Condo Fees vs. Home Ownership

[junior43]

Build quality was a big issue and just turned us off the whole building. Again, this is just my opinion based on what I saw.

Thanks. So far this has been the only stopper. Waiting to hear back from the sales team on who the actual builder for the one I'm looking at will be.

 

[TheKingEast]

Thanks. So far this has been the only stopper. Waiting to hear back from the sales team on who the actual builder for the one I'm looking at will be.

Keep in mind every builder has a flop or two in their portfolio so TAS may do a good job on other projects. I'd just stay away from a builder who has several flops.

 

[DarnDirtyApe]

A) This is way off topic

B) Don't buy pre-con, ever! If you want to live in a condo, buy a condo that exists, not a floor plan.

 

[Condo Madness]

I do not recommend buying pre-con. They are usually very late and the Occupancy Period can be a nightmare. The developer puts in the first board and management company. Guess who they look after?

Read the declaration first. Very important. Look at the wording about pets and if short-term rentals and/or rooming houses will be allowed. Then read the by-laws.

Fees, well there is so much to say. Low fees can be so scary.

 

[UD2]

I find condos with a large board (5 people) are generally better run than condos with a smaller board (3 people)

The ones with low maintenance fees through cutting corners generally ate hiring their owners in the long run.

 

[junior43]

I do not recommend buying pre-con. They are usually very late and the Occupancy Period can be a nightmare. The developer puts in the first board and management company. Guess who they look after?

Read the declaration first. Very important. Look at the wording about pets and if short-term rentals and/or rooming houses will be allowed. Then read the by-laws.

Fees, well there is so much to say. Low fees can be so scary.

Thanks. I've read all the docs - and a lot on your site.

Fees are quoted at 0.48/sq ft, but I've assumed 0.75 in my calculations and it's still affordable for me.

Pets are allowed - there's a pet washing station as an amenity feature. There is a comment about no attack dogs, but my 35 pound beagle couldn't be considered that - he's also very friendly.

IIRC leases are 1 year at shortest. So short term rental/rooming house should not be a worry.

It's a 5 person board.

Still willing to go forward with the risk on buying pre con. This place is in the perfect spot for me. Friends and parents down the street, TTC, parks and shops within walking distance, and gorgeous views of the lake and the CBD. Also love my floor plan and the basic finishes from the demo suite. Heck, any finishes will beat the 70 year old ones in an original post WWII bungalow I have now.

Sorry for hijacking this thread, but I think I'm done now. Meeting with a lawyer today to review the docs, barring any major show stoppers it's full speed ahead.

 

[TheKingEast]

Thanks. I've read all the docs - and a lot on your site.

Fees are quoted at 0.48/sq ft, but I've assumed 0.75 in my calculations and it's still affordable for me.

Pets are allowed - there's a pet washing station as an amenity feature. There is a comment about no attack dogs, but my 35 pound beagle couldn't be considered that - he's also very friendly.

IIRC leases are 1 year at shortest. So short term rental/rooming house should not be a worry.

It's a 5 person board.

Still willing to go forward with the risk on buying pre con. This place is in the perfect spot for me. Friends and parents down the street, TTC, parks and shops within walking distance, and gorgeous views of the lake and the CBD. Also love my floor plan and the basic finishes from the demo suite. Heck, any finishes will beat the 70 year old ones in an original post WWII bungalow I have now.

Sorry for hijacking this thread, but I think I'm done now. Meeting with a lawyer today to review the docs, barring any major show stoppers it's full speed ahead.

I guess you'll learn about Precon the hard way. ;-)

Just kidding(kinda). Congrats.

 

[Shiny]

Roof Repair - let's say $5,000 on an average home, over 25 years is about $17/month. Boiler you can rent from Enbridge for $15/month. Gutter Cleaning is really negligible/non existant if you don't live around a lot of trees.

I agree on some of the other points, having a gym/pool is really convenient. It all comes down to what you want to do and don't want to do.

If you want to live a worry free lifestyle, buy a condo.

If you want more space and freedom - ie; backyard, but can deal with the many issues a house can bring up, then a house is for you.

I disagree. The condo life is not worry free. If you bought a pre-sale condo, on the PDI day, you might be deeply disappointed. For example,
after thinking about all issues that I noticed on PDI day, I called the customer care centre, they said that "As long as you have running water, the unit is livable" despite that the window is broken!!!!! How could I live above 50 floors with wind/snow/rain leaking into my unit in Toronto?

Some findings (not inclusive all problems)

• Scratched wood floors.
• Damaged windows that link wind/rain/snow to the room
• Missing knobs on all cabinets
• Improperly installed fridge with missing components
• Missing doors in closet
• Scratched windows/stove surface
• Poor paint and drywall work throughout the unit
• Subpar tile work in bathrooms;
• Construction debris not cleaned up
• Customer care centre said that "as long as you have running water, the unit is livable" despite it would be cold and the rain/snow/wind would ruin the unit

 

[uto123]

I'm looking to buy my first home, would you be willing to share which builder/building you experienced these issues?

I disagree. The condo life is not worry free. If you bought a pre-sale condo, on the PDI day, you might be deeply disappointed. For example,
after thinking about all issues that I noticed on PDI day, I called the customer care centre, they said that "As long as you have running water, the unit is livable" despite that the window is broken!!!!! How could I live above 50 floors with wind/snow/rain leaking into my unit in Toronto?

Some findings (not inclusive all problems)

• Scratched wood floors.
• Damaged windows that link wind/rain/snow to the room
• Missing knobs on all cabinets
• Improperly installed fridge with missing components
• Missing doors in closet
• Scratched windows/stove surface
• Poor paint and drywall work throughout the unit
• Subpar tile work in bathrooms;
• Construction debris not cleaned up
• Customer care centre said that "as long as you have running water, the unit is livable" despite it would be cold and the rain/snow/wind would ruin the unit

 

[uto123]

I've never lived in a condo that doesn't cover heating/cooling/water/hydro.
Does anybody have an idea how much heating/cooling/water would cost on average per month for a 1+den unit?

It seems that all the buildings built by Tridel don't have these costs included in the maintenance fees.

 

[Auraz]

I've never lived in a condo that doesn't cover heating/cooling/water/hydro.
Does anybody have an idea how much heating/cooling/water would cost on average per month for a 1+den unit?

It seems that all the buildings built by Tridel don't have these costs included in the maintenance fees.

They use a private company called Provident Energy. Which is must better then Enercare the other private company taking over numerous condos downtown that over charge immensely. Provident Energy typically will charge $60-80/month depending on the time of year. Tridel buildings are built quite good for efficiency wise and numerous buildings of theirs win LEED certifications.

 

[PinkLucy]

I've never lived in a condo that doesn't cover heating/cooling/water/hydro.
Does anybody have an idea how much heating/cooling/water would cost on average per month for a 1+den unit?

It seems that all the buildings built by Tridel don't have these costs included in the maintenance fees.

My building doesn't include hydro. My condo is 1500 sq ft and I pay less than $100/month. That includes the hydro needed to run the fan on the HVAC. Time of use plays a major factor.

 

[uto123]

My building doesn't include hydro. My condo is 1500 sq ft and I pay less than $100/month. That includes the hydro needed to run the fan on the HVAC. Time of use plays a major factor.

Thanks, but does your condo include heat into the maintenance fees?
I'm not worried about hydro because it's not included in my current unit so I have a pretty good idea how much hydro I use per month. However, a couple of new units I'm looking at don't include heating/cooling/water along with hydro so I'm just trying to figure out approximate monthly budgets before I make any moves.

 

[PinkLucy]

Heat itself is included, but that doesn't do much good without the fan to push the heat/AC

 

[DSC]

Heat itself is included, but that doesn't do much good without the fan to push the heat/AC

My building is similar, the owners own the heat pump itself but the Corporation supplies the hot and cold water it needs. Our unit is ca 1600 sq ft and our average monthly Hydro is about $70 BUT we are on the south side so get more sun and I know owners on the north side usually pay more (or like it hotter/cooler than we do.) As noted above, the cost of Hydro can be (somewhat) controlled by only doing laundry and dish-washing in low Hydro price times.