You want the pride of ownership.
And maybe buying a condo is like training wheels for real home ownership.
You get the practice of paying property tax and maintenance.
But over at the Globe and Mail Rob Carrick is trying to talk down the market again – he says maybe you should rent the condo and save the difference on the cost of buying.
“I would say buyers in their 20s probably won’t live in that condo for five years,” Mr. Fleming said. “They’re going to either outgrow it, or find a mate and want a bigger, better or different place.”
Even if you meet someone and live together in your condo, you’ll probably want to move when you have kids. Mr. Fleming said an increasing number of couples are starting families in condos, but a house is still seen by most as the best place to do this.
Moving from a condo you own to a house will cost you a lot. If you used a real estate agent to sell the place, you might pay a $15,000 commission plus HST to sell a $300,000 condo. “It’s expensive to move,” Mr. Fleming said. “Hopefully you purchased that condo for $250,000.”
Read the full article here.
