When Do I Bail Out on an Aging Condo That Needs Repairs?
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- Опубликовано: 27 июн 2024
- Consumer question #2 from the new June session of our popular consumer Q/A segment, ‘The Situation’!
Urmi once again asks John to respond to the detailed questions you send in about the real estate decisions you are making as you navigate through the Toronto area housing market.
- Watch Question #1: My Investment is Not Appreciating, Can I Do Better with Another Property?
- Watch Question #3: Will a Co-Ownership Company Finally Get Me Onto the Property Ladder?
If you would like to send in your questions to be featured on a future episode, please email askjohn@movesmartly.com
If you have a more specific or particular real estate situation to discuss with John and his team at Realosophy Realty, connect with John at movesmartly.com/meetjohn
Connect with Us
John Pasalis, President and Broker, Realosophy Realty, Toronto | Email: askjohn@movesmartly.com | Twitter: @JohnPasalis
Urmi Desai, Editor, Move Smartly | Email: editor@movesmartly.com | X-Twitter: @MoveSmartly
About This Show
The Move Smartly show is co-hosted by Urmi Desai, Editor of Move Smartly, and John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on RUclips and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.
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This summer is going to be unique in Toronto, GTA Ontario and surroundings. Bigger inventory, better choices. That 3.7 million homes in 7 years it's totally in the cards if we are going to maintain this pace. Brand new and resale in total. So, the plan is working for affordable housing. Are prices coming down a little bit? 100%. I am representing clients in over 30 cities. I can see these things every single day. Posting daily real estate news.
These discussions don't include a comparison to buying an older single detached home. Everyone rails against "special assessments" in condos. IN a single detached home, you pay special assessments every - single - year. New roof? New appliance? New water heater? New A/C? Water damage repair? - All of these are special assessments in a family budget because families do not put away x number of dollars each month to cover expected future maintenance. The bottom line is that a single detached home is far more expensive to maintain and repair compared to a condo. The only difference is that a condo owner, by law, can't continually put off maintaining their building.
I'll keep this comment in mind when the 100k special assessments start coming up to replace the glass exterior on those 50 storey towers. Brick on an existing detached home and even siding will last much longer than the glass will with MINIMAL maintenance like not allowing trees or vegetation to grow on or next to it and some minor power washing if needed. Are there additional costs, of course, but they also come with additional benefits. A yard is far superior than a small balcony on the 40th floor. Further, you're the one that dictates your resale value for a single family home. For a condo, it's a faceless board that will decrease your properties value and appeal with every increase of the condo fee. Not to mention you can actually have a family in a house and create income by adding a unit if desired. Oh, and don't forget that they can keep putting up condos like China did until we have more of them then people, whereas single family homes are going to be tougher and tougher to come by.
@@VK-ds2dw wow. I thought we were comparing home maintenance costs both planned and unexpected. Your argument in summary, is a totally made up special assessment figure and a rant over why single detached homes are superior to condos that had nothing to do with the cost of maintenance. …. China? You want to compare us to…..China?
@@VK-ds2dw plus, you get to choose the colour of your house! You make many excellent points.
I'd love to see a video about what the end-of-life for condos is in theory. I've always seem them as a potential game of hot potato.
Very curious about this as well. Seems like condo building dont have a long life. I'm renting in a building from the 60s and it's getting demolished for a new tower (West End). My parents house in Sweden is 250+ years old! Ship of Theseus can't be applied to large structures
@@AlexSuperTramp- hmm that's a good point, I hadn't thought about it in those terms. I wonder if anyone has designed and built a large condo type building with that kind of long term maintenance in mind anywhere
bailing on an aging podcast that needs repairs
No Saretsky 👍
You're already babysitting a Loser heading into a GTA Real Estate Crash.... wake up !