Posted on: 20-01-12 13:53:55
Quote:
Originally posted by DELHI INDIAN
I am new to Canada and presently living in Toronto. I sometime wonder how can someone advertise in resale magazines that condo's cost only $ 800/900 per month. I understand that location and area might be one of the factor but still $800 is the rent that people pays here for gloomy 2 bed basements. If I can buy a condo for an emi of $800 per month then why to live in basement even if condo is not at very convenient location. Can anyone please share the total monthly expenses in a condo inclusive of monthly emi to bank? What are the hidden charges?What are the advantages and disadvantages of buying condo over other options?
Most of the people advising here are generally intended to live in semi detach or detach house with basement on rent.
It is a personal choice. I understand many people will not prefer that way. Through economic wise it makes lot of sense.
Do some homework on monthly expansive. As people guide u to look for the maintenance fee factor. Try to buy not so old condo so that its resale value do not decrease. It is not that condo are not bought and sold. Just that their price do not appritiatate that much. You can make decision to buy in place where future metro projects are in place( vuaghan,Richmond hill etc). The value will appritate as it is a future city or other similar areas
Also here standard or rather expectations of people are bit high otherwise (I have lived in England). In Europe, condos & terrace house sold like hot cake in desired location. It will take some time before economic hardship force people to change their taste.
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infocan
Or else check out 370 , 390 Dixon Road condos which would be <100K for a 2 BR . Maintenance fee around 600 bucks and your total cost may be $1200/- for 2 BR ..
I thought you said you are willing to stay in a not so great area so there you go ...
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Fido.
tamilkuravan - STOP discouraging newcomers.
If you have seen a failure doesn't mean all have gone though same.
I have 3 houses and 1 fully paid up in 14 years - IT'S POSSIBLE IF YOU DREAM AND WORK HARD OVER THE TIME.
I guess TK is putting down from his experience as much as you are from your own . To each his own .....
As much as posting your own thoughts is encouraging , ordering other posters to post / not post their views is a bit too far ..... Each is free to post - its a public forum .
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Fido.
Now you got idea on overall additional expenses. If you are buying a condo to live in then I would go for it based on current interest rates. Remember your living home is mostly recession proof because you are living there. If it was investment then totally different story. Market ups and downs does not affect it. Yes condos do not appreciate as fast as houses, but in case of correction, the older condos may not have much impact either. I would suggest go for it with locked in interest rate. For 5 years you know what your monthly expense is and if you are comfortable with it you will be ok even if market tanks.
Condos don't appreciate much in price and some times you have to sell it back for same price for what u had bought and on top of that you pay realtor commission too.
In my opinion go for a small Freehold townhome or Semi and see if u get something with finished basement apptt.
Also as First time homebuyer you get some rebates from govt.Try to get full details before you put an offer on any property.
Another good option will be to look for fixer upper or Bank Foreclosure Homes which are usually less than market price.
Check classified section for more info
" Bank Foreclosure Homes " this sounds Interesting. This used to happen in India also.
Quote:
Originally posted by aman74
Condos don't appreciate much in price and some times you have to sell it back for same price for what u had bought and on top of that you pay realtor commission too.
In my opinion go for a small Freehold townhome or Semi and see if u get something with finished basement apptt.
Also as First time homebuyer you get some rebates from govt.Try to get full details before you put an offer on any property.
Another good option will be to look for fixer upper or Bank Foreclosure Homes which are usually less than market price.
Check classified section for more info
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DELHI INDIAN
