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?
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DELHI INDIAN
when ever you buy condo, check the maintenance fee and location, age of condo for the resale value. usually you won't get much returns on condo's
Also sometimes Hydro and water is included in Maintainence Fee and sometimes NOT .
Location: God's own country
Posted on: 20-01-12 02:42:57
Welcome to Canada, my friend.
you will learn more as time goes as to how they will shatter your dream.
Till then
Piece
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I am a Gents and not a Ladies.
TK if you you have failed here then why you are praying the same for others !
Cmmon Man grow up in life ....
by your all posts look like you are frustrated from your life ... sorry for these words but it looks reality to me ...
as they say " kissi ka acha nahi kar sakte to bura bhi mat socho "
piece ...
Hi Delhi Indian,
My suggestion is to stay away from Condos and Townhomes, for a simple reason that they have a monthly fee attached to them. For some people it's not a big deal, but personally there are way too many restrictions by the strata agency. Another major reason is that they don't appreciate as much as say, a semi-detached and detached houses.
However, if you want to buy it for investment (as a rental property) then that's another story altogether. But, even then you need to look at the return you're getting on a month-to-month basis.
If you're looking to get one for yourself, my suggestion is to go for a semi-detached, albeit a little expansive but a better return on your investment. You can live in it and at the same time rent out the basement as mortgage helper.
All from a personal experience.
$800 / 900 PM for a condo owning does not seems to be realistic , unless it is studio type or small one bedroom in some new building away from city, not near public transit.
to give a taza example - last week one of my friend bought condo for 200k in 8 yrs old building . he will have to pay 650 as maint. fee apart from the mortgage. he calculated that total amt he will shell out in a month for accommodation will be 1650 $s which includes taxes and utilities as part of maint fee.. This is 2 bedroom plus den, laundry in unit condo with good common facilities like swimming pool, party room etc. So I would say for a one bedroom condo he would have paid 12-1300 $s PM or more.
not to forget the maint fee increases year after year. why do you think so many are still living in rented basements :-) ?
Better start looking for semi or detached one if you can afford 1.6-2 k pm. Renting is the only option if your budget is around 1000$s. but that 1k goes in drain every month and renting Vs owning is a thread-full discussion churned many a time in this site.
