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Condo Advice (pg. 3)
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| Jayx1 |
| quote: | Originally posted by Shaya007
Have you noticed lately that 90% of those people in control have all their heat, water, cable, etc shut off 23hrs a day?
:toothless |
yup... and they arent paying $600 a month for those things either hehehehe |
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| Skipper |
| 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... |
Renting is not bad if you invest the difference in the monthly cash flow. That way you are still building equity/net worth at a much lower cost and potentially with a much higher return (depending on what you choose to invest in of course)
A friend of mine has quite the nest egg saved and could probably come close to buying something outright in cash, but still rents - he just can't justify essentially tripling his monthly living expenses to acquire an asset that is arguably hugely inflated in value. |
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| Jayx1 |
| quote: | Originally posted by Skipper
Renting is not bad if you invest the difference in the monthly cash flow. That way you are still building equity/net worth at a much lower cost and potentially with a much higher return (depending on what you choose to invest in of course)
A friend of mine has quite the nest egg saved and could probably come close to buying something outright in cash, but still rents - he just can't justify essentially tripling his monthly living expenses to acquire an asset that is arguably hugely inflated in value. |
on a further note.. i know someone who rents for himself and owns rental properties. He says the principal property is a false dream (a liability) because you will never realize the value of the property unless you sell it and move into a tent. Yet you will pay taxes based on that value. Renting is a loss but you lower your costs and dont have to worry about anything. Also rent is a write off. |
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| 1dawoman |
| quote: | Originally posted by Jayx1
on a further note.. i know someone who rents for himself and owns rental properties. |
Being a landlord sound like a piece of cake but it's not. Everytime your tenant has a problem, like an appliance breaking down, or a leak, you are responsible. Also when the tenant leaves, it's sometimes hard to replace them and every month that goes by, is money lost. Renting one place is a handful, renting multiple properties is practically a full time job. I think I'd rather buy a house in a few years so that when I retire, I can sell it, buy a smaller place, and live off the profit/difference. Seems like a more headache-free option. |
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| Jayx1 |
| quote: | Originally posted by 1dawoman
Being a landlord sound like a piece of cake but it's not. Everytime your tenant has a problem, like an appliance breaking down, or a leak, you are responsible. Also when the tenant leaves, it's sometimes hard to replace them and every month that goes by, is money lost. Renting one place is a handful, renting multiple properties is practically a full time job. I think I'd rather buy a house in a few years so that when I retire, I can sell it, buy a smaller place, and live off the profit/difference. Seems like a more headache-free option. |
def not the route to go for some people... but just using that as an example of property investments as opposed to liability. |
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| patpicos |
the condo/house dilemma has been killing me. I currently live in a house which i own (Niagara is much cheaper than the GTA....by a landslide!).
Starting in the new year, my job moves to burlington and I will also make the move as 1hr+ drives wont cut it for me. I've been following the Burlington market for the last 3 months or so for pricing and features....
From what i can see in Burlington, condos start at 170k, towns in 230k and anything freehold is 270k+
Oakville is definitely more expensive than Burlington. I've not looked @ Mississauga.
In terms of condo fees, most towns and 3-4 storey condo buildings, they usually range from $150-$275/mo and generally include: Building Insurance, Exterior Maintenance, Parking, Water
So when you look at it, anything over $200 is a tax really...but you have to account the time your are not spending doing maintenance as it does add up when u have a home.
In that area, I don't see condos including heat/hydro. Some may include cable.
I think as you get into buildings that are high rise...the condo fees likely increase, but so are the amenities. It is more likely that hydro/heat are included (whats the point of having a furnace in 200 units!)
The toronto market is likely to be completely different than Burlington...but i thought id share what ive seen there... |
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| *~LiSa-LoO~* |
| quote: | Originally posted by 1dawoman
I think I'd rather buy a house in a few years so that when I retire, I can sell it, buy a smaller place, and live off the profit/difference. Seems like a more headache-free option. |
Except if you make little to no profit. My parents are currently looking at selling their house b/c my dad retired just over a year ago and the upkeep of the house is ridiculous (he had to put a new roof on, replace a sink, painting etc. and also recently had to buy a car - not related to the house, but another added expense). Unfortunately, the people who want to live in our neighborhood all want new houses (there's new subdivisions and houses being built all around us). And all the smaller houses he's looking at cost a lot more money than what he'd get for our house. |
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| 1dawoman |
| quote: | Originally posted by devnull
From what i can see in Burlington, condos start at 170k, towns in 230k and anything freehold is 270k+ |
Jealous of you. Those numbers look like real estate prices of Toronto in the 1980s...
wish my work was close to Burlington... |
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| Beings |
| quote: | Originally posted by The Highroller
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). |
Umm what about comparing the quality of living?!
Sure you can rent out a cheap hole, and put all the savings into a savings account. That works for building equity. But what if you dont want to live in a hole? Rent out a condo? Most decent condos cost very similar to rent compared to just paying the mortgage maintenance and taxes yourself. And with real estate you do build equity.
A house is a better investment, but a single guy doenst need a house. Condos can be good. |
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| VDub |
| quote: | Originally posted by 1dawoman
I thought my gender was obvious since it's stated in my user name.....guess not :P
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Yah sorry about that...
Didn't pay attn...
My bad...
iLofts are nice but I only like the actual loft units... |
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| VDub |
| quote: | Originally posted by The Highroller
While in many cases it is better to own than to buy, there are certainly some cases where renting may be a better investment. |
Yes I can concede to this point... |
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| VDub |
| quote: | Originally posted by 1dawoman
Those numbers look like real estate prices of Toronto in the 1980s...
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Interest was at 20% in the 80's... |
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