- Joined
- Nov 30, 2012
- Messages
- 46
Hello all,
My question is: given a choice between a town house in a building(with a condo corp of course), and a single family detached(in the same market), which is typically the better long term investment?
My wife and I have owned a 3 bedroom condo in Cochrane since 2003, for revenue, we've never lived there. It was our first entry into real estate. It has been good to us, and is worth at least twice the price we paid. We are in for the long haul, so want to keep the money in dirt and doorknobs. If we sell, the equity in this condo would be used for the purchase of the house.
Recent events have come to light that have me looking to sell it and transfer the investment into a detached house:
1-The condo fees went from $140 to $220. In my houses, the tenant is responsible for snow removal and lawn mowing, and because I'm in the renovation business I can do maintenance at cost, so that $2640 hit to my cash flow hurts when there is no real benefit to me. This is because their assessment has shown then need $42K or so in the reserve fund and only have $35K.
2-The condo corp has to approve dogs. I always do hardwood or laminate and am pet friendly because it gives me a big advantage when looking for good tenants. They recently turned me down on an owner with a St. Bernard, which is intensely frustrating. As you all know, great tenants don't just fall out of the sky these days.
3-Not new, but condo boards are a giant P.I.T.A., as I'm sure you all know.
So what are your thoughts? Is it generally better to hold condos or single family detached?
Thanks for your input
Keith
My question is: given a choice between a town house in a building(with a condo corp of course), and a single family detached(in the same market), which is typically the better long term investment?
My wife and I have owned a 3 bedroom condo in Cochrane since 2003, for revenue, we've never lived there. It was our first entry into real estate. It has been good to us, and is worth at least twice the price we paid. We are in for the long haul, so want to keep the money in dirt and doorknobs. If we sell, the equity in this condo would be used for the purchase of the house.
Recent events have come to light that have me looking to sell it and transfer the investment into a detached house:
1-The condo fees went from $140 to $220. In my houses, the tenant is responsible for snow removal and lawn mowing, and because I'm in the renovation business I can do maintenance at cost, so that $2640 hit to my cash flow hurts when there is no real benefit to me. This is because their assessment has shown then need $42K or so in the reserve fund and only have $35K.
2-The condo corp has to approve dogs. I always do hardwood or laminate and am pet friendly because it gives me a big advantage when looking for good tenants. They recently turned me down on an owner with a St. Bernard, which is intensely frustrating. As you all know, great tenants don't just fall out of the sky these days.
3-Not new, but condo boards are a giant P.I.T.A., as I'm sure you all know.
So what are your thoughts? Is it generally better to hold condos or single family detached?
Thanks for your input
Keith