Hello Every one,
I am looking at buying a property in Bramption. I can pay upto $1700 max a month. I have seen a apartment near Ray lawson. The asking price for a 2 bedroom apartment is$ 222000 the condo fee is $675 pm which include utilities parking maintainence gym , Gym, and taxes. Iam currently paying $1100 as rent for a 2bhk suggestions please
Quote:
Originally posted by Varturam
Hello Every one,
I am looking at buying a property in Bramption. I can pay upto $1700 max a month. I have seen a apartment near Ray lawson. The asking price for a 2 bedroom apartment is$ 222000 the condo fee is $675 pm which include utilities parking maintainence gym , Gym, and taxes. Iam currently paying $1100 as rent for a 2bhk suggestions please
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Please go through these websites and play around with the calculators and see what you can afford with the salary that you currently make. A 25% down payment will be better. But 20% of the value of the property will also do.
There are a lot of grants available to you as a first time home buyer. Take advantage of it also.
INFORMATIVE : http://www.cmhc-schl.gc.ca/en/co/buho/hostst/index.cfm
http://www.prepareforcanada.com/category/living/housing/?utm_source=google&utm_medium=cpc&utm_campaign=google_genworth&gclid=CPyP5rarrLsCFetAMgodFSoAZA
Calculators.
http://www.cmhc-schl.gc.ca/en/co/buho/buho_005.cfm
FH.
Please take a 5 year time frame and add these 675/ month cost for these 5 years ( it would inflate with time ) ... and then compare it to a free hold town home in Brampton for 300K ... extrapolate these costs for another 5 years and let us know cost wise purely which is the winner ..
Extra space and privacy and independence are other things why one should not buy a condo .
Check out the resale history also as well as appreciation growth of the investment as well before diving into a condo ..
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Fido.
Some Condos are worry free to live. It may break even with the renting scenario.
CURRENTLY, there is a condo glut and renting seems to be the best. But if you do find a few of those SEMI's or the Singles with the Rented Basement, grab one. if the price range is under 250000. There are only a few that I have seen, just recently, in one of the local RE magazines and never paid any attention to its vintage.
Most of the good ones, around the $250,000, have vanished from the market.
You need a good RE Agent to do the research and help you with the offers also. Some of them will have multiple offers and some even over the listed price and when that happens, you will find it slipping through your fingers.
FH,
Refer to Rahul Singh's posts here. About 4-5 years back he took such a hit with condo that he had been hardcore fan of greaterfool.ca and had been negative on RE market in Canada. Had he invested his money into a town/semi/detached home he would have aquired couple of more of such.
Condos are good only if you are a renter or retiree. With 1700 per month afforability. I would strongly recommend to get a semi or even a townhome but would stay away from condo. With condos the maintenace cost keeps going up while the value stays same or goes down in many cases. Whereas with single family homes you can control your monthly cost but value historically have gone up or stayed same.
Good luck.
Location: God's own country
Posted on: 14-12-13 09:50:11
Condo townhouses are the least appriciating houses after condo's.
Leave them and live in rental housing, if you should.
You should aim for a free hold
Murali
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I am a Gents and not a Ladies.
Freehold :: Primary dwelling
Condo :: renting/investment.
