Buying a Townhouse Condo

[REV2XHEART]

No idea if its really a good time to buy a house now or not. I got a good rate but things could go lower. Prices of houses could totally go lower but the cost of buying per month is pretty much the same as what I pay in rent right now so I guess the math works out that buying is an alright idea.

I know most probably dont like condo fees. The fees arent too bad where I am looking but still something to consider. Seeing how they cover insurance helps a bit in justifying the cost though.

other issue was the size of the garage as I wont have a driveway. Its actually large. 25 feet long. enough for truck, car, sled, and winter tires.

Question, has anyone every lived in one of these types of complexes or current? Im looking for pros and cons I may not have thought about.

I figure the next step up would be a duplex. Dont know if its better having to worry about one owner next to you or being in a condo where everything is taken care of to justify the price differences

 

[rknight111]

Is it a newer condo or older? And there are many condominium bylaws that will be changing next month as mandated by the Alberta Government. If its an older building pre 1990 be aware that you should be sampling for asbestos as part of the sales agreement and have a competent person or company do this. If you need any advise PM me, Im involved in a lot of condo projects new and old all over the city. Also when purchasing a condo be aware of reserve funds and the new thing is to get Deductible insurance as part of your policy.

 

[lilduke]

I would never buy a condo in a million years. I have leased many though.

 

[REV2XHEART]

its a brand new build. Started construction a year ago and they have like 4 of them left. I am somewhat concerned about it being a condo and the reserve fund. My plan is really to move out of it after 5 years though. Using it as a stepping stone. Although maybe its better to wait and save up for a house. I travel alot so its nice to be able to go and not worry about anything really I guess.

 

[maxwell]

its the best thing i ever did. when i was a single guy getting out there i bought a townhouse in sherwood park. i wasnt keen on the fees either but since i travel so much not having to worry about garbage day, shovelling sidewalks and driveways, mowing and maintaining the grass, replacing siding and exterior doors and windows, maintaining the asphalt, common areas, my backyard, fences etc. building insurance etc...the list of pros goes on and on. the 300$ a month is totallly worth it. Lock the door and leave for aslong as you want. the only con is the space. but if your ok with limited parking/small yard and a single garage then you cant go wrong in any other aspect in my opinion. and once your ready to upgrade if the finances allow you can keep it as an income property.
Great place to start IMO. at the time for me it was a 150,000 cheaper than getting into a run down house in the same neighborhood.

 

[Chump]

Condo market is flooded. I don't see this being a good investment. For the first 5 years your just paying the banks interest anyway... I would save and get into a house.

 

[LennyR]

This sector of market is affected by highs and lows just like every other sectors. Like Maxwell says, depends on your lifestyle . Great for some , not so for others. Most often better long term than renting , but unfortunately, no guarantees, volatile market swings can bite you on the a$$ , same as any real estate purchase. Easy to make money with real estate , as long as you never “have to sell”, that’s when you can get beat up. But keep it till the next peak in value, and there will always be one, and you’ll never lose money.

 

[rgashkei]

We bought one 2 years ago for daughter in university, things changed and are just selling now. Will lose a bit. Nice if you are not home much, don't have to worry about anything. Ours was built in 2010, can hear neighbors on both sides walking around all the time. Worst part is parking, never anywhere to park if you have more than one vehicle.

 

[whoDEANie]

its a brand new build. Started construction a year ago and they have like 4 of them left. I am somewhat concerned about it being a condo and the reserve fund. My plan is really to move out of it after 5 years though. Using it as a stepping stone. Although maybe its better to wait and save up for a house. I travel alot so its nice to be able to go and not worry about anything really I guess.

Reserve fund on a brand new unit is not much of a concern since national home warranty will cover you for 5 years. However, you want to be sure the condo fees aren't too low which they will often do to make these new units look more attractive. I've lived in one from new for years now and it's been mostly nice but the bylaws can be a drag sometimes. For example, I am not permitted to park my quad trailer on my driveway - which is a rule I constantly have to break, causing a fair amount of contention between me and a couple of my neighbors. My next door neighbor is no longer allowed to tie his dogs up on his front lawn which wasn't an issue for the last 17 years but suddenly it's an issue. The type of experience you have there will largely depend on your board of directors - generally very few people care to be involved you you are stuck with those that do whether they have a brain in their head or not.

 

[Summitric]

we sold our house(4 1/2 level split) couple years ago and got into a luxury condo... 2 car garage, lotsa parking, gorgeous inside and only 4 years old... best move we ever did.

 

[tejay]

I don’t own one myself but from what I understand from looking into it you need to check the following: what’s in the reserve fund for unexpected occurrence- new roof for example, check the bylaws for rules regarding pets and parking or other issues that may concern you, get a copy of minutes of strata council, how much are monthly fees, Lots of things to consider before committing.

 

[REV2XHEART]

im starting to think about the reserve fund kinda. Monthly fees are only $164 but from what I can tell that will change when all of the units are sold and it starts getting older. Oldest building is 1 year old and the plan is to have $20K left over to add to the fund each year. Going 10 years without having to use anything is a chunk of change but its really easy to go through cash.

The garages are 25 feet long. the biggest i have seen for these kinds of places. no personal driveways though. plenty enough room for 2 vehicles and the sled and tires and such.

I think i could handle up to $200/month but anything more I would rather just cut my own grass and shovel my own sidewalk I figure.