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Am I crazy to buy a house?

kaitlyn2004

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I am currently young and single - and I'm looking to buy a house.

Certainly there are a lot of people buying condos but having rented a condo for a while I have decided it's not for me. On the flip side, a house can be pretty big. The only addition I foresee is a dog - but am I wrong in thinking a2/3 bedroom house/semi is not going to be too big for me?

Just can't help but second guess myself when I have some trusted friends mentioning things like "If I were in your place I'd be looking to buy a condo"...
 

cdr108

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Buy the house. You can rent out half of it to pay some of the mortgage. A condo goes down in value over time; a Victorian home only increases.

ditto ... but not necessarily a Victorian.
a house has land value, condos don't ....
the past decade has been an anomoly where condos increased as much as freeholds.
when a recession hits, condos go down first and rise last.

watch 'income property' to give you an idea of what UD means by renting out part of the house to pay for the mortgage.
that way, you're not house poor.
and if you're not keen on mowing the lawn or shovelling snow, then hire someone and it might cost you about the equivalent of 2 months maintenance condo fees for the whole year.

a 3 bedroom semi is approx 1300 SF + basement, so how much space would you think you need?
 
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slickpete83

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I am currently young and single - and I'm looking to buy a house.

Certainly there are a lot of people buying condos but having rented a condo for a while I have decided it's not for me. On the flip side, a house can be pretty big. The only addition I foresee is a dog - but am I wrong in thinking a2/3 bedroom house/semi is not going to be too big for me?

Just can't help but second guess myself when I have some trusted friends mentioning things like "If I were in your place I'd be looking to buy a condo"...


me too , also single and want to buy a house instead of a condo , with a house you have so much more freedom
why condos sucks IMO the fees don't include many things like electricity , property tax etc.... , u don't have a backyard which means i can't grow my own food which saves me $$$$ , i can't work on my car in a condo garage... no place to keep my tools , I can't install an outdoor jacuzzi on a condo balcony

the cutting grass part , i will design landscape a backyard with no grass using stones and planting more trees

i will live in the basement , while renting out the top part of the house to achieve my goal of being mortgage free as soon as possible ;)
 

GraphicMatt

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Make sure you're able to get a mortgage for somewhere in the neighbourhood of half a million dollars if you want a house, and make sure you can carry the monthly cost of a mortgage that size at, say, 6 or 8 per cent. Just to be safe.

Either that or move to Brampton or something.
 

daveto

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I am currently young and single - and I'm looking to buy a house.

How much money do you have, and how much do you earn?

Also, as a young person, one of your great advantages in the workplace is that you can relocate easily. If you buy a house, that changes.

Historically, any asset appreciate in residential RE is offset by the property taxes and maintenance costs. If you buy a house, ensure that you're doing so as a place to live and not because you expect appreciation in the value sufficient to offset your carrying costs and 10% transaction costs when you sell.
 

urbandreamer

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Another nice thing about girls that buy houses--I only date house owners exclusively as they are obviously into having children, the family life etc. In fact, I've got a theory that home owners are more loyal to their country, family etc than condo dwellers. Wonder if I'm crazy to think that way?

Buy the house--you'll be married sooner.:D
 

cdr108

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Another nice thing about girls that buy houses--I only date house owners exclusively as they are obviously into having children, the family life etc. In fact, I've got a theory that home owners are more loyal to their country, family etc than condo dwellers. Wonder if I'm crazy to think that way?

Buy the house--you'll be married sooner.:D


lol ... realtors next marketing line to urban females, but they'll change house to condo
 

taal

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I love the condo lifestyle ... while I hate calling it that ... the fees can be annoying.
Other issue:
Noise from upstairs neighbors in a new condo ... if it's built well you won't here**much** if anything in terms of partying and what not (notice I said much) but you will hear when they drop things, and if you have neighbors who do that a lot / drag things / so on ... it gets annoying.

My only concern about semi-detached in old Toronto (i.e. where you should want to live :) Is sound as well .. no one above but some can be quite old, you do have the flexibility of insulating your side of the wall no matter what but that does cost quite a bit of $$$.
 

GraceCondos

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A 2 bedroom semi with parking and a baseent apartment sounds like a good option for you. There are a lot more things to consider when buying a house over a condo. Try to look for a semi with a brick second floor. Many were built with brick on the first floor, but they're wood framed on 2nd floor. All brick is better for sound and fire protection.

Send me a message if you want more advice. I'm a realtor and have helped many clients buy these types of homes.
 

X2 Buyer

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I have lived in both house and condo, both old and new ones. My preference is a brand new place so if you prefer the same, a place previously not lived by anybody, then condo will be the choice since there is rare opportunities these days you can find new development for house in Toronto. The other thing I like about condo is a lot of sunshine (generally brighter) plus cooler in summer and hotter in winter - maybe my own experience, to put up 2 degrees from 22 to 24 during winter time in a house means $200 more on gas bill but comparable almost nothing in a condo. So a good downtown core nice condo will be good. It will keep the value at least within the first 7 to 10 years as I always believe we only have limited space in downtown area. Understanding single house appreciate more but you should choose the living space suits your need first then to consider the investment purpose at the next.
 
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taal

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Why not buy a condo in the CAMH development, that way if you are crazy, you won't have far to go. :)
 
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I am currently young and single - and I'm looking to buy a house.

Certainly there are a lot of people buying condos but having rented a condo for a while I have decided it's not for me. On the flip side, a house can be pretty big. The only addition I foresee is a dog - but am I wrong in thinking a2/3 bedroom house/semi is not going to be too big for me?

Just can't help but second guess myself when I have some trusted friends mentioning things like "If I were in your place I'd be looking to buy a condo"...

You should think for yourself rather than letting others influence your decision. It's your life and your choice. I could personally never live in a condo. I love living in a house and having a backyard that backs onto a ravine. In addition there are plenty of parks and trails near by which you just don't get when living downtown.
 

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