Ira, you speak well and truthful. I live in a condo and am living what you talk about. Just went through the exterior remediation and knew what I was in for when it finally got underway. It was a lengthy, expensive and a disruption to day to day living. Fortunately I’ve always done my due diligence and understand how to read a deprecation report and what is about to come. I knew the exterior remediation was imminent and would be a big chunk of change when I bought, just as the pandemic was declared. Supply issues and labour shortages to do such work are becoming a real issue. Our building was fortunate to get even a single quote to do the extensive work. The company we hired did an incredibly awesome job. Thanks for your always good advice.
Thank you for sharing your experience, I think we will hear a lot more similar stories in the years to come as these buildings come up for large repairs.
Old condos don't seem like I good investment now, in my opinion. Besides the condo maintenance issues you pointed out condo value doesn't grow much. If the Real Estate Market is on a downturn this year, which seems likely given there is a 50% drop in house sales in Victoria from last month, these condos would be available cheaper. Some of these locations are definitely tempting though.
Ira, you speak well and truthful. I live in a condo and am living what you talk about. Just went through the exterior remediation and knew what I was in for when it finally got underway. It was a lengthy, expensive and a disruption to day to day living. Fortunately I’ve always done my due diligence and understand how to read a deprecation report and what is about to come. I knew the exterior remediation was imminent and would be a big chunk of change when I bought, just as the pandemic was declared. Supply issues and labour shortages to do such work are becoming a real issue. Our building was fortunate to get even a single quote to do the extensive work. The company we hired did an incredibly awesome job. Thanks for your always good advice.
Thank you for sharing your experience, I think we will hear a lot more similar stories in the years to come as these buildings come up for large repairs.
Good info!
Old condos don't seem like I good investment now, in my opinion. Besides the condo maintenance issues you pointed out condo value doesn't grow much. If the Real Estate Market is on a downturn this year, which seems likely given there is a 50% drop in house sales in Victoria from last month, these condos would be available cheaper. Some of these locations are definitely tempting though.
Absolutely. SFD will always perform better but if the choice is renting vs owning an old condo, I think it's still a better investment.
😅Excellent advice.