should I buy the new condo or stay in my old condo

[fletcher87]

my mother want me to get the new condo and I'm still on the fence

i just found out from my VIP agent yesterday that the developer assigned me on the 13th floor...Wanted 10, 12 or 14 floor because even numbers floor got twice the sqft for the balcony which is 62sqft.

my current condo...http://www.oakparkcondominiums.ca/2379-2391-central-park-drive-the-courtyard.php
- 1+1 bed, 3rd floor, north view
- 613sqft plus 113sqft balcony
- bought it for 285k, selling around 370-380k in my building
- $409/month fee, pay electric
- it a 10 years old building
- got outdoor pool, somewhat of a gym, party room, outdoor lounge and media room.

new condo... http://oakandcocondo.ca
- estimated to be built may 2020
- 1+1 bed, 13th floor, north west view
- 650sqft plus 30sqft, currently trying to get the bigger balcony (62sqft) which is an additional 2-3k more
- A walk-in closet, higher floor (better view), it got a smaller oven/stove, better entertaining space because of the layout of the kitchen/island
- 424k plus cost of the island
- 0.51/sqft maintenance fee, plus $50 parking, $15 locker, pay for gas & electric
- got an indoor pool, gym, yoga studio, party room, outdoor patio, games room, library and lounge


old or new condo?... oh also I have 60k cash to help deal with the difference between the two to have similar mortgage payments

 

[Thomas Beyer]

That targeted possession date is three yeas away. Why not wait till then to make a decision ?

This is more of a lifestyle & personal preference than a financial decision.

Consider issues such as
Walkability
Grocery stores nearby
LRT or subway nearby ?
Noise
Views
Parks nearby ?
Distance to work ?
Neighbors
Building amenities

Why not buy both and then decide when ready and then either sell the other or rent it out ?

Possession dates often shift to the right, and the new condo might not be quite as nice as advertised or even better once you see the actual building, the pool and the views.

I'd wait with a decision until 2020.

 

[fletcher87]

That targeted possession date is three yeas away. Why not wait till then to make a decision ?

This is more of a lifestyle & personal preference than a financial decision.

Consider issues such as
Walkability
Grocery stores nearby
LRT or subway nearby ?
Noise
Views
Parks nearby ?
Distance to work ?
Neighbors
Building amenities

Why not buy both and then decide when ready and then either sell the other or rent it out ?

Possession dates often shift to the right, and the new condo might not be quite as nice as advertised or even better once you see the actual building, the pool and the views.

I'd wait with a decision until 2020.

both condo are close to each other... probably 5 mins walk

Walkability - same
Grocery stores nearby - same, it a huge plaza with superstore, walmart and a bunch stores... my condo is on one side and the new condo is on the other size
LRT or subway nearby ? - close to transit bus, which got a bus that lead to the go station/train
Noise - my condo is quiet but not now because there is a low rise condo building up in front my building right now
Views - my condo got 3rd floor, north view .. new condo got 13th floor north west
Parks nearby ? - same park
Distance to work ? - same distance
Neighbours - no clue lol
Building amenities - old got outdoor pool, gym, media room, party room and outdoor lounge ... new got indoor pool, library, game room, yoga, outdoor patio.

I don't know if the new condo can make a profit if the market in 2020 or so is going down that I could take a lost or what if there is a townhouse development in two years that I could actually afford.... is there a possibility that new condo fee will jack up way higher than my current condo fee of $409

 

[Matt Crowley]

Like you noted @fletcher87, real estate prices will not go up forever. Buying a presale condo 3 year out is not an investment in my books, unless I'm the developer. These 3-year presale condos with VIP real estate agents and floors selling out are pretty clear signs of an overheated market. Obviously, the cost for something new is higher than the cost of something used. The developer's ability to execute is important as your deposits are gone gone gone after you give them to the developer, you will get nothing back if the project goes belly up.

Condo fees are based on maintenance required for the building, not necessarily lower for new or used. No simple answer here. Also depends on amenities offered by the building.

If you want to make a personal decision analytically, then go through the menu of amenities you want and assign a $ value to them. The amount you want to spend on housing should be a balance of what you can afford to spend and the consumption comfort you want to enjoy.

The mania-markets in Canada seem to be driven by unbridled greed and I'll spend what everyone else is spending... prices 10x - 15x annual household income. Clearly, clearly overheated and due for a correction. Not sustainable and will correct unless we double the length of mortgages like what happened in Japan.

 

[fletcher87]

Like you noted @fletcher87, real estate prices will not go up forever. Buying a presale condo 3 year out is not an investment in my books, unless I'm the developer. These 3-year presale condos with VIP real estate agents and floors selling out are pretty clear signs of an overheated market. Obviously, the cost for something new is higher than the cost of something used. The developer's ability to execute is important as your deposits are gone gone gone after you give them to the developer, you will get nothing back if the project goes belly up.

Condo fees are based on maintenance required for the building, not necessarily lower for new or used. No simple answer here. Also depends on amenities offered by the building.

If you want to make a personal decision analytically, then go through the menu of amenities you want and assign a $ value to them. The amount you want to spend on housing should be a balance of what you can afford to spend and the consumption comfort you want to enjoy.

The mania-markets in Canada seem to be driven by unbridled greed and I'll spend what everyone else is spending... prices 10x - 15x annual household income. Clearly, clearly overheated and due for a correction. Not sustainable and will correct unless we double the length of mortgages like what happened in Japan.

yes thats true that the prices will not go up forever... good points

your advice for me is to stay in my condo and wait until I am able to afford a freehold