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      01-15-2011, 08:11 PM   #41

Drives: a good one
Join Date: Oct 2008
Location: Toronto

iTrader: (0)

Originally Posted by BRAISKI View Post
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...
if you travel a lot then condo might be a better way to go, but just because you're by yourself doesn't mean getting actual house is a waste... houses appreciate proportional as well, if you get a condo you most likely will always be in a condo unless down the road you will want to add a ton of money for a house... if you bought condo 4-5 years ago for let's say 150k now it's probably 200-250k, if you bought a house at the same time for 450k it's probably 650-700k (so all figures are not accurate, just an examples), so now that person who sells that condo will have a hard time getting into the house territory, but a guy that got house can easily upgrade... and yes I know mortgages are different for examples just pitching my idea