50 replies to this topic

[Redd42]

 

 

We do, occasionally, discuss moving so we could have a little more space, and maybe a garage, but my interest in yard work wanes easily.    

 

I'm not keen on yard work but am even less keen on inefficent, incompetent condo management. I reported moisture damage to my suite exactly a year ago and work was only started to repair it in August. I've owned it 8 years but will be putting it up for sale in the new year. Yeah, I've been watching the prices fall over the year while I've been waiting for the repairs. But I will never again let other people have so much control over the conditions of where I am living. I was at the point of talking to lawyers over the situation.

 

In the interest of adding to the survey, in the time I have owned my unit, all my neighbours are exactly the same - all middle aged or older adults. So they have all owned their units (one 1 bedroom and two 2 bedrooms) for at least 8 years.

[VicHockeyFan]

  But, without the inheritance?  Probably still renting.  Sure, we could have saved up the money, but we had both spent many years in university living off of KD or beans, and both were pretty tired of that.

 

You'd be amazed at how many people buy or get into real estate by way of inheritance.  

[Nparker]

You'd be amazed at how many people buy or get into real estate by way of inheritance.  

I got into my place without the aid of an inheritance, but it has helped me with renovations, and eventually will ensure that my mortgage is paid off allowing me to retire at a relatively young age, with only strata fees and property taxes as major monthly expenses.

[sebberry]

You have set your lifelong financial prospects so low?  Are you a monk that has taken a vow of poverty?

 

Not everyone is on the same playing field when it comes to earning potential throughout their lives. 

 

 

I'm not keen on yard work but am even less keen on inefficent, incompetent condo management. I reported moisture damage to my suite exactly a year ago and work was only started to repair it in August.

 

I've referred to previous councils at my building as the "Stitch 'n bi___ club".  I was amazed one day where a fellow council member brought her knitting to the council table.  Another who was nominated to council a while back said to the residents that he "wants to be on council because I am nosy and likes to know what's going on".  Just the sort of person we need.

IME, councils are generally manned by bored retirees who know little more than how often the plants should be watered, and even then discussions on watering schedules usually dissolve into arguments.

 

We've been fairly proactive this year and dealing with issues past councils have neglected.  What do we get in return?  Complaints that too much is being done and too much money is being spent.  Well we're on budget and the toilets aren't backing up any more.

 

Some people refuse to be happy.  Or even content.

[Baro]

Yeah, the drama of condo councils is another big reason I think I'd never buy a condo, heard way too many horror stories.  I love having a landlord, a single contact that fixes and deals with everything quickly without politics or any extra money out of my pocket.  Building needs a new roof?  Elevator broke?  My oven is acting up?  None of it my problem!  And I believe in Victoria the rent vs buy time frame to come out ahead is more around 10+ years (if ever since that assuming constantly rising prices),  5 years is often thrown around as a rule of thumb,  but Victoria has a very high rent to buy ratio that makes renting very attractive.  Meanwhile in Calgary the opposite is actually true, rents are high compared to buying prices.

 

It's hard to find factual information on the subject,  but the main thing is to never trust a single thing Realtors, developers, or Canadian banks say.  They all have such desperately vested interests in pushing people to buy.  It's like asking an an engineering firm that only builds new bridges to advise you if you should build a new bridge or fix the old one, no one would be that foolish to take such advise on such a huge purchase.

[sebberry]

Yeah, the drama of condo councils is another big reason I think I'd never buy a condo, heard way too many horror stories. 

 

The property management companies need to take a better lead.  In my experience they're just not structured to effectively lead a council through the management of the building.  They really should have a framework or template that councils can follow for finances and maintenance, but ultimately it seems up to the council to ask the questions on what to do next. 

 

In the last 12 years we've been through four property management companies, thanks to councils that don't see the value in continuity in management. 

 

It's bad enough when the property manager changes, let alone when the company changes. 

[jonny]

Not everyone is on the same playing field when it comes to earning potential throughout their lives. 

 

 

 

I've referred to previous councils at my building as the "Stitch 'n bi___ club".  I was amazed one day where a fellow council member brought her knitting to the council table.  Another who was nominated to council a while back said to the residents that he "wants to be on council because I am nosy and likes to know what's going on".  Just the sort of person we need.

IME, councils are generally manned by bored retirees who know little more than how often the plants should be watered, and even then discussions on watering schedules usually dissolve into arguments.

 

We've been fairly proactive this year and dealing with issues past councils have neglected.  What do we get in return?  Complaints that too much is being done and too much money is being spent.  Well we're on budget and the toilets aren't backing up any more.

 

Some people refuse to be happy.  Or even content.

 

I started serving on the council of a small complex (15 units) within the past year. The President is a real piece of work. A retired control freak lawyer who thinks she can bully any and everybody into fulfilling her agenda. It has gotten so bad that people have left council because they can't bear to work with her and the VP is thinking of stepping down citing her as the main reason. Owners are looking at finding ways of getting her out.

[VicHockeyFan]

Ya I love realtors, there is never a bad time to sell. Or buy. Really?

[KAS]

Council shenanigans can be a big deterrent to strata life.  When we were searching, and it became evident that strata ownership was where we were heading, we both said 'no more than 4 units', thinking one of those Fairfield mansion conversions.  And here we are in a 62 unit building!   Luckily, we've had excellent, pro-active and engaged Councils over the last years - with new people joining every year.  And a good management company.   Of course, it may help that I work in government, and am used to a certain amount of round-table wheel spinning before anything really gets done. 

[http]

You have set your lifelong financial prospects so low?  Are you a monk that has taken a vow of poverty?

 

Set?

 

SET?

 

Tell me, what should I set my financial prospects to?  And while we're at it, am I permitted to retain a realistic perspective based upon how my prospects have changed in the past?

 

If only I had known it was as easy as changing a setting...

[sebberry]

I started serving on the council of a small complex (15 units) within the past year. The President is a real piece of work. A retired control freak lawyer who thinks she can bully any and everybody into fulfilling her agenda.

 

That seems to be a big issue.  You get someone at the helm who is too dead set on trying to set the tone for the building that they lose sight of managing the assets. 

 

My agenda is not one of policing the owners but rather ensuring the building is maintained. 

 

I was pulling out of my parking garage one day and the then council president stopped me like a traffic cop to scald me for not flattening a cardboard box properly that I discarded in the recycling.  (It had my address on the label). 

 

I find myself constantly encouraging other council members to not be so petty.  Let people live their lives.  If there's a genuine problem we'll deal with it, otherwise we need to be a little more understanding of the fact that this is where people call home. 

[AllseeingEye]

I bought my Fairfield condo in 2007 (peak of the market...sigh...who knew?) and moved 4.5 years later due to the fact I got married, became a step-dad and along with my new daughter inherited responsibility for a dog and a cat - none of which, a child under 16, dog or cat - were or are allowed to reside in the condo.

 

My wife and I reside/own a duplex on the Esquimalt-View Royal border which we own. Its actually slightly smaller than the condo, 1250 s/f vs 1400 s/f in the condo, but of course comes with a front and back yard. We are looking at selling that within 12 months and moving to a larger townhome. BTW I still own the condo which I am putting on the market in January-February timeframe so if anyone is interested in a large top floor, 2-bdm, 2-bath, split level condo two blocks from the CSV ping me a message, lol.

 

As mentioned by others have to admit the strata at the condo can be a gigantic PITA; as the new President said to me some months ago when I broached the verboten topic of renting it out "Well you know our role is really to maintain the status quo so its unlikely you'd get the needed support....." blah blah blah.....

[Nparker]

I was pulling out of my parking garage one day and the then council president stopped me like a traffic cop to scald me for not flattening a cardboard box properly that I discarded in the recycling...

Ouch! That's one mean mofo of a council president; throwing boiling water on you for not flattening your cardboard box. We're strict at my complex but not quite that bad. 

[vicernie]

I moved into a leasehold complex in Fairfield 11 years ago.  about $100,000 less than a comparable strata condo.  big advantage - no strata council.  the building management company does what has to be done; the leases will revert to the building owner in another 60 years.

[jklymak]

^ Who pays the management company? 

[James Bay walker]

Ya I love realtors, there is never a bad time to sell. Or buy. Really?

Well, that's better than stock brokers imo.  Their absolutely most pessimistic recommendation often consists of:  'hold' (never 'sell' or cash-in).  In an abysmal bear market they're willing to advise you to pause in investing more money in the market but never want you to exit.

 

jbw

[LJ]

 

 

We've been fairly proactive this year and dealing with issues past councils have neglected.  What do we get in return?  Complaints that too much is being done and too much money is being spent.  Well we're on budget and the toilets aren't backing up any more.

 

Some people refuse to be happy.  Or even content.

 

Let me help you with that...

 

http://make-everything-ok.com/

[pherthyl]

And I believe in Victoria the rent vs buy time frame to come out ahead is more around 10+ years (if ever since that assuming constantly rising prices),  5 years is often thrown around as a rule of thumb,  but Victoria has a very high rent to buy ratio that makes renting very attractive.  Meanwhile in Calgary the opposite is actually true, rents are high compared to buying prices.

 

It's hard to find factual information on the subject,  but the main thing is to never trust a single thing Realtors, developers, or Canadian banks say.  They all have such desperately vested interests in pushing people to buy.  It's like asking an an engineering firm that only builds new bridges to advise you if you should build a new bridge or fix the old one, no one would be that foolish to take such advise on such a huge purchase.

 

Not that hard to find information on the subject.  Take the place you want to buy and the place you are renting and calculate the rent vs buy numbers using a tool like this one: http://members.shaw....-or-buy-v6a.xls   or this one:   http://www.nytimes.c...lator.html?_r=0 (you'll want to adjust a few of the advanced settings to make it appropriate for Canada).

Important is that those places don't have to be equivalent.  Many people will rent a cheaper place than they would consider buying since the renting will be temporary, so you might find yourself comparing renting an apartment or duplex to buying a house.

Run them through a few scenarios to find at what point it makes sense to buy (i.e. at some threshold of price change or interest rate change).  Then estimate how likely those scenarios are and make a decision based on what you will be able to live with.

 

As for not trusting Realtors/developers/banks, that's a bit simplistic.  They have lots of good information, just take into account their strong bias when considering it.  

Edited by pherthyl, 02 January 2014 - 10:30 PM.

[jklymak]

Important is that those places don't have to be equivalent.  Many people will rent a cheaper place than they would consider buying since the renting will be temporary, so you might find yourself comparing renting an apartment or duplex to buying a house.

 

Of course it doesn't have to be equivalent.  You could compare sleeping under the bridge to buying an Uplands mansion if you want. That doesn't help you value a property. If you are willing to take a lifestyle hit, the appropriate comparison is how expensive it is to rent an apartment versus buy an apartment and move in five years (or whatever your timeline is).

[pherthyl]

Of course it doesn't have to be equivalent. You could compare sleeping under the bridge to buying an Uplands mansion if you want. That doesn't help you value a property. If you are willing to take a lifestyle hit, the appropriate comparison is how expensive it is to rent an apartment versus buy an apartment and move in five years (or whatever your timeline is).

Well we would never buy a condo so calculating what it would cost to buy one would be completely pointless. But living in a apartment for a couple years is ok in order to save the down payment so that's what we did. If you want to make a sensible decision then you have to use what you are actually renting and what you are actually thinking of buying.

Sure if you like you can put in the condo under buying, but trying to find an equivalent condo is sometimes impossible. What condo is equivalent to renting in one of the many 60s apartment blocks? Even if you wanted a condo you likely wouldn't buy anything that old, so again comparing the equivalent place is pointless.

Edited by pherthyl, 03 January 2014 - 10:03 AM.