Real Estate

Condo problems and long term devaluation

  • Last Updated:
  • Dec 23rd, 2019 9:45 am
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes

Condo problems and long term devaluation

Have been in my condo for less than a month and so far I've had:

Popping / banging noises coming from the ducts
Smells emanating from the hallway (smoke) that come into the units
Sounds, such as door closing,
Elevators breaking

In talking with more and more condo owners, I have realized that I'm not alone in my experiences.
Has anyone else had these experiences as well? It seems as if the more I have these experiences, just supports my theory that condos will devalue in the long run..
28 replies
Sr. Member
Jun 28, 2018
857 posts
594 upvotes
Toronto
This is one of my fears about new condo builds.

Not sure how to mitigate some of it beforehand as I am looking for a future place for my parents.

I live in an older condo so a lot of things are fixed/known.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Deal Addict
Mar 22, 2010
2974 posts
860 upvotes
if you live in condo, these things are bound to happen. Wait till your neighbor starts smoking funny stuff and you can't really do anything about it. Pet owners not taking care of their aftermath... list goes on and on. But all these issues have very little to do with property valuation. Why? most condo owners are investors. They don't live there, their tenants do. If tenants can't live with these issues, they can move out and owners can get another tenant within a week.

Location of the condo is what matters to valuation not these "little" issues.
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes
johnnychi wrote: This is one of my fears about new condo builds.

Not sure how to mitigate some of it beforehand as I am looking for a future place for my parents.

I live in an older condo so a lot of things are fixed/known.
Agreed.
A lot of things are out of condo owners control...

I just called an HVAC specialist I know that repaired some work on my parents house. His response? "I don't do condos, too complicated."
You are at the mercy of your neighbours, property management and the board.

I have regretted my purchase ever since
Member
Dec 11, 2011
247 posts
321 upvotes
CALEDON
All of these are normal. Live with it.
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes
sik20fan wrote: All of these are normal. Live with it.
These issues aren't normal, as you don't really have the chance to fix things.
Again, you have very little control in a condo.
Sr. Member
Oct 21, 2016
863 posts
634 upvotes
Medeomedeo wrote:
These issues aren't normal, as you don't really have the chance to fix things.
Again, you have very little control in a condo.
My unit is about 10 years old now , my tenant never complained to me about any issue yet. Based on our buidling online dashboard the big problems are :
Dog droppings and urine can be an issue and building management has to catch the culprits with their pets in the act or on camera not always easy to do.
Other issue can be clogged drains toilets because people dump food and grease condoms tampons etc down there . This can be an issue with tenanted houses as well.
Never had an HVAC problem in the unit knock on wood. Elevator/pool malfunctions have also been minimal.
Last edited by Shaun80 on Dec 19th, 2019 2:33 pm, edited 1 time in total.
Jr. Member
Mar 29, 2016
157 posts
120 upvotes
Toronto
why did you buy a condo then?

Better to move suburbs and buy a 50ft Single detached house
Sr. Member
Jun 28, 2018
857 posts
594 upvotes
Toronto
Maybe the question could be (or separate thread) if anybody knows or has a list of condos with good mgmt, condo board, residents, etc.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes
casanova2001 wrote: why did you buy a condo then?

Better to move suburbs and buy a 50ft Single detached house
Got caught up in the Toronto Condo Craze Hype.
Never again..
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes
johnnychi wrote: Maybe the question could be (or separate thread) if anybody knows or has a list of condos with good mgmt, condo board, residents, etc.
I'd really like to know this as well.
As far as I know, it seems as if Tridel keeps on consistently popping up, but unsure if this is just the best developer that's out there.
Deal Guru
User avatar
Mar 23, 2008
11905 posts
8158 upvotes
Edmonton
Medeomedeo wrote: Have been in my condo for less than a month and so far I've had:

Popping / banging noises coming from the ducts
Smells emanating from the hallway (smoke) that come into the units
Sounds, such as door closing,
Elevators breaking

In talking with more and more condo owners, I have realized that I'm not alone in my experiences.
Has anyone else had these experiences as well? It seems as if the more I have these experiences, just supports my theory that condos will devalue in the long run..
Right. Because condos are brand new on the real estate market, and none of these problems ever existed in the past...

The price of a condo unit already includes the "devaluation" you're speaking of, because everyone and their dog knows that there's likely to be issues living in that close of proximity to your neighbors.

C
Member
Jul 4, 2018
375 posts
295 upvotes
All problems have solutions
Location cannot be replaced and being closer to them
Deal Fanatic
Mar 27, 2004
5102 posts
3136 upvotes
Toronto
did you get your rebate yet bro?
Full-time Realtor
Sr. Member
Oct 21, 2016
863 posts
634 upvotes
Medeomedeo wrote: Got caught up in the Toronto Condo Craze Hype.
Never again..
You can always sell now while the market is strong if you are unhappy with your purchase
Jr. Member
Jan 30, 2019
107 posts
67 upvotes
Condo living is not for everyone and finding one without any problems is impossible, as is a detached house - the problems and the benefits are just different and suit people differently. You can never pick your neighbours, not even when you buy a detached house.
Not all renters are bad neighbours. Sometimes they are better than owners are regarding respecting your right to "quiet enjoyment", smoking odours, etc.

If you are so miserable and regret your purchase, sell now and buy a house.

For future reference, those looking into buying built condos may want to check on the pet rules and whether the building is smoke-free or not (mine is smoke free and my quality of life here is vastly improved because of it). This doesn't mean that there won't be problems with the above, but building management should be responsive to your concerns and if not, the Board of Directors may need to be contacted to see if something can be done.
Deal Fanatic
Mar 27, 2004
5102 posts
3136 upvotes
Toronto
mls number. or it didnt happen.
Full-time Realtor
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes
oasis100 wrote: mls number. or it didnt happen.
right... im going to publicly post my address
get a hold of yourself
Sr. Member
User avatar
Jan 21, 2017
876 posts
270 upvotes
elevator was a big issue for me (and the occasional fire alarm), but that's about it. there is hardly any noise, major dog poop etc. life is all about trade offs man. aint nothing is perfect. we can all find things to complain about. if you don't like it, try to find ways to improve the current environment or leave for a different living arrangement.

it's like when I had crappy roommates back in the day, it sucks, but I like the fact I only have to pay $500/m, so it's something I chose to live w/.
Deal Fanatic
Mar 27, 2004
5102 posts
3136 upvotes
Toronto
Medeomedeo wrote: right... im going to publicly post my address
get a hold of yourself
pm me, i'll buy your condo from you.
Full-time Realtor

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