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Topic	Signed off on a condo, cuz buying a house alone was impossible. Whelp.
Doctor Foxx 01/31/18 4:04:39 PM #22:	supergamer19 posted... Doctor Foxx posted... It's good to get equity instead of just paying rent. This is 100% an investment. I'm expecting it to increase in value, and when the time comes for closing, I will have to debate with myself about selling it and using the profits to buy an actual house. I'd love to say I made it as a home owner completely on my own, for some reason. Yeah I'm just telling you from experience if it doesn't increase much or heaven forbid the assessed value drops below your purchase price it's a world of shit. Like potentially being trapped in an overpriced mortgage or ending up bankrupt with no property. Over the course of 10 years you're paying 50k in condo fees, minimum. Condos generally don't resell as well as homes do. Provided you have something that's 2 or more bedrooms that's your best bet. It's hard to say. I don't want the TO housing market to collapse, but it will need to drastically decrease if younger people ever hope to own homes in the GTA --- Never write off the Doctor! <cite>Doctor Foxx posted [p:895192630] in Signed off... [t:76265438]...</cite> <quote><cite>supergamer19 posted...</cite> <quote><cite>Doctor Foxx posted...</cite> <quote>It's good to get equity instead of just paying rent.</quote> This is 100% an investment. I'm expecting it to increase in value, and when the time comes for closing, I will have to debate with myself about selling it and using the profits to buy an actual house. I'd love to say I made it as a home owner completely on my own, for some reason.</quote> Yeah I'm just telling you from experience if it doesn't increase much or heaven forbid the assessed value drops below your purchase price it's a world of shit. Like potentially being trapped in an overpriced mortgage or ending up bankrupt with no property. Over the course of 10 years you're paying 50k in condo fees, minimum. Condos generally don't resell as well as homes do. Provided you have something that's 2 or more bedrooms that's your best bet. It's hard to say. I don't want the TO housing market to collapse, but it will need to drastically decrease if younger people ever hope to own homes in the GTA --- Never write off the Doctor!</quote> ... Copied to Clipboard!
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