REALTORS- buy house/condo?

we are currently total of 3+1 but around march'2007 there will be total of 4+2
so 2 family (2 brothers+2 sister in laws+2little kids)

do u think i should buy a condo/house..

we both can afford $1200/mth, which included mortgage+house maintance fee(if any)

anyone up for helping me to find a best one? gimme advice/suggestion...

With that many people, I think a house would be good.

Definitely a house.

Originally Posted by faizalm

we are currently total of 3+1 but around march'2007 there will be total of 4+2
so 2 family (2 brothers+2 sister in laws+2little kids)

do u think i should buy a condo/house..

we both can afford $1200/mth, which included mortgage+house maintance fee(if any)

anyone up for helping me to find a best one? gimme advice/suggestion...

Not sure you meant $1200/month EACH family or total. If you have $2400/month then definitely go for a house.

Originally Posted by akt921

Not sure you meant $1200/month EACH family or total. If you have $2400/month then definitely go for a house.

well $1200/mth on total..

House for sure , condos aren't good for little kids especially once they want to start playing outside


RB (a realtor)

Originally Posted by rb

House for sure , condos aren't good for little kids especially once they want to start playing outside


RB (a realtor)

i do luv the house aswell but, with the price quote of $1200/mth (total)
do u think i can get a great house with all amentities nearby, has to be within toronto.?

i was thinking...

to get into condo for about an yr or two and then
sell & move to bigger home....
we are looking in at this condo which is 10-15 yrs old hi-rise condo building.
here is my question...

1. will the resale value of condo be increase/decrease after a yr?
2. will i be atleast get the property selll for the same price as i bought it, so i dont loose/gain?

is there anything else i should look at, anything i m missing to understand.?

Originally Posted by faizalm

i do luv the house aswell but, with the price quote of $1200/mth (total)
do u think i can get a great house with all amentities nearby, has to be within toronto.?

No you won't get a great house house , you will probably be able to find a condo townhouse in toronto that will carry for $1200 per month, that would IMO still better than an apartment

Originally Posted by faizalm

i was thinking...

to get into condo for about an yr or two and then
sell & move to bigger home....
we are looking in at this condo which is 10-15 yrs old hi-rise condo building.
here is my question...

1. will the resale value of condo be increase/decrease after a yr?
2. will i be atleast get the property selll for the same price as i bought it, so i dont loose/gain?

is there anything else i should look at, anything i m missing to understand.?

Yes you need to look at maintenance fees which like taxes ONLY go up!

If you can handle the maintenance and lifestyle, a home is better bang for your buck.

House
-land appreciation with time
-home actually deprecitates with time (like a car)
-property taxes per square foot is at a lower rate than a condo -hence lower taxes
-more responsibility, more maintenance

Condo
-higher taxes
-ongoing maintenance fees
-have to abide by condo rules
-if you get a BAD maintenance company running your condo- then it's a NIGHTMARE
-often things are out of your control
-easier lifestyle - little maintenance - you just pay and live

I think for long term investment, for the GTA, a home is a better value. Remember it's all about LOCATION LOCATION LOCATION
-you may want to read some books at Chapters on home/condo buying as you'll get more info that ever reading a thread on the internet.

At $1200/month, I'm assuming that you will come up with a large downpayment. My suggestion b4 you even talk to a realtor, go to your own bank to see home much you can afford. Once you've figured that out, then go shopping. One piece of advise is to visit www.mls.ca and take a general look at what is available. If there is something that catches your attention, then call that realtor who is selling the house and bargain with him/her directly. If you bring your own realtor to the equation, then there may not be too much room to negotiate as the seller will have to dish out for both agents. If you do decide to take on an agent, then make sure you read the contract and find out how long your stuck with that person if things don't work out between the 2 of you!!!!!

Good luck!!!!

sk

Originally Posted by sunnybono

At $1200/month, I'm assuming that you will come up with a large downpayment. My suggestion b4 you even talk to a realtor, go to your own bank to see home much you can afford. Once you've figured that out, then go shopping. One piece of advise is to visit www.mls.ca and take a general look at what is available. If there is something that catches your attention, then call that realtor who is selling the house and bargain with him/her directly. If you bring your own realtor to the equation, then there may not be too much room to negotiate as the seller will have to dish out for both agents. If you do decide to take on an agent, then make sure you read the contract and find out how long your stuck with that person if things don't work out between the 2 of you!!!!!

Good luck!!!!

sk

tnx for the info, reading above para gives me more understanding of negotiating prices for the property.
but since the credit is an issue to me, there is a need to use a realtor who takes care of my mortgage and all....

anymore suggestions for me...

Go and speak with your bank. No offence, but a realtor really isn't concerned with you financial well being. Bank first...

Mike