If you are planning at studying at a university, one of the first things that you will realize is that student accommodation is expensive! Terribly expensive! So why are so many landlords renting dorms at such a high rate when they know students are mostly broke? Well, the answer is simple, student dorms that are close to universities are a sure asset for property investors because they know that parents want what is best for their children and are willing to pay to get their kids the education they need. Student dorms are also a great asset because they are high in demand thanks to thousands of students that attend universities each and every year. If you or your child is planning on studying at a university then it is time to consider buying instead of renting.
Why buying is better than renting
Your child will be studying for 3 – 7 years which is a very long time to be paying off someone else’s property. Buying your own student dorm buys your or your child security because there will be housing no matter what happens around the university grounds. The initial investment is going to be terribly tough but once you or your children are done with university, you can start earning great cash from the dorm by letting it out to other students.
Where to get a loan
Mortgage brokers in Melbourne can help you get the financing you need for a great student dorm at a much lower rate than you might think because they don’t just look at the property as a home for you or your kids, they will also consider the long term possibility that such an investment can provide. Buy-to-let property is much more secure than personal home or apartment investments because the financing does not come out of your salary. You receive an added income from a completely different source that adds security to your mortgage and gives you great credibility.
Why you should consider Mortgage Brokers 24/7 when you buy a dorm
Dorms are sought after, which means they don’t come cheap. The loans for these student homes are often a lot higher than home loans in quieter areas or towns. Mortgage Brokers 24/7 is some of the few brokers who consider much more than just your salary when they finance your property. They also offer the following benefits;
SMSF loans – With this type of loan, your boss’s financial position is considered when the loan is being approved and he or she stands in for you by taking the responsibility of the mortgage. You will still be paying off the apartment but don’t need the credibility and you still get the apartment on your name when it is paid off.
P & I loan – With a Principal and Interest loan gives you a different payment solution so you can pay your property off in less time, which is perfect for a buy-to-let student home.
Experience – Experience is vital to help guide you towards the best possible decisions when it comes to property investments and Mortgage Brokers 24/7 has bucket loads off it.