Personal Finance

Ideal to buy a Condo?

  • Last Updated:
  • Jul 16th, 2009 5:23 pm
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[OP]
Deal Addict
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Aug 22, 2005
4655 posts
6 upvotes

Ideal to buy a Condo?

So my family and I are in the market of buying a condo, recently we were approved for 220k Mortgage @ CIBC with a 5 year variable rate Mortgage.

Question is the Condo is in a ideal place near the bus stop, about 20 years old, but has been maintained very well. With 2 bedrooms and 2 washrooms/with baths.

All access to facilities...with maintenance fee around 450 a month and the mortgage around 900 a month.

Size is less than 950 square feet....but the building is animal free, which I value.

Question is we were able to get the condo down from 237 to 220k, is that a fair price? And would the price of the condo slightly rise in the future or is it a bad investment?

Plus what's a competitive rate for a 220k Mortgage?
3 replies
Deal Expert
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Aug 18, 2005
19009 posts
3665 upvotes
Burlington-Hamilton
1. I have no idea if the price is competitive. That depends on a large number of factors.

2. Please read my thread: Condo Buyers Should Consider These Items

3. Maintenance fee will always go up with inflation because of the cyclical nature of building equipment maintenance, repairs and replacement.

4. There is a thread in this forum where the latest mortgage rates are discussed at length. Though if you know you're in this game for 5 years, I would get a fixed rate as prime is going to creep up sooner or later.

Btw, you sound like you are very uninformed about the process of getting a mortgage, how to buy a home, the overall process of buying a home, real estate in general, etc. You'd better do a lot of reading or you'll get screwed on something.
Deal Fanatic
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Nov 23, 2005
8426 posts
4170 upvotes
Telling us where the condo is located will help you get an answer if that is a good price you are getting or not.

The fact that you 'could' get it for $17k bellow asking price can be a good or a bad thing. Someone is really in a rush to sell because they might need money, or they just want to dump this condo due to possible problems.

I'd be quite cautious if I were you ...

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