Real Estate

Looking for a condo/townhouse.

  • Last Updated:
  • Dec 10th, 2020 9:51 am
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Sr. Member
Aug 13, 2020
779 posts
812 upvotes
senasena wrote: Affordability aside look at the lifestyle. Are you ok with someone living in your house? There are many challenges that go with it, noise transmission and soundproofing is one, also these type of properties are in a very high demand since for many poeple it's the one of the ways to get into the market, and investors are looking for properties with two unit rental potential.
Good advice - even I do not like the idea to renting out the basement, when you are living upstairs. May be in times of need or sometimes for AirbnB etc but not full time. I prefer a smaller house where you live and a separate investment property. But then everyone has their own preferences.
Deal Addict
Feb 19, 2019
2347 posts
4020 upvotes
Stouffville ON
DealFind25 wrote: Good advice - even I do not like the idea to renting out the basement, when you are living upstairs. May be in times of need or sometimes for AirbnB etc but not full time. I prefer a smaller house where you live and a separate investment property. But then everyone has their own preferences.
It's not for everyone, our first house long time ago had a basement rental (it was a way for us to get into the market), but as soon as we were able to and the tenants moved out we have not rented it after. I could literally hear every word spoken or moaned. The tenants were probably carrying a pack of earplugs as well.
Full Time and Full Service Realtor
Member
Oct 21, 2013
305 posts
161 upvotes
waterloo, on
promiseland wrote: Hi gents,
I had question I am first time homebuyer and I been approved for 800000 and I got 20% down payment. I live in Toronto so that type of money doesn't go that far but I want to get your guys take would it be better just to buy a detached home in Toronto as I was looking to live upstairs and rent out the basement or is it better to buy a town house somewhere surrounding city of Toronto which will be somewhat cheaper and then with the left over money try to buy a condo given its somewhat of a buyers market? If you guys have any other suggestion as I want to maximize the money would greatly appreciated.
Totally depend on your comfort level. I would buy 2 properties if i could. Your appreciation is doubled. Look at towmhomes in kitchener waterloo or cambridge . You can find one for 600k. And can still buy an investment property.
Serving Kitchener/Waterloo/Guelph/London/Hamilton/Niagara and surrounding areas
Newbie
Dec 19, 2012
68 posts
29 upvotes
Toronto
senasena wrote: It's not for everyone, our first house long time ago had a basement rental (it was a way for us to get into the market), but as soon as we were able to and the tenants moved out we have not rented it after. I could literally hear every word spoken or moaned. The tenants were probably carrying a pack of earplugs as well.
Yes this is my situation I'm first time buyer trying to get into the market and since I travel work i am not home few days of the week so it made sense to rent the basement for few years before I settle down with girlfriend. I'm sure you renting out the basement you had some good story to tell with most of these places not having sound proof in place lol. Do you guys know most people that are renting basement do you they need to be legal certified in case someone decide to come after them or people dont worry to much if it's legal if someone is buying a house with basement if they plan to rent it out?
Newbie
Dec 19, 2012
68 posts
29 upvotes
Toronto
DealsFreak wrote: Totally depend on your comfort level. I would buy 2 properties if i could. Your appreciation is doubled. Look at towmhomes in kitchener waterloo or cambridge . You can find one for 600k. And can still buy an investment property.
Yes that's a good suggestion as far as an investment property when it comes to having a better rental market and appreciation what city are worth to consider I was hoping to stay as close as possible to Toronto as I have my family in Toronto.
Deal Addict
Feb 19, 2019
2347 posts
4020 upvotes
Stouffville ON
promiseland wrote: Yes this is my situation I'm first time buyer trying to get into the market and since I travel work i am not home few days of the week so it made sense to rent the basement for few years before I settle down with girlfriend. I'm sure you renting out the basement you had some good story to tell with most of these places not having sound proof in place lol. Do you guys know most people that are renting basement do you they need to be legal certified in case someone decide to come after them or people dont worry to much if it's legal if someone is buying a house with basement if they plan to rent it out?
Every situation is different if you are away few days a week it will make it easier to stomach, Also depends how sensitive you are to noise (I am).

Most basements rental are not legal, it would obviously be better to have one that is legal, if you are buying property with legal basement it will be plastered all over the listing as it is a huge selling feature. However, does not happen very often but it does, having illegal basement doesn't come without a risk, all it takes is a neighbour complaining to the city, and your operation may be shut down, insurance may be an issue as well, god forbid something happens and the basement catches fire, you will be in a big trouble.
Full Time and Full Service Realtor
Sr. Member
Dec 9, 2013
808 posts
805 upvotes
Toronto
oasis100 wrote: bad advice.
Not really. I used housesigma to find sold comparables in the area in the 2 past years and not only did I see what they sold for, then I saw the inside of every house also via the listing pictures from the past 2 years.

Then I found a realtor with the highest % cash back and put in offers when I saw houses for sale in the area I was looking at. I've bought multiple properties this way.

The opinion of a random real estate agent means 0 to me if they have no construction/fire code/building code background and are paid by commission (no different than a cars/mattress salesman). I can see the value of the neighborhood, comparables and school ratings myself.

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