Buying a condo
Old 03-08-2010, 11:46 AM   #1 (permalink)
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Question Buying a condo

I'm thinking of buying a condo soon and i was wondering if anyone here owns a condo and can give some sage advice about the pros & cons. Obviously the condo fees can sky rocket which scares me, but what other problems could arise? Any advice?
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Old 03-08-2010, 11:58 AM   #2 (permalink)
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I own one. I don't know, I hate it haha.

Make sure you are buying in an area that will appreciate in value. A lot of people are gung-ho on buying downtown, I'm not convinced they will hold their value given how many are going up in the area. Also consider the type of people that will want to live there and their income.

Condo fees and property taxes can be quite hefty. I have a 2 bedroom, I rent out a room, if I didn't those two combined would cost me more than it would for me to rent a place.

Having the 2nd person SAVES me money in the long-run because that person covers all my non-recoverable costs.

If you are going to buy a place make sure you keep in mind that your return on your investment per month should take into account your non-recoverables.

See a lot of places, don't be too quick to jump at one.

Interest rates are SUPER low right now, make sure you can actually afford the place when they spike back up.

Try not to get suckered into all the amenities. Ok great, your place has a pool but are you going to use it? Many people go for these places that have all kinds of extras they will never use. So unless you are counting on that stuff for your resale value, you might not want to pay the extra amounts for them.

I don't know what else...
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Old 03-08-2010, 12:05 PM   #3 (permalink)
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Originally Posted by Renihan_00 View Post
I own one. I don't know, I hate it haha.

Make sure you are buying in an area that will appreciate in value. A lot of people are gung-ho on buying downtown, I'm not convinced they will hold their value given how many are going up in the area. Also consider the type of people that will want to live there and their income.

Condo fees and property taxes can be quite hefty. I have a 2 bedroom, I rent out a room, if I didn't those two combined would cost me more than it would for me to rent a place.

Having the 2nd person SAVES me money in the long-run because that person covers all my non-recoverable costs.

If you are going to buy a place make sure you keep in mind that your return on your investment per month should take into account your non-recoverables.

See a lot of places, don't be too quick to jump at one.

Interest rates are SUPER low right now, make sure you can actually afford the place when they spike back up.

Try not to get suckered into all the amenities. Ok great, your place has a pool but are you going to use it? Many people go for these places that have all kinds of extras they will never use. So unless you are counting on that stuff for your resale value, you might not want to pay the extra amounts for them.

I don't know what else...

Yeah, i don't want any part of downtown anyway. I like going downtown to shop and eat and to go see a game but living downtown is a non starter for me, no thanks. That being said i get what you're saying about the amenities, the fewer amenities the better. I don't need a pool and likely wouldn't use it much.
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Old 03-08-2010, 12:10 PM   #4 (permalink)
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i own my condo too.

I bought in an older building primarily because it offered much more space for the money i could spend. Also i took the approach that i would way rather live in the crappiest house on the best street than the best house on the crappiest street.

Like you said, you gotta look out for the condo fees. another thing to keep in mind is the parking situation. That could be a problem if you don't have all your ducks in a row.

You really need to go out and check out as many places as you can to get a really good feel of what's out there. I probably looked at some 25 places with a realtor over the course of 8 months or so. You should probably try to contact someone in real estate.
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Old 03-08-2010, 12:14 PM   #5 (permalink)
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You really need to go out and check out as many places as you can to get a really good feel of what's out there. I probably looked at some 25 places with a realtor over the course of 8 months or so. You should probably try to contact someone in real estate.
Yeah, my girlfriend just bought a house with her sisters and i might use who they had (realtor). Question for you though, what areas did you look in, and where did you find that the prices were a little more reasonable, i'm guessing it varies no matter where you look but i was just curious. My dream would actually be to have a loft but those are more difficult to find, so i'm told.
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Old 03-08-2010, 12:17 PM   #6 (permalink)
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i looked as far north as dupont, as far east as jarvis and as far west as high park.
I settled on Harbourfront (2 bed room). In all honesty the prices were pretty similar everywhere. The biggest determining factor was the age of the buildings.

I really love it and the conveniance factor of being downtown cannot be overstated. It's the best.
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Old 03-08-2010, 12:26 PM   #7 (permalink)
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i looked as far north as dupont, as far east as jarvis and as far west as high park.
I settled on Harbourfront (2 bed room). In all honesty the prices were pretty similar everywhere. The biggest determining factor was the age of the buildings.

I really love it and the conveniance factor of being downtown cannot be overstated. It's the best.

Yeah i don't see myself living downtown though. The only reason i'd consider downtown would be in order to cut down on putting high KM's on my car by using alot of public transportation. I currently put on 35,000km per year on my car mostly for work mind you but if i can finish work go home and keep my car at home i'd likely save $$ and my car would last longer.
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Old 03-08-2010, 01:49 PM   #8 (permalink)
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Yeah i don't see myself living downtown though.
Just curious.... why? And what do you consider "downtown"?
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Old 03-08-2010, 02:02 PM   #9 (permalink)
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I'm south of yonge and eg.......i love it. No lawn to mow, or snow to shovel...
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Old 03-08-2010, 02:05 PM   #10 (permalink)
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i got scared off of condos because of their fees and what it actually includes. i've heard shifty stories about additional costs running upwards into the thousands for window/door/roof replacements with little to no notice. when i see some places that have condo/amenities fees for $400-500, it doesn't make any sense to me.

edit - i don't live in toronto...
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Old 03-08-2010, 02:49 PM   #11 (permalink)
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Just curious.... why? And what do you consider "downtown"?
Too much traffic. I'm downtown once in awhile for work but i gotta say the traffic + construction drives me up a wall. As for what i consider downtown ..... I would say Lakeshore up to Bloor and as far east as the DVP and as far west as maybe Bathurst. basically the busiest part of the city. I mean many people think that the downtown core goes up to Eglinton and as far west as High Park. High Park i would be ok with, i play ball there in the summer, i like that area. Basically the area with the most traffic is where i wanna stay away from. The other dilemna that i have is it has to be close to a highway because i'm all over the place for work.
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Old 03-08-2010, 02:51 PM   #12 (permalink)
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If your looking for value, look into "downtown" mississauga. near square one, the the condos are from 300 - 400 but as soon as sheridan opens there its value is def gonna go up 20-30 percent if not more. And also the Go is right across the street so you can go downtown and stuff.
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Old 03-08-2010, 02:53 PM   #13 (permalink)
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If your looking for value, look into "downtown" mississauga. near square one, the the condos are from 300 - 400 but as soon as sheridan opens there its value is def gonna go up 20-30 percent if not more. And also the Go is right across the street so you can go downtown and stuff.
Out of my price range.
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Old 03-08-2010, 02:57 PM   #14 (permalink)
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If your looking for value, look into "downtown" mississauga. near square one, the the condos are from 300 - 400 but as soon as sheridan opens there its value is def gonna go up 20-30 percent if not more. And also the Go is right across the street so you can go downtown and stuff.
WOW.

that much money to live in hell?

crazy.
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Old 03-08-2010, 02:59 PM   #15 (permalink)
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Too much traffic. I'm downtown once in awhile for work but i gotta say the traffic + construction drives me up a wall. As for what i consider downtown ..... I would say Lakeshore up to Bloor and as far east as the DVP and as far west as maybe Bathurst. basically the busiest part of the city. I mean many people think that the downtown core goes up to Eglinton and as far west as High Park. High Park i would be ok with, i play ball there in the summer, i like that area. Basically the area with the most traffic is where i wanna stay away from. The other dilemna that i have is it has to be close to a highway because i'm all over the place for work.
see... the trick with being downtown is that there is actually very little traffic.... certainly compared to the suckers who have to drive the gardiner or 401.... now that is traffic. plus you can walk and get just about whatever you want.
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Old 03-08-2010, 03:07 PM   #16 (permalink)
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WOW.

that much money to live in hell?

crazy.
In hell? Dude u got square one right across the street, bars parks everywhere, CLEAN. Most imp thing is the go, u can go anywhere from tdot to waterloo. The rec centres in these apartments crush torontos rect centres cept for maybe the ones that cost 700 000.
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Old 03-08-2010, 03:08 PM   #17 (permalink)
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see... the trick with being downtown is that there is actually very little traffic.... certainly compared to the suckers who have to drive the gardiner or 401.... now that is traffic. plus you can walk and get just about whatever you want.
I have to drive those highways anyway no matter where i live because my job isn't in any one place. If i was always downtown and worked in one location dowtown then yeah it's ideal, but i drive the highways virtually every day and i work all over the GTA + other parts of Ontario.

Last edited by jeffb; 03-08-2010 at 03:15 PM.
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Old 03-08-2010, 03:25 PM   #18 (permalink)
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Why not just buy a mid-size in Oakville/Burlington where you get 2x the space for the same price (that is if you drive alot anyways?)
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Old 03-08-2010, 03:27 PM   #19 (permalink)
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In hell? Dude u got square one right across the street,
you think that is going to change his mind?? lol
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Old 03-08-2010, 03:39 PM   #20 (permalink)
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you think that is going to change his mind?? lol
screw u torontotians, mississaugaians rule!
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