Buying property...question?

[Evil Chris]

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

[Nickatilynx]

Originally Posted by Evil Chris

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

[EroticySteve]

Originally Posted by Nickatilynx

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

In Florida condos are a safe investment. Most other areas of the country, i'd put them alongside townhomes in lousy real estate investments, only thing worse being Timeshare.

Look to see how much the association dues are. I found a fabulous condo for $180k, 2 bed 2 bath on the Gulf. A relative steal. However, the $700/mo association dues were the reason why it's a $180k condo. That same condo sold for $225k new. $8400/year is nearly 4 times as much as the annual taxes.

So not all condos are created equal.

[aeon]

Originally Posted by Nickatilynx

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

Thanx spammer - I appreciate it. I've never done this kinda thing before so I'm cautious and don't want any "hidden" surprises to come popping out.

[Nickatilynx]

Originally Posted by aeon

Thanx spammer - I appreciate it. I've never done this kinda thing before so I'm cautious and don't want any "hidden" surprises to come popping out.

No worries mate.

Best of luck.

Shame you aren't up here.
I have a mortgage broker and realtor who are both au fait with the internet business and really look after you.

[aeon]

Originally Posted by Nickatilynx

No worries mate.

Best of luck.

Shame you aren't up here.
I have a mortgage broker and realtor who are both au fait with the internet business and really look after you.

Thanx for the offer. I'm moving closer to my Father. His health is kinda slipping these days and I plan on staying there at least as long as he's around, which is hopefully for a very long fucking time. I wasn't the greatest son so I wanna spend as much time as I can - while I can so canada isn't really an option.

They wouldn't let me in canada anyway. The minute I called someone at the embassy a faggot or nigger - my application would be summarily rejected

[aeon]

Gracias for the input...but I don't really see a condo as an investment either. I just hate the idea of a house/maintenance/yardwork and leasing is essentially pitching my cash out the window. If I'm buying something - at least I'm building some equity. I don't plan on moving after this for at least several years and after being lectured by people about buying over leasing, I'm thinking they might be right.

I'm trying to find info on the practicalities of buying a condo...the similarities and differences with buying a house as far as contracts/interest rates/taxes go. I've never bought real estate of any kind before so this shit is all new to me.

[Sabby]

Originally Posted by Evil Chris

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

I owned a townhouse style condo in Edmonton for 10 years before I bought my house... When I sold it it had increased in value about 50%.

Dont forget you are still going to be paying condo fees also (which is alot like throwing money away to rent) and they vary alot depending on the complex.


Sabby

[Sabby]

My condo fees were rather low though. And durring the time I lived there they had replaced all the windows, re-sided it, and re-shingled the roof.

And they removed a big spruce tree for us. And they got a huge wasp nest out of my ornamental apple tree for me also.

Oh yeah, and they painted the fence!


Sabby

[MissEve]

I bought a 2200 SF townhouse in 99 and it has definitely appreciated the same as single family homes in the area. I was living alone when I bought it and didnt want to deal with maintenance. My mortgage is about $1500 and my condo fees are $215/month. Taxes and insurance are included in my mortgage. My complex is a Planned Unit Development and only a small number of units are allowed to be rental units.

The only downsides are having immediate neighbors and dealing with condo meetings where a bunch of people argue about really stupid shit for hours.

[Sabby]

My condo fees were $75/month. CDN.


Sabby

[Sabby]

And I kinda wish I would have kept it now and rented it out. The mortgage was paid off.


Sabby