With the house, you can still put down the 50K, and you get the land, but you assume 100% liability for all major systems in the house: electrical, plumbing, roof, furnace, foundation... With the condo, you assume a small portion of joint liability.If both places will appreciate by 3% this year, then the condo wins. You typically need to put in 2%recapilization costs into a house every year. Not to mention: if the roof suddenly needs replacing, guess who pays for it. Houses are great as a medium term investment, but if you can - in a city - your first place should be a condo. Ensure it has a good number of bedrooms for the price you pay, as rents dont always follow ownership prices. God damned socialist rent controls in this country.
Long story short. Its your first place, you dont want to assume a large liability. Buy the condo.
Long story short. Its your first place, you dont want to assume a large liability. Buy the condo.
AIML
Hey there, nice blog, I'm 24, looking to buy Condo within one year, I really enjoy the reading! Keep up the good work.
ReplyDeleteSimon
Leslie..Your brief short post is inspiring enough those people who feel reluctant to decide their own choice; renting or buying condos. Many residents need help from such idea. Thanks for sharing. From Home Staging Service Professional
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