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Thread: Home vs Condo? what would u buy if you decide to rent it out.!

  1. #1
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    Default Home vs Condo? what would u buy if you decide to rent it out.!

    A friend of mine is looking to invest, he already has a house. He was debating this with me, I got curious myself, so I would like other opinion's to see if I am right. I told him to buy a house and rent it out but he thinks it is a better idea for him to buy a condo downtown to rent it out. He plans to buy a nice condo but won't you rather buy a house for 450 thousand in sage hill. He thinks it would be harder for him to rent it out as no one wants to rent it out that far away. Still house is better to own then a condo for renting? How much is starting unit in the Manhattan, does anyone know?


    I was thinking of buying into the Luna to live but it won't be ready till 2012, tooo long if you ask me. so I am also personally looking into other buildings out there but I heard the manhattan is very expensive and the colours in all sold out.
    Vivek Joshi

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    I saw a 1 bedroom unit in Colors for $249k recently and Manhattan was in the $400's for a 2 bedroom.

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    that's quite expensive.
    Vivek Joshi

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    I think it really depends on access... Compared to a house out in some random community, you'll have a larger pool of potential tenants for a condo/apartment since they're typically found close to transit. And that's a big plus even for people with their own transportation since often it's just easier to take transit, depending on the person.

    I would say a house all the way, if it's placed well, unless you can find an awesome deal on a well placed condo in which the maintenance/condo fees aren't as ridiculous as some I've seen.

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    Buy a house along the sea train lines... Somerset for example is a good bet. If you want new, the community of Sabal right beside Somerset station.

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    House: Stupid to buy something in Sage hill to rent. Get something crappier that is suited and closer to downtown. 2 renters are better than 1.

    Condo: Sometimes I wish my condo was a rental. I get the dumbest calls for the dumbest things that wouldn't be a problem in a condo. Usually a lot less to go wrong (Furnace, roof etc.). But you aren't protected from massive special assessments or skyrocketting condo fees which are definitely a risk with condos, especially with all the absolute junk that went up in the last couple years.

    Financially: House that's suited up and down.

    Convenience: Condo

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    Originally posted by InRich
    Buy a house along the sea train lines... Somerset for example is a good bet. If you want new, the community of Sabal right beside Somerset station.
    Sea train?

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    Originally posted by beyond_ban


    Sea train?
    I'm not going to lie, a sea train would be awesome in a landlocked city, but somehow I don't see one being built.

    Maybe in 2012 when the world floods we'll have one.

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    lol sea train...global warming is a bitch.

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    haha you know what i mean you junkies

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    I like renting out condos, just because from my experience with the right condo, its easier to be a "hands-odd" landlord. Maybe I've been lucky to have had good tenants, but the condo route has been easy to rent out with great tenants for me.

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    Agree with renting out condos then houses for the convenience. Only thing wth condos is you have condo fees but that allows you to forget about maintenance (ie lawn care, snow removal).

    Condos usu. have a lower entry price point to get into than houses.

    However, if you are just in it to rent it out and only rent it out then something like a duplex would be ideal in an area that would be good for rentals.

    If you are money short and don't mind the wait, you can try to get a condo that has not been built yet usu. with 10% down. Wait 2-3 years for the condo to be built - pay another 10% down and then start renting it out when you know the possession date.

    The advantage of the about is you get 2-3 years to get the other 10% down and you have bought the condo at the lowest cost (preconstruction) and by the time you take possession of the condo, it should have gone up in price by then and so you already have made some $$ on it and you can start renting it out and let the rent pay for most of the mortgage.
    00redLUDE

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    Can renting out a property covers the monthly mortgage, insurance, real estate tax, utilities and maintenance fees(if condo or townhouse)?

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    Originally posted by desmond
    Can renting out a property covers the monthly mortgage, insurance, real estate tax, utilities and maintenance fees(if condo or townhouse)?
    Only if the combined total of those expenses is less than/equal to the rental market value for the said property.

    I rent out a house in Temple and the monthly rent covers everything... I don't pay a dime into the place at all. The monthly rent is also on par with the market in the area, so I have no trouble finding & securing good tenants.

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    Condo. Lot less space for renters to trash.
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    Originally posted by desmond
    Can renting out a property covers the monthly mortgage, insurance, real estate tax, utilities and maintenance fees(if condo or townhouse)?
    Well, that is the idea. But the market decides what rent one should charge. Ask a certain price that covers your expenses and see who bites.

    With interest rates as low as they are right now, it is quite possible that you can cover expenses but that depends on the size of your mortgage.

    That being said, being a landlord carries lots of risk. I just had a friend go through a nightmare situation just two weeks ago where his house was used as a grow up. Bankruptcy might be his only reasonable option.
    I had another friend rent out a house in Gibsons BC and a double murder went down at his place. That made it hard to show the place to prospective tenants. Ouch.

    I contemplated purchasing a property with intentions of renting it out for quite a long time and I decided against it. There are many other ways to have your invest that require a heck of a lot less work and carry less risk.

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