For a single young women do you think it's better to buy a condo or a small house? I would really prefer a house since I don't like the apartment style living but I don't know if it would be more responsibilty than I can handle. If I went with a condo, what are the pros/cons when I want to sell it? I am looking in the GTA.
Condo or small house?
- Thread starter kat19
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Great question Kat, let me help you.
I now rent a condo but I'm actively looking to buy a new one somewhere downtown T.O. Here's why, gas prices will continue to rise so the cost of driving to the burbs will become too much for some to handle. A lot of people will want to buy a condo or townhouse in the downtown area because this will save them a fortune in gas and wear & tear on the car If you buy a condo then I believe the value will always go up. This is why you see a lot of poeple buying condo's downtown at the moment
Thats my $ .02
I now rent a condo but I'm actively looking to buy a new one somewhere downtown T.O. Here's why, gas prices will continue to rise so the cost of driving to the burbs will become too much for some to handle. A lot of people will want to buy a condo or townhouse in the downtown area because this will save them a fortune in gas and wear & tear on the car If you buy a condo then I believe the value will always go up. This is why you see a lot of poeple buying condo's downtown at the moment
Thats my $ .02
The condo provides more security for sure. Entrance guarded to some degree etc. Minimal maintenance costs besides basic cleaning and painting.
A house, even a small one, requires a reasonable amount of work. Think cutting grass, shovelling snow, raking leaves etc.
I personally prefer a house, but sometimes the maintenance seems a bit daunting but somehow it always gets done!
A house, even a small one, requires a reasonable amount of work. Think cutting grass, shovelling snow, raking leaves etc.
I personally prefer a house, but sometimes the maintenance seems a bit daunting but somehow it always gets done!
Yes, all true. Plus a nice building has a pool, sauna, party room, concierge etc...etc.bananaman said:The condo provides more security for sure. Entrance guarded to some degree etc. Minimal maintenance costs besides basic cleaning and painting.
A house, even a small one, requires a reasonable amount of work. Think cutting grass, shovelling snow, raking leaves etc.
I personally prefer a house, but sometimes the maintenance seems a bit daunting but somehow it always gets done!
Not only that but I have a doorclub + regular lock + alarm system + webcam monitoring which makes my place almost impossible to break into.
I would suggest either a townhouse condo or a single family house. Whichever you decide, buy the lowest cost dwelling in a high cost area. That said you should also spend as much as possible on the property. The higher cost usually means more desirable and therefore it will be easier to sell later and will also bring you a larger return on your investment.
Here's my opinion:kat19 said:For a single young women do you think it's better to buy a condo or a small house? I would really prefer a house since I don't like the apartment style living but I don't know if it would be more responsibilty than I can handle. If I went with a condo, what are the pros/cons when I want to sell it? I am looking in the GTA.
Pros of buying a house over a condo:
1. no maintenance fees
2. house property values are more stable than condos
3. more square footage per dollar
Pros of buying a condo over a house:
1. not having to worry about the roof, exterior landscaping, shovelling snow
2. more security, less chance of break ins
3. cheaper
Pros of buying new over resale:
1. You pick your own finishes.
2. Everything will last longer since it's new (appliances etc)
Pros of buying resale over new:
1. Not having to pay one-time-only charges like sewer set up, registration, etc.
2. What you see is what you get, there are no surprises.
All that being said, I would STRONGLY advise against buying a high rise condo right now. The prices are inflated, the market is saturated and is bound to come down in the next year or two. You will not be able to sell your high rise condo unit in a few years, you will have to take a loss. Houses are still expensive, so the best bet would be to buy a townhouse, you get the best features of both, lower maintenance fees, separate entrance to your unit. I myself have just bought into a new townhouse development, being built now.
if you are single and will be (mostly) living alone I recommend a condo. Less worries or intrusion into your life I think.
An older house (most are in GTA) always has something going wrong with it both small and major, for which you need a healthy reserve of cash to pay for. It is annoying to pay thousands for mundane things like eavestroughs, electrical, furnace or plumbing when you'd rather spend it on fun stuff....
Owning an older house in GTA requires a personal time committment, a big one, and the irritation is immense. Also, if single and you travel, you need a house sitter to pick up mail and the damn flyers that are thrown all over the lawn and porch.
On the plus side, my house doubled in value in 5 years I've owned it. It's kinda cool to see kids playing in the street, sitting on the porch in the summer drinking mintjuleps with your sweetie, the feeling of neighbourhood that actually does still exist.
An older house (most are in GTA) always has something going wrong with it both small and major, for which you need a healthy reserve of cash to pay for. It is annoying to pay thousands for mundane things like eavestroughs, electrical, furnace or plumbing when you'd rather spend it on fun stuff....
Owning an older house in GTA requires a personal time committment, a big one, and the irritation is immense. Also, if single and you travel, you need a house sitter to pick up mail and the damn flyers that are thrown all over the lawn and porch.
On the plus side, my house doubled in value in 5 years I've owned it. It's kinda cool to see kids playing in the street, sitting on the porch in the summer drinking mintjuleps with your sweetie, the feeling of neighbourhood that actually does still exist.
Monthly maintenance fees for a condo are based on the square footage of the units and the level of amenities offered by the development. Units of larger sizes pay more in maintenance fees.beefy4me said:i used to live in a condo, the monthly maintenance fee for each unit is $400, I think its unfair, because some unit has 3-4 people live in it, and some unit only has 1 people .
On average they can range from 30 to 70 cents per square foot.
I say buy a condo especially if you plan to live in it for at least 10 yrs. Also the firealarms can be a pain in condo's but I never go downstairs for them anymore so it doesnt matter. Being woken up at 5 AM is a bitch but it only happens here once per 6 months
This may be true for apartment condos but it is not the case for townhouse or single unit condos.Cardinal Fang said:Monthly maintenance fees for a condo are based on the square footage of the units and the level of amenities offered by the development. Units of larger sizes pay more in maintenance fees.
On average they can range from 30 to 70 cents per square foot.
Sharing hydro??? Do you have your own source?beefy4me said:i just don't like the idea of sharing hydro and electricity with other people. and the stupid management office.
My building was like that untill we signed a petition. We threatened to sue and they upgraded to a better system.beefy4me said:it really depends, my building is like once every 2 weeks.
So now it only goes off every 6 months or so. Firefighters hate coming here cause they know it's always a false alarm
Theres two issues to think about:
1) lifestyle;
2) investment.
1) lifestyle
-What area do you want to live in?
-Do you mind a commute? How long of a commute?
-What ammenities do you want to live near?
-How busy is your life? Do you have a lot of time for your new home? Do you enjoy working on projects around the home?
-What types of things do you do at home?
-What kind of outdoor space do you want?
-What level of security do you need?
-What kind of neighbours do you want?
-Do you travel a lot and leave your home unattended?
-What kind of parking do you want?
-Do you entertain a lot? Visitors?
2) investment
-How much can you afford?
-How much do you want to spend?
-Can you deal with unpredictable expenses?
-What is your time horizon for owning this dwelling?
Theres no one right answer. A house is better for some. A condo for others.
The worst thing you could do is let someone talk you into something. A friend may have bought a house and it may have been the right decision for them and theyll rave about how great it is. You may follow their advice and find out that you hate living way in the burbs, the commute is awful, the work required is time consuming, the neighourhood is too dull and quiet, and the expenses keep adding up.
Or the reverse of this example could be true.
Think through your situation thoroughly and you will come to a good decision.
1) lifestyle;
2) investment.
1) lifestyle
-What area do you want to live in?
-Do you mind a commute? How long of a commute?
-What ammenities do you want to live near?
-How busy is your life? Do you have a lot of time for your new home? Do you enjoy working on projects around the home?
-What types of things do you do at home?
-What kind of outdoor space do you want?
-What level of security do you need?
-What kind of neighbours do you want?
-Do you travel a lot and leave your home unattended?
-What kind of parking do you want?
-Do you entertain a lot? Visitors?
2) investment
-How much can you afford?
-How much do you want to spend?
-Can you deal with unpredictable expenses?
-What is your time horizon for owning this dwelling?
Theres no one right answer. A house is better for some. A condo for others.
The worst thing you could do is let someone talk you into something. A friend may have bought a house and it may have been the right decision for them and theyll rave about how great it is. You may follow their advice and find out that you hate living way in the burbs, the commute is awful, the work required is time consuming, the neighourhood is too dull and quiet, and the expenses keep adding up.
Or the reverse of this example could be true.
Think through your situation thoroughly and you will come to a good decision.
