Condos

[milehigh]

I am thinking of purchasing a condo

for:

A) possible bail-out spot from my home. Likely

OR

B) Less likey, if I don't need it for A, then as an investment, rent it, or who knows, get into this biz.

Let me know prices, down-payments etc.

Poss locations ( would like near subway)

1. Waterfront
2. Yonge & Finch to York Mills
3. Downsview park area.

Also any pitfalls anyone has experienced.

Just need a place to live, nothing fancy, nothing dumpy.

Have a long time line. I am too busy in October to do anything, so will have to be after that.

Another possibility, buy brand new with a down-payment that gives a long time for build and move in.


Any advice appreciated.

 

[Philanthropist]

Re: Investment

To add to what Winston had said......Some buildings will not allow an owner to sublet the unit. Look for that clause in your contract before you buy.

 

[milehigh]

Legalities

Ok,

I suppose there are ways around these legalities, I can think of a few already.

Anyway, I do know a Financial Advisor who is a real whiz, he may be able to steer me right.

Thanks for the tip.

 

[milehigh]

Maybe tiny house

Might have less rules than condo?

 

[milehigh]

Excellent Idea Winston

Thanks Winston,

This is what I am looking for is ideas.

I might entertain notion of cheap rent to handy-man. I did slave labour at my mother's house this week-end, I don't really have the time for, nor do I get off on renos any more. But some good possibilities here.

 

[Damondean]

Not a good time to buy condos

It's a bad time to buy a new condo . . there are too many being built and people can't rent them out. If you do buy, look for one already built. Wait for prices to drop even further.

 

[milehigh]

Interesting

That is why I posted... have not really been following the market lately.

I did notice some low prices, wouldn't mind plunging if these units allowed renting out.

Thanks Damondean

 

[milehigh]

Thanks Rubmeister

Good points.

I was onlu thinking of Downsview becuase of close proximity to work.

OK you caught me, Alpha Care too.

I suppose you are correct - Downtown best, although the driving would drive me nuts - that's why I though of Upper Yonge.

Wierd eh?, even driving AGAINST traffic would drive me nuts.

Those rates seem good.

May look for a brand spanking new joint to be built, put down amounts like you suggested and take it from there.

Anyway, I better start reading.

THANK YOU

 

[milehigh]

Holy mackeral

Ok thanks for the advice.

How about if I invest in a Massage Parlour?

Shit, and I had locations all ready... decided to go against downtown & more to uptown to be closer to kids & ski hills.

Oh, by the sounds of this, this has to be carefully researched.

Don't want a pre-mature investment ejaculation.