The Business and Financial Forum THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
 | 
10-18-2011, 10:56 PM
|
#1 | | SiRVs up, dude
Join Date: Jan 2004 Location: Outerspace
Posts: 4,771
Thanked 345 Times in 178 Posts
Failed 31 Times in 17 Posts
| Pros and Cons : House vs. Apartment vs. Townhouse
I figure a bunch of us will be moving into this territory in the next couple years or so, and I think it might be beneficial to start up this thread and compare the pros and cons of being a property owner.
I'll list off some random info I found.. Kind of prefer to see things in this format if possible: Quote:
3000 sq ft house - South Etobicoke (Toronto), MPAC assessment $404,000, other similar properties in the area selling for $650,000-$750,000
Gas - $185 month
Property Taxes - $300/month
Electricity - $75/month
Water/Garbage - $42/month
House Insurance - $84/month
Total Monthly Costs - $686 | Quote:
900 SQFT Apartment Burquitlam (near Lougheed Mall)
Approx value $400,000
Cable: $100 / month
Hydro: $35 / month
Prop Tax: $ 140 / month
Utilities: $ 50 / month
Strata: $200 / month
Total Monthly Costs - $535 | The example of the house above doesn't really make sense in Vancouver ( .png "Y U NO...?") ), since properties around here really hover around 700k...
In addition I know I'm missing out on lots of crucial information here, like costs to repair a house (divided up yearly).. things like heater, a/c, roofing, gutter, etc.
After compiling all the information, I'm hoping this thread will give me (& others) a better idea of what the most economically feasible types of home ownership will be in the near future
Last edited by SiRV; 10-18-2011 at 11:02 PM.
| 
|  | |
10-19-2011, 04:26 PM
|
#2 | | Revscene.net has a homepage?!
Join Date: Jun 2004 Location: Vancouver
Posts: 1,206
Thanked 188 Times in 83 Posts
Failed 148 Times in 32 Posts
|
well it kind of depends what your personal preference is, for owning a house, you have the possibility of renting out the basement suites if available and be able to offset the mortgage and other expenses or have the whole house to yourself (total privacy) but you have to do the maintaining (ie. mowing the lawn, gardening etc)
if in the case of aparment or townhouse, you are living in comfort and but in a way living in a shared space (units upstairs, beside you, may not be all private) and you have to pay strata fees each month
it doesn't really matter what city you live in but here's some food for thought
| |
| | |
10-19-2011, 04:44 PM
|
#3 | | Banned (ABWS)
Join Date: Mar 2003 Location: Richmond, BC
Posts: 4,694
Thanked 239 Times in 94 Posts
Failed 17 Times in 10 Posts
|
With owning a house, I find I'm spending a lot of my days off doing house chores (e.g. mowing lawn, fixing miscellaneous things, etc).
| |
| | |
10-19-2011, 04:52 PM
|
#4 | | Wanna have a threesome?
Join Date: Oct 2010 Location: Squamish
Posts: 4,889
Thanked 5,054 Times in 1,657 Posts
Failed 439 Times in 203 Posts
|
Unless you're in the position to buy a new house as a first property, I would buy an apartment or a condo leaving the exterior maintenance up to the strata. Even that will be a huge step in additional responsibilities from renting, I expect. Not only that, but in an older home you should expect to put approximately 2.5% of the homes total value annually into repairs. On a 700k home that's $17500 just fixing and maintaining things annually.
| |
| | |
10-19-2011, 05:07 PM
|
#5 | | RS controls my life!
Join Date: Jan 2002
Posts: 713
Thanked 42 Times in 32 Posts
Failed 5 Times in 5 Posts
|
With a house its up to you how much you want to spend for maintenance. Similar to cars some people do proactive maintenance on time while others are more reactive.
LOL @ 2.5% rule. I spent under 1000 on my house last year. Posted via RS Mobile | |
| | |
10-19-2011, 05:10 PM
|
#6 | | I contribute to threads in the offtopic forum
Join Date: Dec 2001 Location: Vancouver
Posts: 2,830
Thanked 755 Times in 318 Posts
Failed 20 Times in 7 Posts
|
2.5%? Where'd you get that number? Sounds like one heck of a lemon..
I've spent a few thousand dollars this year so far and it was on unexpected items like a failed gas valve in the furnace..
__________________
SHIFT_
"Harvey Belafonte ain't black. He's just a good looking white guy dipped in caramel. " - Archie Bunker | |
| | |
10-19-2011, 05:16 PM
|
#7 | | Banned (ABWS)
Join Date: Mar 2003 Location: Richmond, BC
Posts: 4,694
Thanked 239 Times in 94 Posts
Failed 17 Times in 10 Posts
|
^There are some one-time expenses like when I got my roof replaced a couple years ago. Also, my garage door needs to be replaced, fence needs to be repaired, house needs to be painted. My house is almost 30 years old though
Oh...and I find houses tend to have a lot more spiders than an apartment, lol
| |
| | |
10-19-2011, 05:19 PM
|
#8 | | Wanna have a threesome?
Join Date: Oct 2010 Location: Squamish
Posts: 4,889
Thanked 5,054 Times in 1,657 Posts
Failed 439 Times in 203 Posts
| Quote:
Originally Posted by Wetordry  With a house its up to you how much you want to spend for maintenance. Similar to cars some people do proactive maintenance on time while others are more reactive.
LOL @ 2.5% rule. I spent under 1000 on my house last year. Posted via RS Mobile | this. Quote:
Originally Posted by Bonka 2.5%? Where'd you get that number? Sounds like one heck of a lemon..
I've spent a few thousand dollars this year so far and it was on unexpected items like a failed gas valve in the furnace.. |
I found the rule online when I was researching the costs of owning a home, since I'm considering buying in the spring. I would consider it accurate for an older home, which is likely what a first time buyer in Vancouver would have, and I have a construction back ground so I'm not out to lunch on the cost of major maintenance.
| |
| | |
10-19-2011, 07:34 PM
|
#9 | | My homepage has been set to RS
Join Date: Apr 2005 Location: vancouver
Posts: 2,217
Thanked 811 Times in 274 Posts
Failed 170 Times in 63 Posts
|
Jermyzy is right. ur strata fees is lower in townhouse compared to condo, cause when ur hot water heater fucks up, u pay , condo u dont.,, and same with house. no strata rules in a house, remodel anytime u please. etc
all in all it depends on ur lifestyle. but if u are looking for value, nothing beats house. (higher return on investment)
if i had the $ i would have bought a house over condo :S
| |
| | |
10-19-2011, 09:28 PM
|
#10 | | SiRVs up, dude
Join Date: Jan 2004 Location: Outerspace
Posts: 4,771
Thanked 345 Times in 178 Posts
Failed 31 Times in 17 Posts
|
I'm guessing in terms of ROI, a townhouse is still > than a condo?
I want to be able to maintain a lifestyle where I can still travel 2-3 times a year and not live off of bread and water, losing half my paycheque trying to pay off my mortgage over 30 years+tonnes of unexpected expenses
| |
| | |
10-20-2011, 12:37 AM
|
#11 | | Wunder? Wonder?? Wander???
Join Date: Sep 2006 Location: .
Posts: 227
Thanked 219 Times in 63 Posts
Failed 5 Times in 5 Posts
|
The real question is should you even buy a property. When I bought my first condo downtown victoria. I didn't even live in it. I found that at that time it was cheaper for me to rent a place then to live in the condo I own. Also like everyone else was saying about random costs. My other condo that I live in now (I own two condo's) only after 5 months of living in it I had to replace the washer and dryer (which where only 4 years old!). So owning is very expensive keep that in mind.
| |
| | |
10-23-2011, 04:49 PM
|
#12 | | 2013, 2016, 2017 & 2018 NHL Fantasy RS1 Champion
Join Date: Aug 2005 Location: Vancouver
Posts: 7,092
Thanked 1,294 Times in 600 Posts
Failed 65 Times in 37 Posts
| Quote:
Originally Posted by Jermyzy ^There are some one-time expenses like when I got my roof replaced a couple years ago. Also, my garage door needs to be replaced, fence needs to be repaired, house needs to be painted. My house is almost 30 years old though
Oh...and I find houses tend to have a lot more spiders than an apartment, lol | THIS.
| 
| | |
10-23-2011, 05:15 PM
|
#13 | | I Will not Admit my Addiction to RS
Join Date: Aug 2009 Location: vancouver
Posts: 502
Thanked 443 Times in 128 Posts
Failed 100 Times in 17 Posts
|
When you buy a house, you can rent out the basement or some rooms. This will lessen your burden and it should pay for the upkeep of the house Posted via RS Mobile | |
| | |
10-29-2011, 01:39 AM
|
#14 | | I keep RS good
Join Date: May 2001 Location: Cosmos
Posts: 28,729
Thanked 5,594 Times in 1,522 Posts
Failed 875 Times in 298 Posts
|
condo pro: you can have an awesome view if you're high up like 25 stories or higher somewhere. to me it's very important.
house: you can possibly design your own everything.
| |
| | |
10-29-2011, 09:47 AM
|
#15 | | My homepage has been set to RS
Join Date: Oct 2010 Location: Burnaby
Posts: 2,025
Thanked 1,079 Times in 368 Posts
Failed 95 Times in 35 Posts
|
Townhouse/Duplex con: Your neighbors can go into their attic and cut open the firewall into your attic and live there. True story.
__________________
Electrician.
| |
| | |
10-30-2011, 03:26 PM
|
#16 | | Where's my RS Christmas Lobster?!
Join Date: Jun 2005 Location: Vancouver
Posts: 888
Thanked 39 Times in 24 Posts
Failed 19 Times in 1 Post
| Quote:
Originally Posted by Matlock Townhouse/Duplex con: Your neighbors can go into their attic and cut open the firewall into your attic and live there. True story. | That is funny you mentioned this because I heard it from several different people before. That would be pretty scary and who knows maybe they can even come down and steal your stuff while you are out..LOL!!
It all depends on your budget!! Buy a house if you can afford it. If not, settle for a nice condo where you don't have to worry about mowing the lawn or replacing this and that. Most new condo's these days have great facilities such as swimming pools/sauna/steam room/work out room/and recreations room.
| |
| | |
11-04-2011, 07:09 PM
|
#17 | | Banned (ABWS)
Join Date: Jan 2009 Location: Vancouver
Posts: 69
Thanked 156 Times in 23 Posts
Failed 9 Times in 3 Posts
|
Based 100% on financials, a house is always the best purchase provided the land is owned and not leasehold.
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 08:44 PM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
