Quote:
Originally Posted by Hondaracer
A suite VS paying strata is like a $18,000 a year swing into the red..
Imo if all things are equal and a detached with a suite is 100-200k more than a townhome (regardless of age really, you deal with the home) you are absolutely insane to not take the detached money maker. It makes zero sense long term to dump literally a hundred grand into strata fees over the term of ownership as opposed to making a hundred k in the first 4-5 years of rental income.
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I agree from a financial point of view, having income generating options is preferable. But there are also factors to consider beyond just the finances, depending on your lifestage and preferences/values.
I also agree that like for like, similar area, aged, and sized townhouse vs a detached house with suite, even with a price delta of 250k, financially speaking you should absolutely choose the detached property. But even out in the Tricities, 250k extra isn't enough to buy into that sort of detached property.
Quote:
Originally Posted by Ludepower
Land is king.
Much more room for a detach to start running up in price again
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I think that's questionable for the short to mid future, and even long term. The reason why condos are in the mess they are now is because detached have run way up past general affordability. With all the heat on real estate over the past years, who will be the ones to drove the next detached price run up? You can't depend on developers and buy-ups, because even those are more limited today due to less available financing and decreased affordability of new high density homes
Quote:
Originally Posted by Hondaracer
You can charge high prices and throw in virtually any addendum you want to feel secure with your tenant.
Then by higher rents and the lack of rentals you can hand pick and screen through dozens of tenants until you find the right one. It’s not just like you’re forced to take some crack head.
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Through anecdotal reports, power still ultimately lies with the tenants via the RTB. So no, you can't just throw any addendum in expect it to stick if your tenant decides to pull RTB on you. Sure you can screen and hand pick tenants all you want, but once again these are things that take time and effort and never guarantees you'll be smooth running 100% of the time.
Personally we decided to be more conservative with our purchase at the time so we didn't have to rely on a mortgage helper, and also avoid the potential work and associated headaches to earn that rental income. Its the right choice for us but obviously won't work for everybody.