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Got my first property

Neutrino

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I got my first property a few weeks ago. It's a 2 bedroom, ~1050 sq. ft. (living space) in an older Thornhill building. The unit is nicely renovated too and the building has been well maintained over the years; short drive from a GO station; one parking spot. Most people in the building are retirees. The only downside is that the maintenance is nearly $1/sq. ft. because it's an older building. However, all utilities and parking are included. And it's still way cheaper than rent for any 2 bedroom these days. Haven't moved in yet. Thoughts?
 

DSC

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Glad you have a new home but not sure you should worry about the maintenance just because of cost. If the building is properly maintained and has a good Board and Manager you should count yourself lucky. FAR better to pay for repairs before (or as) they are needed and not make ad hoc repairs as these will, eventually cost more! Read the latest Reserve Fund Study and pay attention to how building is run, stand for election to Board if you have time. Enjoy!
 

TheKingEast

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In a newer condo you’d be paying close to that with utilities excluded. You likely have better build quality so consider it a win. How old is the building?
 

Neutrino

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Indeed, the low maintenance fees (like $500 and under) are often misleading because sellers and their agents always try to gloss over whether that includes utilities. The building is just over 40 years old.
 

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