|
Condo Advice (pg. 2)
|
View this Thread in Original format
| ChemEnhanced |
| quote: | Originally posted by Jayx1
A real estate agent once gave me a piece of advice. "when you buy a condo you dont own the floors, the walls or the cielings. Just the air in between them".
Very true. |
it is very true....you basically buy the air located within the building....and this issues you have to go through if you actually decide to upgrade things like flooring. |
|
|
| VDub |
Lol at the anti-condites...
Maybe he doesn't want to live at home anymore and he said he didn't want a house to himself...
What's the alternative??? Rent??? The dumbest way to live if you can afford not too...
Which building is the new one? South beach or iLoft???
Well can't be South Beach as they've not even broken ground yet... |
|
|
| Jayx1 |
| quote: | Originally posted by VDub
Lol at the anti-condites...
Maybe he doesn't want to live at home anymore and he said he didn't want a house to himself...
What's the alternative??? Rent??? The dumbest way to live if you can afford not too...
Which building is the new one? South beach or iLoft???
Well can't be South Beach as they've not even broken ground yet... |
with condos u get the wonderful triple threat of mortgage, taxes, AND condo fees. I consider condo fees to be rent and some of the condo fees out there are equal to what youd pay for rent for your share of a 2 bedroom apartment. So i really dont see a difference unless the market spikes higher than the taxes and fees paid in the interim.
As a principal investment. Condos fail... As a rental property they could be very lucrative.
But again, a lot of condos wont let you rent your property out. Because THEY control your property, not you. |
|
|
| mute79 |
oh no!! the condo fees
as if you don't have any fees w/ a house! lol
and speaking of the condo board fear mongering, the board is run by CONDO OWNERS w/o compensation! to imply that the condo board is somehow inherently evil and detrimental to you as a condo owner is just stupid |
|
|
| 1dawoman |
| quote: | Originally posted by VDub
Lol at the anti-condites...
Maybe he doesn't want to live at home anymore and he said he didn't want a house to himself...
What's the alternative??? Rent??? The dumbest way to live if you can afford not too...
Which building is the new one? South beach or iLoft???
Well can't be South Beach as they've not even broken ground yet... |
I thought my gender was obvious since it's stated in my user name.....guess not :P
and yeah, I like iloft>south beach
| quote: | Originally posted by Jayx1
with condos u get the wonderful triple threat of mortgage, taxes, AND condo fees. I consider condo fees to be rent and some of the condo fees out there are equal to what youd pay for rent for your share of a 2 bedroom apartment. So i really dont see a difference unless the market spikes higher than the taxes and fees paid in the interim.
As a principal investment. Condos fail... As a rental property they could be very lucrative.
But again, a lot of condos wont let you rent your property out. Because THEY control your property, not you. |
I see what you're saying, however, maintenance fees include utilities: hydro, gas, cable etc. So by living in a house it's not like I wouldn't have to pay monthy fees...
Also, the buildings I'm considering allow unit owners renting out... |
|
|
| cammaxwell |
| quote: | Originally posted by Jayx1
with condos u get the wonderful triple threat of mortgage, taxes, AND condo fees. I consider condo fees to be rent and some of the condo fees out there are equal to what youd pay for rent for your share of a 2 bedroom apartment. So i really dont see a difference unless the market spikes higher than the taxes and fees paid in the interim.
As a principal investment. Condos fail... As a rental property they could be very lucrative.
But again, a lot of condos wont let you rent your property out. Because THEY control your property, not you. |
You also have to remember what the maintenance fees are covering, things like hydro, water, A/C & heating, snowplowing ect...
I've owned both a house and a highrise and although there are no "maintenance fees" with a house you do still have a lot of other incurred costs that you don't with a condo. You are also responsible for all your own maintenance, which on a older home can be very expensive (I'm sure she can't afford a new home in that area). For a young single person a condo is both affordable and easy to maintain. Keep in mind she's not looking to flip it but sell after 8-9 years.
I would go with the 5 year old for all the reasons above AND that fact that you can also start paying down your mostgage earlier than waiting. Therefore more equity at the end for you. |
|
|
| Jayx1 |
some condo fees cover everything, some dont. Either way with your own property you become the master of your expenses. You control the heat, the water, the cable, the snow removal.
it just bothers me when others are in control of my choices. |
|
|
| Jayx1 |
| quote: | Originally posted by mute79
oh no!! the condo fees
as if you don't have any fees w/ a house! lol
and speaking of the condo board fear mongering, the board is run by CONDO OWNERS w/o compensation! to imply that the condo board is somehow inherently evil and detrimental to you as a condo owner is just stupid |
I know... which means basically another form of "government" to contend with. |
|
|
| *~LiSa-LoO~* |
| quote: | Originally posted by 1dawoman
a) buy the 5 year old property even though it costs a little more (higher maintenance fees) and may require a few renovations.
or
b) go with the newer condo with lower maintenance fees and pick all my colours/finishings...
|
Based on what you've laid out as the options. It seems like the answer is obvious :) |
|
|
| Shaya007 |
| quote: | Originally posted by Jayx1
some condo fees cover everything, some don't. Either way with your own property you become the master of your expenses. You control the heat, the water, the cable, the snow removal.
it just bothers me when others are in control of my choices. |
Have you noticed lately that 90% of those people in control have all their heat, water, cable, etc shut off 23hrs a day?
:toothless |
|
|
| VERTiG0 |
| What about condos NOT in Toronto? Still a bad idea? |
|
|
| The Highroller |
| quote: | Originally posted by VDub
What's the alternative??? Rent??? The dumbest way to live if you can afford not too...
|
Not necessarily. Rent has to be compared with condo fees, interest on mortgage, property taxes, and expected value of gain/loss on your property (which may not be very easy to put a value on right now considering general housing market uncertainty). Opportunity cost of other available investments is also a factor that should be considered.
While in many cases it is better to own than to buy, there are certainly some cases where renting may be a better investment. |
|
|
|
|
