Main Entry: con·do·min·i·um
Pronunciation: "kän-d&-'mi-nE-&m
Function: noun
Inflected Form(s): plural -iums also con·do·min·ia /-nE-&/
Etymology: New Latin, from Latin com- + dominium domain
3 a : individual ownership of a unit in a multiunit structure (as an apartment building) or on land owned in common (as a town house complex); also : a unit so owned b : a building containing condominiums
Main Entry: mort·gage
Pronunciation: 'mor-gij
Function: noun
1 : a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. Also known as the money that one pays out to live in the aforementioned definition of condo.
That's right. Our apartment building was sold last month. The new owner seemed like a nice enough guy. Until last night when our building manager John came upstairs to tell us that our new owner is "selling" his apartments for investor properties. In other words, the building is going condo. Merry Christmas boys and girls.
We have first option of buying our apartment, at a "fair market value", and as much as we were looking to get into a mortgage in the first place, this wasn't where we wanted to do it. Of course, we don't want to have to move in the middle of winter either. Nothing will happen without 3 months notice anyway, the rent won't change, and they can't make us move before then. If we don't buy, then we could get some new owner who wants our suite, or won't fix anything, or half a dozen other possibilities we can think of. (And have ... mostly in the wee hours of the morning.)
So back to the fair market value thing. We have a 3 bedroom apartment, on an upper floor, with a balcony. It's a big space, I would estimate it at 1200 sq.ft. I'm betting on $200,000. The apartment we used to live in downstairs is a 2 bdrm that is now on the block for $147,000. I think I will revise my estimate to $225,000. There's some repairs that need to be done, maybe that will reduce the value a little. I don't know.
Andy was so upset last night, he didn't even eat his dinner. He tends to look at the absolute worst side of things first, a "the-glass-is-EMPTY" kind of guy, and nothing I could say or do last night would persuade him otherwise. He has reason to worry, we are paying off 2 vehicles right now. Plus other assorted expenses. Will we qualify for a mortgage? Do we have enough saved for a down payment? Apartments are scarce right now, with the vacancy rate the lowest its been in 20 years.
Then there will be condo fees too. Sigh.
3 comments:
Oh honey! I feel for you. However, if a single gal working at Home Depot, with a car loan on the go, can get a mortgage with a teeny tiny down payment, then a family like yours with double income can get one too. Check into the First Home Buyer's Program - it's got lots of info, and you can use RRSP $$ without penalty towards your down payment. I think the website is CMHC.ca, but don't quote me. Google...
Get out as fast as you can! Save yourself the hassel and don't buy a condo. Rob and I used to live in a condo which was a older building, needless to say the condo fees were nearly $300 a month, combine that with the mortgage we were paying and your had the mortgage payment for a house!
Your best bet is to buy a sigle family house or a townhouse like we have that you don't pay any condo fees on.
Oh by the way there are 2 for sale in my neighbourhood. The one 2 doors down is 1200sqft. with 3 bedrooms, 1 1/2 baths, unfinished basement, huge back yard-they've listed it for $289000.
Thanks for the website - I've looked at it already ... We are out as I type this. We're looking to see what's available, and have an app't to talk mortgages. Keep you're fingers crossed !!
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