Quote:
Originally Posted by Mr.HappySilp
What's worse is that the gov keeps raising property every single year. Factor in mortatages, property tax, starta fee (if you live in an apartment), maintance fee for your house then it seems renting is actually cheaper and more hassle free.
I think a lot of first time home/apartment investor overlook these things and if they do take a look they are actually paying out of their pockets every month even if their unit gets rented.
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This is very true. People just look at the mortage....mortgage mortgage mortgage! Why rent when you can pay a mortgage and the money is YOURS!
It is not rare to have a strata fee that is close to $500. Just yesterday I was killing time on MLS and saw 15+ condos where the strata was over $400. That strata payment, you will never never never EVER get that money back. Ever. Not to mention any "assessments" you are obligated to pay when the roof leaks.
Same with property tax but, imo, it is a bit different.
When you rent....all you pay is rent. One fee. Once a month. Twelve times are year with the possibility of a small, fairly predictable annual increase on your yearly anniversary. Don't like it? Move. You just need to give one month's notice. No listing....no banks...no negotiating. Just pack yo shit and bounce.
I am going to make it my goal to beat this shit into peoples' heads.