Buying property...question?

[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