Thinking of buying a first home (condo), is that mad?
Apr 19th 2018, 4:16 pm
#16
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Thinking of buying a first home (condo), is that mad?
I'd be most happiest of course just continuing renting. Luckily, I can afford to but I just worry post retirement that even with a decent RSP it will be a struggle to continue paying rent in any decent enough apartments. Also that fear that I'm going against the grain and missing out on a huge investment that is essential for the later part of life.
Apr 19th 2018, 4:24 pm
#17
BE Enthusiast
Joined: Sep 2017
Location: Halifax, NS
Posts: 345
Re: Thinking of buying a first home (condo), is that mad?
From my brief time dealing with mortgages on condos, you really need to investigate the condo company and how well funded their reserve is. I interviewed a few people and told them to do this and they came back with some pretty depressing stories.
The other problem, as has been mentioned, is the state of repair of the physical assets of the condo... there was one lady came in to see me about an additional loan because, not two years into ownership, the board had decided to replace the balconies. She had to come up with the funds.
All that being said, one of my friends bought a condo on the Bedford Highway (at Larry Uteck) and is happy as a pig in crap. Very nice place, the board is well funded and run, the common areas are immaculate and everything works.
Halifax is not the most dynamic market in Canada, and likely never will be, but I would think it is better to own the property than pay for someone else to own it. If the various levels of government can get their acts together here, Halifax should have a fairly decent future.
The other problem, as has been mentioned, is the state of repair of the physical assets of the condo... there was one lady came in to see me about an additional loan because, not two years into ownership, the board had decided to replace the balconies. She had to come up with the funds.
All that being said, one of my friends bought a condo on the Bedford Highway (at Larry Uteck) and is happy as a pig in crap. Very nice place, the board is well funded and run, the common areas are immaculate and everything works.
Halifax is not the most dynamic market in Canada, and likely never will be, but I would think it is better to own the property than pay for someone else to own it. If the various levels of government can get their acts together here, Halifax should have a fairly decent future.
Apr 19th 2018, 6:44 pm
#18
Lost in BE Cyberspace
Joined: May 2004
Posts: 9,708
Re: Thinking of buying a first home (condo), is that mad?
Hi
1. The first thing you do before making an offer on a Condo is to read at least 3 or 4 years of the minutes and the annual general meeting to get a sense are there any ongoing problems and as well the budget submitted at the AGM will give you a birds eye view of the state of the finances. In older high rises especially check out the complaints re: the elevators, the pool (high maintenance) when the complex was lasted painted or the roof replaced, especially if water ingress is mentioned in the minutes.
From my brief time dealing with mortgages on condos, you really need to investigate the condo company and how well funded their reserve is. I interviewed a few people and told them to do this and they came back with some pretty depressing stories.
The other problem, as has been mentioned, is the state of repair of the physical assets of the condo... there was one lady came in to see me about an additional loan because, not two years into ownership, the board had decided to replace the balconies. She had to come up with the funds.
All that being said, one of my friends bought a condo on the Bedford Highway (at Larry Uteck) and is happy as a pig in crap. Very nice place, the board is well funded and run, the common areas are immaculate and everything works.
Halifax is not the most dynamic market in Canada, and likely never will be, but I would think it is better to own the property than pay for someone else to own it. If the various levels of government can get their acts together here, Halifax should have a fairly decent future.
The other problem, as has been mentioned, is the state of repair of the physical assets of the condo... there was one lady came in to see me about an additional loan because, not two years into ownership, the board had decided to replace the balconies. She had to come up with the funds.
All that being said, one of my friends bought a condo on the Bedford Highway (at Larry Uteck) and is happy as a pig in crap. Very nice place, the board is well funded and run, the common areas are immaculate and everything works.
Halifax is not the most dynamic market in Canada, and likely never will be, but I would think it is better to own the property than pay for someone else to own it. If the various levels of government can get their acts together here, Halifax should have a fairly decent future.
