High Rent
- Thread starter trek5
- Start date
Time for Bragging
2-bedroom fixer upper with double-sized tub and full-sized kitchen in the basement of a triplex -- converted from a 110 year old house.
Pro's:
* Cul-de-sac.
* Parking for both my cars included.
* 1,040 square feet!
* 2 private entrances!
* Water and cable are included.
* Storage galore -- about 600 square feet of crawl space in the basement and an outdoor shed.
* The backyard is a half acre with a vegetable garden, trampoline, and tree swing.
Cons:
* None of the doors open/close smoothly
* Next to a house which is next to frequently used railroad tracks
* Tucked away from a less than stellar neighbourhood (York Weston). Walk two blocks and you start to understand why the property values are so low -- the neighbourhood in general is going to hell.
* Occasional leaks during heavy thaws or rains
* A Small spider issue
Neighbours are great:
* One working family main floor
* One single grandpa top floor.
* Next door a retired couple in a bungalow is fixing up their 1931 Model A Roadster.
* Across the street -- 2 3rd generation owners of large homes on huge well-kept lots.
Are you sitting down? Rent plus electric is about $800.
2-bedroom fixer upper with double-sized tub and full-sized kitchen in the basement of a triplex -- converted from a 110 year old house.
Pro's:
* Cul-de-sac.
* Parking for both my cars included.
* 1,040 square feet!
* 2 private entrances!
* Water and cable are included.
* Storage galore -- about 600 square feet of crawl space in the basement and an outdoor shed.
* The backyard is a half acre with a vegetable garden, trampoline, and tree swing.
Cons:
* None of the doors open/close smoothly
* Next to a house which is next to frequently used railroad tracks
* Tucked away from a less than stellar neighbourhood (York Weston). Walk two blocks and you start to understand why the property values are so low -- the neighbourhood in general is going to hell.
* Occasional leaks during heavy thaws or rains
* A Small spider issue
Neighbours are great:
* One working family main floor
* One single grandpa top floor.
* Next door a retired couple in a bungalow is fixing up their 1931 Model A Roadster.
* Across the street -- 2 3rd generation owners of large homes on huge well-kept lots.
Are you sitting down? Rent plus electric is about $800.
Trek5,
I think part but obviously not the only reason for the high vacancy rate has to do with the cost of rent being close to the cost of a mortgage so I think a lot of people are buying condos rather than renting since in some cases there is little difference in price.
I think part but obviously not the only reason for the high vacancy rate has to do with the cost of rent being close to the cost of a mortgage so I think a lot of people are buying condos rather than renting since in some cases there is little difference in price.
And the fact that everyone and their brother thinks they can buy a condo and then rent it out to have someone else pay the mortgage on the investment. Then they find out that it's a renter's market...
You couldn't be more wrong. The cost of carrying a mortgage is comperable to rent, but when you add maintenance fees and property taxes the costs soar. And you take a gamble with condos. The next board of directors could mismanage the corporation fiscally or worse -- neglect something structural or mechanical in the overall structure or complex so that a huge assessment eventually rears its ugly head. Too many variables with condo carrying costs.frankcastle said:
You raise a lot of good point WhaWhaWha and I am not arguing any of those points. That's why I said in some cases it is almost the same price. For example, I had friends pay $1500 for a two bedroom condo and I'm pretty sure that a mortgage and condo fees would be cheaper. However some people may feel that why pay a few hundred dollars less but end up with nothing in the end. Granted that depends on if you can afford the extra costs in the first place.
You need to find another 1 bedroom apartment, Im sure if you spend enough time looking you'll find a better deal, the price of apartments has gone down in the past year or two.
what pisses me off is that I've been in this apt for a long time and I'm paying the market price for my one bedroom . New tenants moving in are paying the same as me , I have contacted the property manager and we are in negotiation for a rent reduction ... but it doesnt look good 
trek5 said:
Why would you expect to pay less then new tenants who are moving into the same style of suite? Good luck with the rent reduction, but dont hold your breath.
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If you are not happy with the rent you are paying have a look around the city for comparable product. See what other landlords are offering for the same amount of money. It's a renters market right now with interest rates being so low. Landlords are now competing with one another for tenants.[/font]
If you are not happy with the rent you are paying have a look around the city for comparable product. See what other landlords are offering for the same amount of money. It's a renters market right now with interest rates being so low. Landlords are now competing with one another for tenants.[/font]
trek5 said:
Yes, it is worth trying, good luck
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Forget why i did this, but Rent vs buy, here is an example
Rent one bedroom suite for $1,150 per month
Buy the same suite for $190,000
Mortgage on $190,000 at 4.5% per month $1,050
Maintenance fees per month 280
Property taxes per month 150
Total cost per month $1,480
The mortgage payment is interest and principle and the principle portion in this case is about $340.
Cost to own per month is $1,480 - $340 = $1,140 per month.
There are other factors for buyers/investors, like the vacancy rate, cost to buy/rent/sell, repairs, market movement etc.
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