After accepted into UBC, many students face the daunting task of finding accommodations within or near the UBC Campus. Fortunately the Department of Student Housing and Hospitality Services provides accommodations for more than 8,000 students and faculty members.
However, due to limited number of space available, not all of the students are able to secure student housing. As a result, many Students’ parents consider purchaing a property within UBC. As UBC Realtor, I have helped many families in these situations.
In my years as a UBC Realtor, I have advised many prospects and clients that owning Real Estate within UBC is actually a very good investment considering the time a student will spend at the campus.
Alternatively, owning a 1 Bedroom condo in UBC, assuming the purchase price of $350,000 with 20% down payment, and 3% interest rate, 30 years amortization, the monthly mortgage payment is only $1,178. The monthly Strata fee is about $240. And tax is about $1,400/year ($116/month). Gas and utility maybe around $50-$100/month. Total monthly payment is about $1,584/month. However, mortgage payment of $1,178/month includes principle and interest. In the first couple years, interest accounts for about 50% of the mortgage payment. So in effect, the total monthly cost is actually about $995 ($1,584-$589). Roughly around $1,000/month.
That is why many families have opted to own either a 1 Bedroom Condo or a 2 Bedrooms Condo in UBC. If you are considering owning UBC Condos please don’t hesitate to contact my UBC Real Estate office today or call me anytime at 778-991-0649.