TranceAddict Forums (www.tranceaddict.com/forums)
- Canada - Toronto & Southern Ont.
-- Buying a condo
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| Originally posted by Vivid Boy what are u 13? |
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| Originally posted by Grinder nope 25 |
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| Originally posted by magikb now where was the sass in that? I am disappointed |
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| Originally posted by Grinder Sabres play in 25 minutes, we can worry about the sass after the game. |
I am not sure if the housing market includes the condo market, but the Globe had a piece today...
http://www.theglobeandmail.com/serv...y/Business/home
Ok, as being one that owned a condo and is now renting, here's my 2 cents.
When you buy a condo, or a house for that matter, please note there are other fees you have to account for. Since you have a roommate, it might be shared, but don't forget about condo fees and property taxes which do amount to at least a few thousand a year on top of your mortgage fees. Add to that the cost of utilities, for a house being none included, and a condo may or may not have utilities included in the condo fees, it can add up to a fair bit more than your monthly mortgage.
I'm currently living in a 1000 sq ft apartment in a downtown loft that I would not be able to afford if I was to purchase, due to the condo fees and the property taxes associated with the unit, and in conjunction with the inflated price of the property due to the massive growth of the market itself. Not only that, for the same area, I'm paying less in rent than I would in mortgage payment, condo fees, and property taxes a year for a place that is significantly larger than a purchased new unit for the same monthly price. Looking at it that way, renting is actually cheaper for me to live in the space.
If you're smart about the money, you can get an equivalent rental unit for less and invest the difference into smart investments. I think people often mistake a condo or house for something it really isn't, and in most cases it's simply a savings vehicle for people that don't have the discipline or fear they don't have the knowledge to put their money into other investments like stocks, mutuals, etc. As much as the real estate market is booming right now, you can still make better returns and gains year in year out by smart investing, just as easily as you can by gambling on a booming housing market.
If this is a long term investment, and by that I mean 10+ years, you will prolly do ok regardless of the market "collapsing" or not. However if this is something short term, you may want to reconsider your options and perhaps make a budget and look into investments that net you similar returns. The point of all the rent vs own arguement isn't about which is better than the other, it's rather which provides the best fit for you. A property will, in most cases, will rise in value every year and make you money, but that said so will low to medium risk investements.
So long as you're smart about either choice and don't piss your money away (high risk speculation on stocks and get rich quick pyramid schemes 
vs no money return upgrades and super unique floor plans that appeal to no one except you), you'll be ok in the long run either way. If you don't have a solid investment strategy already, you may want to consider starting one before taking the plunge into home ownership.
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| Originally posted by Tranceplanted Ok, as being one that owned a condo and is now renting, here's my 2 cents. When you buy a condo, or a house for that matter, please note there are other fees you have to account for. Since you have a roommate, it might be shared, but don't forget about condo fees and property taxes which do amount to at least a few thousand a year on top of your mortgage fees. Add to that the cost of utilities, for a house being none included, and a condo may or may not have utilities included in the condo fees, it can add up to a fair bit more than your monthly mortgage. I'm currently living in a 1000 sq ft apartment in a downtown loft that I would not be able to afford if I was to purchase, due to the condo fees and the property taxes associated with the unit, and in conjunction with the inflated price of the property due to the massive growth of the market itself. Not only that, for the same area, I'm paying less in rent than I would in mortgage payment, condo fees, and property taxes a year for a place that is significantly larger than a purchased new unit for the same monthly price. Looking at it that way, renting is actually cheaper for me to live in the space. If you're smart about the money, you can get an equivalent rental unit for less and invest the difference into smart investments. I think people often mistake a condo or house for something it really isn't, and in most cases it's simply a savings vehicle for people that don't have the discipline or fear they don't have the knowledge to put their money into other investments like stocks, mutuals, etc. As much as the real estate market is booming right now, you can still make better returns and gains year in year out by smart investing, just as easily as you can by gambling on a booming housing market. If this is a long term investment, and by that I mean 10+ years, you will prolly do ok regardless of the market "collapsing" or not. However if this is something short term, you may want to reconsider your options and perhaps make a budget and look into investments that net you similar returns. The point of all the rent vs own arguement isn't about which is better than the other, it's rather which provides the best fit for you. A property will, in most cases, will rise in value every year and make you money, but that said so will low to medium risk investements. So long as you're smart about either choice and don't piss your money away (high risk speculation on stocks and get rich quick pyramid schemes vs no money return upgrades and super unique floor plans that appeal to no one except you), you'll be ok in the long run either way. If you don't have a solid investment strategy already, you may want to consider starting one before taking the plunge into home ownership. |
moving back home is the last thing I wanna do. I love living on my own and I want to stay in T.O.
Thanks for the advise guys...keep them coming (except u eric I have heard enough 
)
| quote: |
| Originally posted by Tranceplanted Ok, as being one that owned a condo and is now renting, here's my 2 cents. When you buy a condo, or a house for that matter, please note there are other fees you have to account for. Since you have a roommate, it might be shared, but don't forget about condo fees and property taxes which do amount to at least a few thousand a year on top of your mortgage fees. Add to that the cost of utilities, for a house being none included, and a condo may or may not have utilities included in the condo fees, it can add up to a fair bit more than your monthly mortgage. I'm currently living in a 1000 sq ft apartment in a downtown loft that I would not be able to afford if I was to purchase, due to the condo fees and the property taxes associated with the unit, and in conjunction with the inflated price of the property due to the massive growth of the market itself. Not only that, for the same area, I'm paying less in rent than I would in mortgage payment, condo fees, and property taxes a year for a place that is significantly larger than a purchased new unit for the same monthly price. Looking at it that way, renting is actually cheaper for me to live in the space. If you're smart about the money, you can get an equivalent rental unit for less and invest the difference into smart investments. I think people often mistake a condo or house for something it really isn't, and in most cases it's simply a savings vehicle for people that don't have the discipline or fear they don't have the knowledge to put their money into other investments like stocks, mutuals, etc. As much as the real estate market is booming right now, you can still make better returns and gains year in year out by smart investing, just as easily as you can by gambling on a booming housing market. If this is a long term investment, and by that I mean 10+ years, you will prolly do ok regardless of the market "collapsing" or not. However if this is something short term, you may want to reconsider your options and perhaps make a budget and look into investments that net you similar returns. The point of all the rent vs own arguement isn't about which is better than the other, it's rather which provides the best fit for you. A property will, in most cases, will rise in value every year and make you money, but that said so will low to medium risk investements. So long as you're smart about either choice and don't piss your money away (high risk speculation on stocks and get rich quick pyramid schemes vs no money return upgrades and super unique floor plans that appeal to no one except you), you'll be ok in the long run either way. If you don't have a solid investment strategy already, you may want to consider starting one before taking the plunge into home ownership. |
Oh, and one other thing I must stress. Since you said you will have a roommate, please make sure that you buy what you need rather than what you want. Nothing against your roommate, but it's a far better option to buy a place that doesn't rely on the income of another individual.
As in, if you can afford it, budget to pay for the place entirely on your own, especially if it's only in your name, and then use the extra money you receive from your roomate as a bonus. Invest it in some good smart choices, pay down more principal immediately, or perhaps put it away for "just in case" money. The whole point is you really don't know what the future will have in store for the both of you, and it's really a pinch if you end up in a situation where you have more place than you can afford and you might even find yourself scrambling to find another roommate. Give yourself options by not putting yourself in a corner right from the start.
It might be that if you really want to buy a condo, you may just be better off in a 1 bedroom as opposed to the 2 with your roommate. And as anal as it may sound, you may also want to take a look at having some "cohabitation agreements" drawn up, just to cover you from any legal implications you might end up being on the hook for. I've seen relationships and friendships sour over moves like this and if everything is up front from the start, then there's really nothing that can come as a surprise. When you're renting, there really isn't anythign that can be taken away from you, but when you own, it's your name and property on the line.
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