Buying a condo - TranceAddict Forums

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Posted by dance2dabeat on May-30-2006 03:40:

Buying a condo

Ok...so I am moving out of my apartment as of sept 1st...looking into buying a condo. I will have a roomate so I am looking for a good deal on a 2 bedroom.

Any help would be appreciated.

Thanks

Posted by Vivid Boy on May-30-2006 03:47:

heres my best advice kelly. since i follow the market and wrk in the industry.

DONT DO IT!!!!!!!!!!!!!!! WORST MISTAKE ULL EVER MAKE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!UR GONNA GO BANKUPT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!

that is all. please dont take this post as joke neither

Posted by vickyvale on May-30-2006 03:48:

Yay Kelly! Come see me for mortgage..lol

But seriously..shop around!!! Don't just go to your bank cuz you've been there for so long...although that way (sometimes) it's easier to get an approval.

Good luck!!!

I know that wasn't MUCH help..lol..sorry.

Posted by dance2dabeat on May-30-2006 03:58:

eric says to rent for another yar..before thinking of buying....

any thoughts anyone??

Posted by FunkyCrew on May-30-2006 03:59:

need a roomie? condo is my dream

Posted by LKD on May-30-2006 04:01:

http://tranceaddict.com/forums/show...threadid=347811

great spot if u drive

Posted by vickyvale on May-30-2006 04:01:

quote:
Originally posted by dance2dabeat
eric says to rent for another yar..before thinking of buying....

any thoughts anyone??

I say go for it. Think of how much of your mtg you'll have paid off in a year opposed to renting which will get you no where...speaking from experience here. Been renting for 7 years now...I would be half way to owning my own home/condo by now!

Why do you think she should wait, Eric??

Posted by LKD on May-30-2006 04:03:

Posted by Sasha on May-30-2006 04:06:

if u buy one, it better be on the deserted island

Posted by vickyvale on May-30-2006 04:08:

quote:
Originally posted by El Kay Dee
well theres a house and a condo...go in for a condo and ur gonna pay even after u pay off the mortgage....for all the different aspects...freehold house however, ur not gonna pay after mortgage is paid off

You make a valid point, Liam. I don't think that Kelly is gonna live in a condo forever though. Owning a condo would be an excellent investment. I say go for that rather than renting another year.

My 0.02

Posted by Vivid Boy on May-30-2006 04:08:

quote:
Originally posted by vickyvale
I say go for it. Think of how much of your mtg you'll have paid off in a year opposed to renting which will get you no where...speaking from experience here. Been renting for 7 years now...I would be half way to owning my own home/condo by now!

Why do you think she should wait, Eric??

beacsue the market is at its peak right now. its been in an inflatted bubble for the last 2 years and right now its abt to burst. unemployment is rasing, CPI is raising, and alot of focus now is out west. The market is gonna crash and we're going to be in a recession in the next 2 years. to buy a condo now when the market is at its peak is to throw away 200 g's. ull never recover the money u spent on your condo. EVER! the prices are riduculous now and condos don't retain their value. they depreicate as time goeson. theyre not like the housing market. leave the condos to the 70 yr old widowers who cant physically take care of a house anymore and have a fat ass bank account and not looking to make a buck. condos are not an investment. save ur money, the housing market is gonna crash soon too. thats when u buy.

+ right now condo fees are just as expensive as renting. ur gonna have to pay ur mortgage plus ur 600 dollar monthly condo fee that raises as the building gets older.

plus when the market crashes u will not be able to afford the jump from 3% intrest rates to 16%. the bank is just gonna end up owning ur condoand ull be out on the street drinking puddles

Posted by dance2dabeat on May-30-2006 04:14:

faaackkkkk

Posted by Engine9 on May-30-2006 04:16:

why would condos deprecate in value? Its still property

buy it for sure, I cant wait to finish school and get my hands on a nice condo.

Get one with a swimming pool, gym, pool table that way u can have all these things a couple floors down.

Posted by vickyvale on May-30-2006 04:17:

Hhhmmm...you are totally makin me rethink buying a condo myself, Eric.

Ah crap.

Posted by LKD on May-30-2006 04:20:

ive heard alot of condo horror stories

like couples with 2 y/o kids get warnings all the time cos the kids are running aroudn and the neighbors below are disturbed even at 7pm.....loud music can cause trouble with neighbors too...etc etc

as eric said...unless u 70+, u may wanna stay away from a condo unless its some yuppy hood condo which u def dont wanna pay that much for

Posted by Vivid Boy on May-30-2006 04:20:

quote:
Originally posted by Engine9
why would condos deprecate in value? Its still property

buy it for sure, I cant wait to finish school and get my hands on a nice condo.

Get one with a swimming pool, gym, pool table that way u can have all these things a couple floors down.

because in 9 years when we get out of the recession and begin the new condo cycle, these condos are gonna be considered outdated. who wants to live in a 10 yr old condo thats outdated when tridel is now throwing up these new trendy condos thus the 400g's u spent 9 years on ur condo ull never ever get back and is only worth 200 <--- if that

the time to make money off of condos is over, fuck they even passed a law so u couldnt take advantage of that market trend last year lol. now when u buy a condo u have to live in it for a year i think. so many ppl were buying the condos before they were being built for 300 g's then selling them for 400 g's after construction when it was sold out and consumers were looking for a condo. we're toolate for the condo phase, anyone looking to get in is only goona get fucked now

Posted by dance2dabeat on May-30-2006 04:21:

quote:
Originally posted by vickyvale
Hhhmmm...you are totally makin me rethink buying a condo myself, Eric.

Ah crap.

yeah he's good for ruining things

Just kidding eric...love u lots and I do take your advise more than u think ok???

I dunno..I'll have to look into it more

Posted by Irish Graham on May-30-2006 04:23:

All I gotta say condo fees plus property tax, please take that also into consideration.

Sorry to womp with the cons.

Posted by Vivid Boy on May-30-2006 04:23:

quote:
Originally posted by vickyvale
Hhhmmm...you are totally makin me rethink buying a condo myself, Eric.

Ah crap.

i wanted a condo too at one point.....i guess if u alot of money and are not worried abt losing it. and buying a home doesnot = an investment in ur eyes then a condo is the way to go.

but if u want to be smart with ur cash, buy a house and wait till the market crashes which should be in a year or so

even if u bought a house today with these outrageous prices u can still get ur money back and even make $$$ ud just have to wait 15-20 years.

Posted by Swamper on May-30-2006 04:27:

quote:
Originally posted by Engine9
Get one with a swimming pool, gym, pool table that way u can have all these things a couple floors down.

All that junk just means higher maintenance fees.. I'd rather save that $ and join a real gym

Posted by Vivid Boy on May-30-2006 04:29:

quote:
Originally posted by Swamper
All that junk just means higher maintenance fees.. I'd rather save that $ and join a real gym

or supercharge ur vtech

Posted by torontotrncelvr on May-30-2006 04:49:

its late and all I want to say that I am a licensed real estate agent and I do not agree with all that has been said up to now. There are stll a lot of good condos to buy, and yes a lot of terrible condos to buy. The factors show no slowing down of the Toronto housing/condo market. Agreed, there are a ton of condo's going up, and a lot of bad investments, but there are also still good investments. All the details cannot possibly be conveyed in ths forum, and you can feel free to contact me via PM for more info. I would be happy to get togther for a coffee and discuss any questions you may have.

Michael

Posted by Swamper on May-30-2006 04:59:

quote:
Originally posted by torontotrncelvr

haha you spamming bitch

btw, you've been working hard - I went to see a condo a few months ago (2nd day on the market) and your card was on the table from earlier in the day...

Posted by torontotrncelvr on May-30-2006 05:16:

you should have called me, I would have loved to show you some places. Let me know via pm if you bought yet.

Posted by 4-play on May-30-2006 07:09:

Yes it is a sound decision to choose a house over a condo (simple supply and demand), but there are condos out there which are a good buy. You have to search for them hard. There are a bunch of them in the downtown area, and in the North York area (depends where work is for you). I would rather spend money on a mortgage / secured line of credit than on rent. Al least your money goes towards some sort of principal, and at the end of the day you have something to show what you have spent on.

As for maintainance and property taxes, yes they are a bitch (latter is the same for houses too). But I would rather pay a tad more on maintainance for a condo than maintainance on a house (whch could get expensive in the winter, plus shovelling snow, mowing the lawn, etc etc)

Since there are a lot of new developements coming up, there are some good rent to own schemes. Have them checked out too.

Hope this helps. Good Luck.

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