy to get a buy to let mortgage in the uk as long it is only part of the value and the rent more than covers it.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
Apr 26th 2016, 12:28 pm
#22
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Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Can we buy a place to live in while studying?
We'll be mortgage free, but it is fairly easy to get a buy to let mortgage in the uk as long it is only part of the value and the rent more than covers it.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
One of my children emigrated from Toronto to Tower Hamlets so I know something of the UK. In Canada I bought a house with someone who was here on a study permit, though the study permit was just a ruse to achieve immigration, so I know something of dealing with the banks in that circumstance.
Here I am in close contact with a relatively recent immigrant from the UK, one who rented out the house using a good agency, lost the tenant, then had the house unoccupied for a period during which people broke in to steal the plumbing, they left the water running causing significant damage. All of this was distressing and difficult to deal with from a remote location.
It'll all be fine for you, of course, there have never been any other cases where it didn't go well.
Apr 26th 2016, 2:14 pm
#24
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Re: Can we buy a place to live in while studying?
when i decided to leave Winnipeg i did look at Vancouver and holy crap its expensive to get a place in reasonable area whether buying or renting.
If this is a temporary move have you considered a trailer, Not even sure if there are any trailer parks close to Vancouver, Not all are dumps and may work out cheaper ?
If this is a temporary move have you considered a trailer, Not even sure if there are any trailer parks close to Vancouver, Not all are dumps and may work out cheaper ?
Apr 26th 2016, 2:26 pm
#25
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Joined: May 2012
Location: Qc, Canada
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Re: Can we buy a place to live in while studying?
We'll be mortgage free, but it is fairly easy to get a buy to let mortgage in the uk as long it is only part of the value and the rent more than covers it.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
Renting a house out isn't difficult if using a good agency and they make sure the tenant is good. A damage deposit and regular checks would be in place and we will have to factor in periods of non rental. Don't know if you're in the uk or not, but there is a housing shortage right now and we live in a nice city so finding tenants isn't an issue.
As an absentee (co-)landlord (uk property), rent might just about end up paying expenses on the property. Or you could get lucky...
Apr 26th 2016, 2:27 pm
#26
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Joined: Jun 2005
Location: Fredericton, New Brunswick CA
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Re: Can we buy a place to live in while studying?
I can see this ending well. Good luck to you.
Apr 26th 2016, 6:10 pm
#27
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Location: A Briton, married to a Canadian, now in Fredericton.
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Re: Can we buy a place to live in while studying?
I rented my home on several occasions and each time ended in disaster. I had a decent letting agency, my homes were nice and in reasonable neighborhoods. I did the very best that I could to ensure that all went well, but it still didn't. It was stress by the bucketload, and it certainly didn't make me any money. The distance doesn't help; if your tenants know you are a long way away they take advantage, and your letting agency has to followed the proscribed steps for dealing with them, which generally ends up with the landlord in the soup financially.
I too wish you every success, and don't wish to sound negative....but, it's challenging enough moving to Canada and juggling the immigration process, without adding landlord/tenancy problems to your list of worries.
I too wish you every success, and don't wish to sound negative....but, it's challenging enough moving to Canada and juggling the immigration process, without adding landlord/tenancy problems to your list of worries.
Apr 26th 2016, 7:51 pm
#28
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Joined: Mar 2016
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Re: Can we buy a place to live in while studying?
I am in Canada but didn't bring all of my relatives with me from London.
In Canada I bought a house with someone who was here on a study permit, though the study permit was just a ruse to achieve immigration, so I know something of dealing with the banks in that circumstance.
So was it ok with immigration that your housemate bought a house as a temporary resident?
Here I am in close contact with a relatively recent immigrant from the UK, one who rented out the house using a good agency, lost the tenant, then had the house unoccupied for a period during which people broke in to steal the plumbing, they left the water running causing significant damage. All of this was distressing and difficult to deal with from a remote location.
It'll all be fine for you, of course, there have never been any other cases where it didn't go well.
In Canada I bought a house with someone who was here on a study permit, though the study permit was just a ruse to achieve immigration, so I know something of dealing with the banks in that circumstance.
So was it ok with immigration that your housemate bought a house as a temporary resident?
Here I am in close contact with a relatively recent immigrant from the UK, one who rented out the house using a good agency, lost the tenant, then had the house unoccupied for a period during which people broke in to steal the plumbing, they left the water running causing significant damage. All of this was distressing and difficult to deal with from a remote location.
It'll all be fine for you, of course, there have never been any other cases where it didn't go well.
This forum is so full of scaremongering I think I shall change my mind on an exciting 2 years of study in Vancouver to improve my life and stay in cold, grey, rainy (yup exactly that today) boring, dead-end Blighty forever more....NOT 💁
Apr 26th 2016, 7:56 pm
#29
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Joined: Mar 2016
Posts: 21
Re: Can we buy a place to live in while studying?
when i decided to leave Winnipeg i did look at Vancouver and holy crap its expensive to get a place in reasonable area whether buying or renting.
If this is a temporary move have you considered a trailer, Not even sure if there are any trailer parks close to Vancouver, Not all are dumps and may work out cheaper ?
If this is a temporary move have you considered a trailer, Not even sure if there are any trailer parks close to Vancouver, Not all are dumps and may work out cheaper ?
Apr 26th 2016, 8:06 pm
#30
Just Joined
Thread Starter
Joined: Mar 2016
Posts: 21
Re: Can we buy a place to live in while studying?
I rented my home on several occasions and each time ended in disaster. I had a decent letting agency, my homes were nice and in reasonable neighborhoods. I did the very best that I could to ensure that all went well, but it still didn't. It was stress by the bucketload, and it certainly didn't make me any money. The distance doesn't help; if your tenants know you are a long way away they take advantage, and your letting agency has to followed the proscribed steps for dealing with them, which generally ends up with the landlord in the soup financially.
I too wish you every success, and don't wish to sound negative....but, it's challenging enough moving to Canada and juggling the immigration process, without adding landlord/tenancy problems to your list of worries.
I too wish you every success, and don't wish to sound negative....but, it's challenging enough moving to Canada and juggling the immigration process, without adding landlord/tenancy problems to your list of worries.