Is it really so bad to get a condo instead of a townhouse if you have a set budget?

[nichole08]

@resjudicata Oh, you know the future? What will happen on April 8, 2025?

 

[pcmedbasm]

@nichole08 It’s your kids Marty. There’s something horribly wrong with your kids.

 

[resjudicata]

@nichole08 You seem bitter, cannot afford to buy a home so your jealous? It’s not a good look. I don’t have every answer for the future but mine looks a lot better than yours.

 

[nichole08]

@resjudicata My dude I'm an owner interest rates aren't guaranteed to go down ever. So saying shit like "they're only going to go down" is making a false claim that you can forsee the future. Hope that clarifies

 

[resjudicata]

@nichole08 Oh don’t get me wrong here, I want rates to go up. That said the likely though not guaranteed direction is down.

 

[nichole08]

@resjudicata I wasn't getting you wrong, I was quoting your exact words. If you wish to express more accurate messaging then you should work to improve your communication skills to include room for nuance and remove general blanket statements. The BoC does as it wishes and economists can predict but can't guarantee.

 

[resjudicata]

@nichole08 You must be fun to hang out with

 

[nichole08]

@resjudicata I am, thanks so much for the compliment! I wish I could say the same about you. You seem prone to make inflammatory statements without considering the responses of others, and you seem to approach with judgment first (assuming I'm a renter because I pushed back on your incorrect PoV) rather than curiosity. I hope you learned something new

 

[pcmedbasm]

@resjudicata If this isn’t the guy talking to a mirror meme then I quit.

 

[luisbuesa]

@romanticcode What is the difference in HOA's? That is money that is never recovered during sales. Also condo boards can be draconian. On a plus side, condo might be much closer to work saving you time and money there.

Calculate the entire monthly cost. If a condo is 200 per month in fees, what size mortgage can you get if it was 200 a month higher? Also those fees are never recovered on resale. Just food for thought.

 

[1s4b3ll4]

@romanticcode Insurance, taxes, interest, and maintenance is also a hole

If you can rent for cheaper than the above, that means it's unprofitable to own unless your strategy is to rely on appreciation

 

[rivka01]

@romanticcode A condo closer to the city center might actually appreciate more on a percentage basis than a townhouse further out. This was true for a long time before COVID, and I think we will return to that trend.

When most people speak of higher returns from detached/townhouse, they are assuming you are spending more for one, in which case the higher purchase price offsets the lower appreciation.

Home buying is very personal, and your lifestyle and life goals are huge. Don't buy a property that you don't fundamentally want just because you think it will be a good investment, you'll end up miserable. Balancing your budget, lifestyle, and life goals should come first, and maximizing the potential investment returns 4th.

 

[1astrokid1]

@romanticcode If you buy a condo the mortgage interest, condo fees, and property tax will also disappear into a hole.

 

[leopold425]

@romanticcode Don’t listen to those people. Buy what you can afford.

 

[noahsk]

@leopold425 And buy what you like!!! House - Great you have a house with repairs and upgrades and lawncare.

Condo - Maintenance fees and zero real worries.

What suits you! Thats all it comes down to!

Check the board, check reserves etc in a condo and overall maintenance and what you get for your buck!

 

[st333333]

@noahsk It is important for the consideration to include the randomness of special assessments, age of building, and whether or not the fees are reasonable for what it is. There are some places where special assessments are a way of life because they are trying to keep the fees artificially low.

 

[rockymidnight1]

@st333333 Even new condos can have huge problems because of shoddy builders

 

[dan_solar]

@rockymidnight1 Are houses not built by shoddy builders too?

 

[rockymidnight1]

@dan_solar They are for sure. Difference is you control the vendors and costs. Condo associations can pick whoever they want, charge project management fees etc.

 

[madeleinggrace]

@dan_solar at least with a detached house you own the land