Real Estate

Condo vs townhouse vs house....

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Penalty Box
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Feb 21, 2013
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Yukon

Condo vs townhouse vs house....

Which one do you prefer? Condo optimizes space whereas house wastes space and has a high carbon usage.
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Aug 6, 2014
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also do you think real estate is going to crash or continue to go up?
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Mar 9, 2007
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Think of the Childre…
Not sure, what do you think?
fisher44 wrote: also do you think real estate is going to crash or continue to go up?

WOULD SOMEBODY THINK OF THE CHILDREN!!!
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Nov 2, 2013
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Depends on your unique needs...

Condo

Pros:
- Little maintenance
- sometimes security
- amenities
- easier to find in convenient locations
- more presence of people so harder to get robbed
- Cheaper
- Less upkeep since it's smaller
- Easier to be cash flow neutral or positive if rented

Cons:
- Condo fees
- Special assessment risk (though you can get insurance)
- Smaller
- More neighbours
-Have to live beside renters
- Less appreciation
- elevators, stairs and walking long ways to get home

House

Pros:
- Better for the e-penis, everyone wants one, like the American Dream
- own control over utilities and maintenance
- bigger
- yard, garage, driveway, garden
- less neighbours
- higher appreciation

Cons:
- higher upkeep
- less security
- way more expensive
- likely cashflow negative rental

Townhouse
- in between the two
Cheapo-Findo wrote: Not sure, what do you think?
Don't get all the RFD doomists praying to the RE crash God in their mom's basement worked up.
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Aug 30, 2008
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There are people that make their homes "net zero" or something along those lines. Not sure how it really works.

But I would think for a house, you have even more control over your energy use (since there's no common area) and emissions... just because the place is more spacious doesn't necessarily mean your carbon foot print is bigger. You could have solar panels if you wanted, which seems kind of hard for a condo.

I guess you could argue you can walk/not rely on a car/transit and not really adding incremental emissions, in some places with high density. Chances are with a house you'll be a bit further from things and need to drive.

I'll admit for me, the environmental considerations are an after-thought lol. I'm not a scientist/environmentalist so above are just my thoughts... =p
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Aug 7, 2011
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From the OP that brought you threads like these:

what's the typical cash flow of those who recently bought a house?
why do majority of new immigrants only want to live in GVA or GTA?
The next black swan event that will crash real estate: president trump
Why are interest rates so low?
why would anyone invest in the stock market over housing market?
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May 3, 2013
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Toronto
GiOBoY wrote: Hi, I'm your friendly RFD buddy... don't buy a condo. You can thank me later.
That is good advice within certain context. If someone has a downpayment today and the bank approves them such that s/he can now purchase something in the $350K range, what advice would you give?
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realtorhome wrote: That is good advice within certain context. If someone has a downpayment today and the bank approves them such that s/he can now purchase something in the $350K range, what advice would you give?
Buy a condo for $300K, and don't over extend just because the bank says you can.
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realtorhome wrote: That is good advice within certain context. If someone has a downpayment today and the bank approves them such that s/he can now purchase something in the $350K range, what advice would you give?
If you don't have any other options, buy the condo. But I wouldn't hold it for too long.

If you can buy a town home, do it. But without knowing your situation and finances, it's really hard to say. If you're still young and expect your salary to increase significantly down the road, buy as much as you can afford. Town houses and detached homes are rising too quickly and the appreciation is outpacing condos. In the future when it's time to upgrade from condo to a town house, you may find that you're still priced out of the market and by a wider margin than now.
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realtorhome wrote: That is good advice within certain context. If someone has a downpayment today and the bank approves them such that s/he can now purchase something in the $350K range, what advice would you give?
squadz wrote: Buy a condo for $300K, and don't over extend just because the bank says you can.
What he said... banks usually OVER-EXTEND what they are willing to lend you.

So never buy based on what the bank says, buy based on what you feel is comfortable going forward.
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Oct 19, 2005
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i live in a condo. I hate it. I can't wait to move into my new home.
From noise to random stupid false alarm to stupid security guards to people smoking weed to ignorant people to creepy guy sitting in the lobby who doesnt even live here.
not to mention you either get run into or run over by someone who doesnt know how to drive in the parking lot.
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avatar12 wrote: i live in a condo. I hate it. I can't wait to move into my new home.
From noise to random stupid false alarm to stupid security guards to people smoking weed to ignorant people to creepy guy sitting in the lobby who doesnt even live here.
not to mention you either get run into or run over by someone who doesnt know how to drive in the parking lot.
I don't have these issues, but then I picked a prime area that doesn't attract broke renters or people who end up there because that's all they could afford.
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May 3, 2011
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condo is renting with all the responsibilities. freehold or bust.
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hipster wrote: Which one do you prefer? Condo optimizes space whereas house wastes space and has a high carbon usage.
This was the same question I asked 15 years ago before I owned any property or know anything about owning a property. I ended up buying a condo for the convenience. We had no kids and were young at that time. So, all we care was care free LOL. Most importantly, the price gap between a condo and a house was not that crazy. Average detached was about $300k at that time. Luckily, we moved to a house before the price went crazy, the best decision ever. The same condo has gone up $100k in the last 10 years but my house went up almost a million. There is no way I could/would switch from a condo to a house now with the huge price gap. It is hard enough for a family to upgrade from a townhouse to a detached. Forget about switching from a condo to a detached, which is easily talking about a million $ gap.

I guess with the current price point, the decision is not what to buy but what you can afford ;)

Anyway, I just notice you are in GTA/GVA, so the situation there could be different.
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squadz wrote: Buy a condo for $300K, and don't over extend just because the bank says you can.
Agree. Lot of household is currently half a million to a million mortgage, it is pretty high risk. What if one of the couples lose the job ? Interest rate increases, etc. Lot of things can't be controlled over the mortgage term, can't assume it is status quo.
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avatar12 wrote: i live in a condo. I hate it. I can't wait to move into my new home.
From noise to random stupid false alarm to stupid security guards to people smoking weed to ignorant people to creepy guy sitting in the lobby who doesnt even live here.
not to mention you either get run into or run over by someone who doesnt know how to drive in the parking lot.
Agree. Typical issues for living in condo: Frequent false alarm, constant growing condo fee, noise/smell from neighbours, cars got bumped/scratched by the neighbors parked beside, not enough storage space/parking spot (usually one parking/unit), etc. I think the worst part happens in the last 10 years is that the price gap between condo and detached, can't never catch up. Those who are living in a condo (GTA/GVA) will probably have to live in the condo for life. I guess it is still better than renting for life ;)
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Aug 3, 2005
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After living in a condo for 3 years (fort york area in Toronto), and now living in a detached....

I could never go back to condo life. The loud neighbors, people walking above me, dogs barking as you walk to your unit, the smells of food every night, people smoking weed, the condo fees are silly, waiting for the elevator sucks, grocery shopping sucks, parking blows, visitors coming over sucks for them, cant BBQ, etc etc etc...

There is a reason that houses are a lot more desirable. Condos are good for a few years and when you are young, but after a few years, you will be fed up from all the BS.

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