Current Events > My new dream is to own a small co do by the time I'm 35

(+) Yeah! (+)

With as low a mortgage payment and condo fee as I can get. Prices range from 220k to 300k. I have 5 years.

I realized if I can get my living expenses cheap enough, I can work maybe 2 double shifts a week for the rest of my life. No big deal.

Condo*

---

Where are you looking at?

---

Thought you meant company and was going to ask what your game plan was.

---

You are literally buying an apartment.

---

unknownhombre posted...

Where are you looking at?

Toronto

Monolith1676 posted...

You are literally buying an apartment.

Why would I meed a house

---

MedeaLysistrata posted...

Toronto

Why would I meed a house

Because you don't share walls and/or ceilings with someone else.

---

MedeaLysistrata posted...

Why would I meed a house

Do you ever plan on starting a family?

if not then yeah go for it

---

Monolith1676 posted...

Because you don't share walls and/or ceilings with someone else.

i guess. a house for the same price would be pretty far from the city, if that even still exists in the area

my range is 200k-300k, with the higher end of that being only if the maintenence fees are low. will probably take closer to 10ys over 5

---

I cant fathom buying a condo, it sounds like the worst of both worlds

all the negatives of apartment life without the benefits of knowing you dont actually own the place so its not your problem

---

TheGoldenEel posted...

I cant fathom buying a condo, it sounds like the worst of both worlds

all the negatives of apartment life without the benefits of knowing you dont actually own the place so its not your problem

I like living in an apartment. The only downside is laundry and no dishwasher, but that is more about this building in particular.

---

Living in a condo sounds nice and yeah those condo fees go towards maintaining and providing community functions but like... fuck condo fees srsly.

I don't know how they are in Toronto but I was exploring condos in this area and the fees would have cost half as much as the mortgage itself. Just can't fathom paying *that much*.

---

I've been looking into buying a house myself recently. I've paid down almost all of my short term debt so I only have my student loans really. But my retirement savings are lower than they should be so I've been focusing on that

---

The condo fees here are crazy. Like 800 bucks when the mortage in some cases can be like 500. But I found a few low condo fees from the basic searches I did, like 200 or 300 bucks, but those buildings are probably terrible.

---

Balrog0 posted...

I've been looking into buying a house myself recently. I've paid down almost all of my short term debt so I only have my student loans really. But my retirement savings are lower than they should be so I've been focusing on that

Well, look at it this way - you have to pay to live somewhere *anyway*, so if you're ready to settle in a location and do the math and find a house that fits your needs while giving you a payment that's comparable to an apartment's rent then... you might as well buy a house and start building that equity.

---

My mom lives in a "condo" which is actually an apartment. It's good because when she retires her retirement money will be enough to pay the mortgage. She bought it at age 63 after a windfall from our aunt's estate. So, it might be good for someone who can't afford a house and doesn't need one.

I'd only get a real condo if it was one of those awesome high rises.

---

@berlyman101 that's what condos basically are - privately, individually owned apartments.

In this area they tend to cost as much as houses do so they're not good investments at all except for people who are already wealthy enough to afford shit like that who might not be living there full time.

---

Hexenherz posted...

@berlyman101 that's what condos basically are - privately, individually owned apartments.

In this area they tend to cost as much as houses do so they're not good investments at all except for people who are already wealthy enough to afford shit like that who might not be living there full time.

I guess there really is no physical difference but my image of a condo is essentially a much nicer apartment than normal.

I guess it's good for people like my mom who bought one in a working class suburb for $100k. She wanted something low key where she wouldn't have to do maintenance or yard work. There's no way she could have bought herself a house. I imagine it would be a different dynamic if she wanted to live in the city.

---

Just be warned they might not be anywhere near that price in five years, though they also may.

Where I live, houses that were like 200k when I graduated college are now like 600 . I probably wouldn't have really been equipped to buy right out of college anyway but I told myself "I'm gonna save up for a few years first" and that was probably a mistake, probably could've just put less down on a cheaper house and ended up with a lower mortgage overall.

I bought a 2br condo earlier this year and i'm very happy with it. Mortgage is about 1.1k/mo and condo fees are ~250 and covers water. I got in-unit laundry and dish washer, as well as an attached garage

---