Condo vs Buying a 2BHK Townhome

[aries9811]

I wanted to know which is preferred over what basically in Surrey. There are so many upcoming real estates, Im confused about what are the ways a personal can buy this using Housing Buyer Plan (first time buyer) and what are the hidden costs etc involved. What things needs to be taken care off for these.

Can some one provide the details and experiences about it ? The reasons is high paying rent vs buying it over mortgage..etc

 

[steaky]

I suggest you hire a real estate agent to serve your needs. You may ask him and understand the process on the way. You can use the agent's services for free because the seller would pay for it.

 

[kabayanko]

I wanted to know which is preferred over what basically in Surrey. There are so many upcoming real estates, Im confused about what are the ways a personal can buy this using Housing Buyer Plan (first time buyer) and what are the hidden costs etc involved. What things needs to be taken care off for these.

Can some one provide the details and experiences about it ? The reasons is high paying rent vs buying it over mortgage..etc

I would suggest you to go to your bank and get pre approval for mortgage first unless you have cash to purchase the unit outright.


Once pre approved, then go house/condo hunting base on what you like.

Increase your RRSP contribution while doing your hunt, and let it sleep for 3 mos., then you can use it for downpayment thru HOME BUYERS PLAN.

If you have small kids, i would consider a house instead of condo/townhouse to avoid any hassle from neighboring units regarding complaints, noise, privacy etc.

If you're building a unit/house. you can go straight dealing with your builders agent and ask for step by step assistance to minimize commissions and get a better deal.

Prepare an out of pocket closing expenses base on your location. usually 3% to 5% of the price of the house.

 

[aries9811]

Whats the time horizon expected to payoff the Mortgage..?
Buying 1BHK Condo or TownHome is abetter option ? Im very much confused..there are so many upcoming Condo's in Surrey and are ranging from 160-200K and above for 1BHK to 2BHK ...
Whats the benefit of 2BHK vs Townhome ?? House becomes a very big property and maintaince over here plus an added headache of safety and security concerns..

 

[steaky]

Whats the benefit of 2BHK vs Townhome ?? House becomes a very big property and maintaince over here plus an added headache of safety and security concerns..

Townhome offers more privacy and less noisy than condos regardless of sizes 1BHK or 2BHK. Most town homes have their separate garage versus shared garage in condos.

 

[aries9811]

townhomes are pretty expensive...

 

[ALRIVAS]

Hello aries9811
I'm a Realtor in Toronto since 2002.
To start owning vs renting in my opinion is very simple do you want to pay your landlord mortgage and make him/her richer or do you want to call the place where you live my home and you be the one getting rich.
The first time home buying plan works only for people who has worked in the country long enough to accumulate RRSP that they can use towards the purchase of a house for their use MAX $25,000.
When you hire a Realtor you don't need to go to bank a beg for a mortgage because your Realtor will have a team ready to help you during the whole process:Mortgage broker,lawyer,home inspector financial advisor etc. If you find a Realtor without a team leave Her/Him get another.
You can go on my site all the info about buying or selling is there alrivas. com
Good luck.

 

[CanV]

Hello aries9811
I'm a Realtor in Toronto since 2002.
To start owning vs renting in my opinion is very simple do you want to pay your landlord mortgage and make him/her richer or do you want to call the place where you live my home and you be the one getting rich.
The first time home buying plan works only for people who has worked in the country long enough to accumulate RRSP that they can use towards the purchase of a house for their use MAX $25,000.
When you hire a Realtor you don't need to go to bank a beg for a mortgage because your Realtor will have a team ready to help you during the whole process:Mortgage broker,lawyer,home inspector financial advisor etc. If you find a Realtor without a team leave Her/Him get another.
You can go on my site all the info about buying or selling is there alrivas. com
Good luck.

This is a biased opinion. I suggest new immigrants dont take advices from random people/professionals but rather get it from family/friends and if you dont trust those then do your research and learn on your own. There are many cases where renting actually makes much more sense than buying, and yes even financially.

 

[steaky]

This is a biased opinion. I suggest new immigrants dont take advices from random people/professionals but rather get it from family/friends and if you dont trust those then do your research and learn on your own. There are many cases where renting actually makes much more sense than buying, and yes even financially.

Depending on where you are and market condition, there are many cases buying makes much more sense than renting, and even financially. Anyways, you are right that they should do their own research and learn on their own.

 

[torontosm]

Hello aries9811
I'm a Realtor in Toronto since 2002.
To start owning vs renting in my opinion is very simple do you want to pay your landlord mortgage and make him/her richer or do you want to call the place where you live my home and you be the one getting rich.

This is nonsensical drivel that is meaningless and most likely false. If you look at the current inflated property prices, you will see that simply the interest component of your mortgage payment coupled with your annual tax bill will exceed your rent. As a result, unless you manage to find a house at a bargain price, you will NOT be building equity or making yourself rich as this realtor claims. Do your own homework and don't trust the advice of someone who stands to gain for your poor decisions.

 

[CanV]

Depending on where you are and market condition, there are many cases buying makes much more sense than renting, and even financially. Anyways, you are right that they should do their own research and learn on their own.

I agree but housing prices in big cities are probably inflated for now. Then add taxes, maintenance fees, etc. Also add inflation the next few years now that the dollar lost considerably against all currencies. Then add low oil prices and its long term effect on prime rate, unemployment, etc. Also add the increase in demand (not value) of housing due to prime rate cut.

Small cities with already much lower prices are different story.

Real estate guy probably has no clue what we are talking about, he just wants to make money. According to him... "very simple do you want to pay your landlord mortgage and make him/her richer or do you want to call the place where you live my home and you be the one getting rich." who teaches you to say this stuff? lol