Pros and cons of buying a condo vs. a townhouse

[KGODB]

Sorry, a quick glance of the answers insinuates you are from Canada

I live in the GTA, so I can only advise based on that market

First in comparing a townhouse with a condo, are we keeping all factors Constant? Meaning are we setting aside the same money for and assuming both are in the same area? yes but if i don't have to put that amount down then that's money i could be doing whole lot of other fun things with.

Generally speaking a townhouse will cost more. You need to do some research and consider the following factors:

1) how long do you intend to live in the home? Condos are usually 1-2 bedrooms (anything more should be avoided as their resale tends to be alot less), whereas a townhouse tends to be 2-3 bedrooms. If you are in your early 20s and this is your initial entry into the market, and you dont intend to have kids for 3-5 yrs, the condo would be a better option. You down payment would be less, less property tax, less headache in maintaining the property. If marriage/kids are on the horiZon, a townhouse maybe a better option it will be me and maybe of or two other people at the most but once my studies are over, i don't necessarily plan on staying in this city permanently. when and if that happens, i can always rent it out..

2) what have the prices looked like in the last 5 yrs? 10? How much percent are the homes rising each year? Compare the rates between townhouses and
Condos? Compare their downpayments and mortgages, crunch the numbers. 20 grands can get me a 2 bedroom condo. 20 grands can also get me a bi level house that sums up to 5 bedrooms and a yard too but the pay off time will be longer.

3) what are the maintainance fees for the condos and how do they compare to the projected fees you would have with a townhouse? What have been the maintaiance fees been like the last 5 years? How much are they projected to
Increase? Does the building have a well funded resoivoir? not a factor because i have been and will continue being very busy.

4) condos tend to be in the city core while townhomes are in the subarbs. Compare and contrast the social lifestyles each represents actually they have been building some new ones that are not that far from the suburbs where my parents live.

5) what are the amenities the condo has to offer vis a vis the services in the neighbourhood of the town home? merey ko kia pata, bhai?? that is why i am asking here. i don't know anyone living in apartments.

6) what is the supply like? In canada, condo starts (builds) have decreased in the GTA and Vancouver markets. If there is in fact a coming correction in the market, condos will be the first to feel the effect i have been reading about that and i am not quite sure as to how that will affect me..

7) i know you mentioned this is not an investment but that still doesnt mean u shouldnt consider it as a factor. Your life may be great in 5 years and you may be in a position to buy a new home. Consider the rentability of the condo or town home you are seeking to purchase
i don't think that will be an issue as this city is pretty fast paced. if not for job opportunities, people often shift here for educational purposes.

8) how were you raised? I ask this because i grew up in an apartment and so i was and still am inclined towards apartment style living. However this may have had the opposite effect, you grew up stifled in that environment and long for a house of your own large house with lots of space. but honestly, i don't roam around much and i don't think it will affect me personally. i am able to adapt very easily.

1) If you are looking to live in the home for a couple years then move out and transition to renting the property, I would suggest a condo. It is less of a headache, you are more inclined to find student renters for it, it requires a smaller financial commitment. It also means you will have the mortgage paid off quicker (at the expense of the students which is the bonus)

2) Lol you should tell me where these condos are that I can put 20,000 down on and rent out. While getting yourself a house with several bedrooms is tempting, and you can certainly make more money, as a student, you will not have the patience and energy to chase 4 roomates around for rent.

3) This is a very important point and I think you put the wrong answer there. You need to find out what the maintanance fees are, and what is it projected to be. There was recently some legislation passed which made it harder for landlords to introduce huge variances in rates, but please be careful here. You need to find out if the building has a reserve fund (this is a fund that is set aside to cover the upkeep and maintanance expenses. the deeper the reserve fund, the less likely the condo corp will come to the unit owners with raises in rates annually)

4) Good to hear

5) Again, I think you put a wrong answer here.

6) If the condo is next to a school and renters are guaranteed, that is an insurance policy against heavy market fluctuations. That way even if there is a correction in the market, and you see 10-20% drop in your value, the guaranteed renters means you will still make a significant profit down the road when you eventually sell it

7) Good to hear

8) You have your entire life ahead of you to be a property tycoon or to have that large pretty house in the subarbs. This is your first step and I think risk management and stability should be your primary factors.

Go for the condo, hold onto it for the next 20 years. Depending on your down payment and amortization period, you can have this paid off in 15 years. After that, youre making 1000-1500 every month in profit.

Best of luck

[$hiva]

I think, its a great plan to have a condo and also a fast food franchise in the same city, something like that is enough to make any guy a target for an ambitious gold digger.

And the icing on the cake for this plan is, in the same city you also have "the friend", very romantic in a perverted way.

So, yeah, condo+fast food franchise for teh win!

[$hiva]

Another great thing about condo is that they're all cabled with fiber optics, which means you have fast internet access, and thus you can run one of those businesses, which is basically working for web ad agencies, where your job is to register in as many forums as you can with many accounts and simply click on ads.

[DaZahroJaam.]

truth be told, i had already made the decision but because i was constantly told to do my research, i subconsciously chose to do it on an online forum where i knew no one's suggestion would actually change my mind. i am lame like that.
but now that the question is out there, i am much more frustrated than i was in the beginning because now i can't just pretend since i actually know the pros and cons..
to summarize everything, condos are very very risky and though the down payments might be less, the expenses will be alot. on the other had, houses are sadder and there is just too much space to fill and i don't want that. so, a condo it is. because, to hell with it, we live only once.

shiva, there is no way in hell i will do something like that to myself. do you know how much time and commitment taking care of something that is related to a franchise is?? NO WAY. not me.
i joke with my sister about how some day we should have a clothing store for muslim ladies but not the usually sad ones with barely anything fashionable or up to date to choose from but she says she doesn't want that. so maybe a coffee shop but once again, not an investment but a hobby.. yeah..don't have the time or the money for it as yet but someday..
i don't really understand what you meant by the rest of your post.

[$hiva]

What I was saying is that being in the ad-clicking business, which is got to be one of the worst jobs in the world, people tend to get greedy and money-minded.

[$hiva]

I was told by Mr. X that the building on the left is a condo.

[randolph85]

What I was saying is that being in the ad-clicking business, which is got to be one of the worst jobs in the world, people tend to get greedy and money-minded.

you clicking on ppc ads to increase the ad spend of your competitors? lol

[Reactants]

I was told by Mr. X that the building on the left is a condo.

that is a hotel lol

[Kushan Prince]

@DaZahroJaam

Didn't you say you lived in Ottawa?

[$hiva]

that is a hotel lol

well...

[DaZahroJaam.]

@DaZahroJaam

Didn't you say you lived in Ottawa?

na, wali??

[$hiva]

All the nonsense about condos and fast food franchise was just that, nonsense... Donald Trump is broke, in fact Nicki has more money than him. So, yeah. Sorry Nicki and Donald Trump. I'm a brute after all so both of you forgive me.