This may help..
Recently i bought a power of sale old Semi detached 3 bed room home in Brampton... The place has yard walk out to park.
Avg sale price in area is 26000$.I bought the house for 245000. Had a 1 bedroom finished basement.
Did some minor repairs, paint job and new stainless steel appliances for 4000$. Total cost after closing cost 25000$.
I got a mortgage of 196000 at variable rate of .95 below prime currently working out to 3.80%.
Here is the math.
Interest 615$
Property tax 225$
Utilities 300$(Estimated avg)
Propery Ins 60$
Total cost 1200$
Basement has been rented out for 500$.
Actual cost of owning 700$ v/s renting 1050$.
Even if the variable rate goes up by about 2% still i am in the clear as far as rent v/s owning goes..
The only downside is i take is market risk, which i think for my property and location is very marginal.. the other risk is major incidental maintainance
I am not saying buying is for everybody.. I did have a sleepless month after i decided bought the place.. But today i am beginning to enjoy the 3050$ difference and well as the house..
Mind u the appartment was crap and a good decent appartment in my area cost 1250$ and the space in my house is atleast 1 - 1/2 times the rental place (exculding the basement)
The dude..
Quote:
Originally posted by meetonline
So much of talk on condo and townhouses, It is very confusing to know which one is better since many different opinions are given by peoples.
Can any one make it more clear compression between buying condos or free hold townhouse?
In terms of: monthly expenses, investment , Renting V/S Buying?
Hi dudewheresmycar..
congrats on buying new house...
what you say is true..most apartments in toronto are crap.
Now we are shifted to mississauga and paying 1200 for 1Bed + den..
But at least it is better than the prev one.
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Quote:
Originally posted by chinubabu
Hi dudewheresmycar..
congrats on buying new house...
what you say is true..most apartments in toronto are crap.
Now we are shifted to mississauga and paying 1200 for 1Bed + den..
But at least it is better than the prev one.
Sorry if i misunderstood, when you say you are paying 1200 - that would be the rent correct ? and not the cost of ownership is that right ?
Most of the newer condos maintainance now includes Water, Airconditioning and heating and purchasers are responsible for their own hydro usage. Understanding that AC and Heating is all covered under maintainance what would be the average reasonable consumption for a 2 bed room apt in toronto. Are we talking more than $50 a month for Hydro bills !? assuming if the utilization is sober and average ? any ideas ?
Quote:
Originally posted by Cougar
Most of the newer condos maintainance now includes Water, Airconditioning and heating and purchasers are responsible for their own hydro usage. Understanding that AC and Heating is all covered under maintainance what would be the average reasonable consumption for a 2 bed room apt in toronto. Are we talking more than $50 a month for Hydro bills !? assuming if the utilization is sober and average ? any ideas ?
Yes, you are right.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Location: Brampton, Ont, Canada
Posted on: 07-04-10 19:25:11
One should not look for property based on the utility cost or expenses
They are all more or less same (town house / condo or house) each property has its own benefits.
Choosing house should be match your life style.
There are cheap condo/townhouses with high maintenance fees with cheaper price or expensive condo/townhouse with high price and may be low maintenance fees (it can be vary though)
There are old houses you can get in cheaper budget which will be similar in price buying condo/townhouse (value + condo fees)
If you look for it then you can find both choices under your budget.
Both type of property has advantages / disadvantages (such as condo less trouble in maintaining but then you less privacy. Whereas house has more maintenance work but more privacy)
So choice should be base on your life style.
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by parth1970
It could be better if Real estate agent or the our buddy who are living in Townhouse can Provide actual cost an average (like Three BR town house with 2+2 family size ) cost for Heat, Hydro, Water, A/C, in winter and summer. That will help for new comer who is buying Condo or Town house.
As we know most of Maintenance fee at Town house @ 100-150 $, In Condo this is killing and increasing almost every year.
Let me give you a few variables that are missing from this topic string;
Palace Place and Palace Pier own a huge parcel of land all on waterfront at the Humber River. You as the owner own a share of this collective ownership and related pride of ownership, water view, access to Martin goodman Trail, valet parking, First class security and even a restaurant in Palace Place.
Park lake Residence has a relitively small "footprint"
All the parking garages are above grade and will be relatively inexpensive to wash, rinse, secure, patrol etc. Gym and Yoga plus a games room make it all there is plus a party room. There is no squash tennis pool hot tub plus gate security, roaming guards at differnt levels plus the conceirge.
Which one is the better value? It depends on your needs and wants.
I see waterfront at Marine Parade (etobicoke) [Humber Bay Shore] fetching $400 - $500 per square foot and a smaller unit facing the Gardener expressway at Queens Key breaking $700 per square foot. Which is a better Value? depends where you want to love work play.
Work with a full time agent who will show you the imperical data of what unit has sold for how much when, seek to buy same units at near historic values and please try to chose for a longer term than 18 months.
There is nothing more lifechanging than a beautiful two storey LOFT at California Condo's that you have just finished decorating, and now you are adding a playpen stroller and tricycle.
Condo fees increase according to the actual budget expenses and a forced savings mandated by the Reserve Fund Studies to adequately insure the building has enough money to pay for itself. The biggest increases to condo fees have been a) Ontario Hydro b) HST being added to everything. c) realistic reserve justification.
please work with an agent who will test you and ask serious questions
Don't buy sell buy sell Stretch and Buy ONCE
David Pylyp
Accredited Senior Agent
