you'll be far happier in a concrete building.
This I mostly agree with.
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Posted 30 May 2010 - 04:58 PM
Posted 30 May 2010 - 05:05 PM
I must say I agree with a point here. How do you compare a 1970's wood frame condo in Oak Bay, or anywhere within the Greater Victoria region to a brand new, Concrete building, with brand new appliances, brand new finishing, state of the art wiring and electronic set up, in many cases other amenities such as pools, media rooms, in some cases green intiatives, state of the art sound proofing and insulation and fire proofing etc etc etc. I'm sorry I've been around the block long enough to know if I was to shell out a few of my own bucks I would not be buying a wood frame condo for any price, especially from the 1970s when I could spend a little bit more and wind up with a brand new state of the art concrete condo.
If you aren't comfortable with purchasing on a presale, as has been indicated there are numerous deals to be had on recent developments such as Bayview, the Falls, I'm sure Aria still has some available as well. Or wait until Chard has completed the 834 if you are dead set on that building.
My advice is don't take these penny pinching price comparisons, you simply cannot compare a wood frame condo to a concrete structure condo, don't let pretty renovations on wood frame, for a few bucks less sway, you'll be far happier in a concrete building.
Posted 30 May 2010 - 05:14 PM
Well it's not that I don't want to purchase on a pre-sale, I just wasn't familiar with the reputation of the two companies building the two places I was looking at. And it's not that I'm dead set on the 834 either, it's just that the unit I'm looking at there is in the right price range for me ($250-), and has lots of windows :-D. The only problem is that it's going to be done end of 2011, so I just heard. A little too late for me. The longest I was willing to wait was beginning of 2011. I want to avoid renting if I can.
Posted 30 May 2010 - 05:19 PM
Posted 30 May 2010 - 05:38 PM
Well, it wouldn't be renting a few months, more like a year and a half. I move out beginning of July. Unfortunately pushing back the move isn't an option. We'll see, I go out to Victoria probably the second or third week of June to look around, so I have some time to make a decision. Closing just has to be 2 years from my move date.
Posted 30 May 2010 - 05:47 PM
Consider your options carefully. Remember, when you buy, if your mortgage payment is $1200, only $100 or a little less in the first few years is going to the principle. So that is the same as wasting $1100/mo. on rent. What I am saying is that don't consider rent of $1200/mo. equal to a mortgage at $1200/mo, with the mortgage so much more so as money well-spent. Consider the diffreence of $200/mo. so a year renting only costs you $2400.
Posted 30 May 2010 - 06:00 PM
OK that was worded a little awkwardly... Are you saying that if I end up renting for a year while I am also paying the mortgage, I'm in wasting almost double than if I had just rented? (I do realize that most of my mortgage payment is going to interest). If that's what you were saying, I realize if I am paying for a place that isn't finished yet, and have to rent at the same time, then I am not really an further ahead by buying. Unless I can find a REALLY cheap place to rent from (or live in a tent), and pay to keep most of my stuff in storage (I don't have a lot of things anyway).
Posted 30 May 2010 - 06:42 PM
Posted 30 May 2010 - 07:11 PM
Both of you (^^ and ^^^) are missing the point that a place in Oak Bay will fetch far more dollars than a condo downtown fronting the Trans Canada Highway and adjacent to the biggest nightclub/bar in BC.
There is a saying about "Location, location".
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Posted 30 May 2010 - 07:17 PM
Not comparing to The Falls but rather to show what could be done with an older condo. Keep in mind that some people may only have 275K rather than 399K.
What floor and what building was The Falls unit in?
Posted 31 May 2010 - 11:02 AM
Posted 31 May 2010 - 11:19 AM
$1200 mortgage = $100 principle payment.
$1200 rent = 0$ payment on any property.
So your "cost" of renting over owning is only $1200/yr. Do not buy prematurely because you want to save a year worth of rent ($1200 x 12 = 14,400), unless you carefully consider that that year of rent only costs you $1200 over and above buying really.
Posted 03 June 2010 - 02:53 PM
Posted 03 June 2010 - 03:07 PM
Posted 03 June 2010 - 03:12 PM
If want you a lifestyle similar to d/t Ottawa, stay away from Langford/ Colwood. It would take you hours to walk and maybe 45 minutes? to bike. It's close to the equivalent of living in Kanata or Orleans as far as commute and type of city.
I grew up in Ottawa. If there's a neighbourhood that appeals to you in Ottawa, I will do my best to advise you a Victoria equivalent.
Posted 03 June 2010 - 03:34 PM
Posted 03 June 2010 - 03:45 PM
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