Location: God's own country
Posted on: 10-06-09 22:23:13
For Sale: $274,900
Building Type : Apartment
Bedrooms : 2
Bathrooms : 2
Title : Condominium/Strata
Location : #1706 - 80 ABSOLUTE AVE
MISSISSAUGA, ON L4Z 0A5
#1706 - 80 ABSOLUTE AVE MISSISSAUGA, ON L4Z 0A5
General Description
Stunning Approx 1050-Sqft Incl Balcony 'Euphoria' Model In The Newest Absolute Tower. Georgeous 250-Sqft, Wrap-Around Balcony Is Accessible From Living, Master, 2nd Br & Offers South-East & South-West Views. Loaded With Upgrades Including Hardwood Floors,Berber Carpet In Bedrooms,Upgraded Ceramics, Granite Countertops, Upgraded Cabinets With Under Cabinet Lighting, Angled Cabinets,Backsplash.**** EXTRAS **** Fridge,Stove,B/I Dishwasher,B/I Microwave,Washer,Dryer,Window Blinds.
Property
Features : Gym, Balcony, Party/Games Room Monthly Maintenance Fees : $337.45
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Dear Cd's,
I am thinking of renting for a year in Mississauga in a condo. After searching we are not able to get any condo for less than $1400 and it is a one year lease (Hurontario and Burnamthorpe / Eglington area). So one of the members in my family is thinking that it might be prudent to buy this place as mortgage + maintanance + taxes come to around $1441.
My main question is that will it be profitable to sell it after just one year (Even no loss no gain is enough). We have to consider the 5% brokerage when we sell.
Will the square one area be even hotter after one or 2 years? Can we then atleast generate a small profit after 2 years. Right now the broker is offering us 3.9% interest after paying 20% down.
all replies appriciated.
Peace by TK
Sidenote : We prefer condo. as there will be just a single person staying there during winter time.
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I am a Gents and not a Ladies.
Hi TK,
If i were in your shoes, i would:
A) Continue renting until you have clarity in terms of where your new job/assignment locates to.
B) Buying a Condo/home will only add to the existing worries and financial responsibilities.
My 1.09$ cents.
seenappa
Quote:
Originally posted by seenappa
My 1.09$ cents.
seenappa
Was that 1.09 dollar or 1.09 cents?
Tk:
Seenappa is right... in your case, if you are not sure about your new job location, buying a real estate may add to your job search priorities ....
However, even if we assume you have taken care of that part, my personal view is that buying a real estate for 1 year is not a wise decision... I dont see RE market booming in a year or so.... more likely than not you will find the price of this condo staying at almost the same level next year .... you wisely considered 5% brokerage in your decision, but forgot to mention other closing costs (land transfer tax, lawyer's fee at the time of buying and selling) .... add all these to the cost of this condo and see if you can get that price after one year ....
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Vik
Location: Brampton, Ont, Canada
Posted on: 11-06-09 10:23:58
I agree with other people....
its not a good idea to buy house for sort term... don't go with general calculations,,,there is other hidden expenses too.
ALSO, i find 2 BDR condo for 247K is high price. if u really wanna buy then go with little old , this days u can find 2 BDR condo below 200K - so atleast u can put it with low rent if u are not able to sale it on time.
go with property which max out to 1000$ ( mort+tax+ins) - if u can find one
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Location: Brampton, Ont, Canada
Posted on: 11-06-09 10:25:12
oppps mistake .... typo mistake in price --soorrrryyy - but u got my point
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Blue_Peafowl is right.
You can buy house in same price and rent your basement out. If you need only 2 bedroom upstairs, you can think of renting 1 with single person and your monthly payment will cost less than condo.
I would also say, you can control utility and other expenses in your own house vers condo..you have to pay whatever building management charge.
