Originally Posted by PAMidge
I'm not from canada, but you're really just asking personal choice options. I don't think anyone can really convince you either way.
Keep in mind you'll never be upset paying a little more up front for something you really want, you can only regret not getting something in the end. Especially if it requires construction, it's cheaper in the front end than retrofitting it... much like our BMWs.
As for your question of condos/townhomes the real question is utility.
1. How much will you have to pay in monthly maintenance fees?
2. What does that include?
3. Do you need separate condo insurance for the structure?
4. What utilities are not included
5. Are you an owner in the condo association, or just a member?
6. If it is an existing condo association, have they increased their monthly fees ever?
6a. If so why?
7. Who is in charge of the association?
8. Who do you appeal to if there are problems not resolved by the person or agency "in charge"?
(not condo association related)
9. What is the fire barrier between you and your neighbors? What is the insulation rating between the shared wall, and the sound deadening rating?
I'm a condo owner in a small complex (less than 30 units) in the US. It is a nuisance. You're really not saving much by having shared utility fees (plowing, water, sewer, trash removal, etc), and it becomes a struggle of power between neighbors.
I'd look for a stand alone home if you could afford one.
Great questions and to be honest I am not really buying a condo to make money. I know it can cost more than living in a house. I might not have much ROI for a condo but its ok. I know some ppl are too concern about how much their property is worth.
However as per my lawyer and mortgage specialist said the area where I got my condo will easily grow at least $15k per year for at least 5 yrs. It may or may not be true...
A coworker of mine she bought a condo similar area last year, after living there for 10 months she sold it for $25k more.
For me these are good signs but then again, not my #1 priority.
I could afford to buy a house (not a $500k cause I am the only one paying for it)) but, I don't see any reason buying a 3 bedroom house + basement for just myself. Its a big waste, I am not going to argue that I will have tons of usable space and its a "better" investment. But right now its not what I am looking for.
Another thing is that I travel for work and every so often I like a mini road trip and or maybe personal travel. With the condo I can just pack and go...