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by darryl42
3783 days ago
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How confident are you of not getting a multi hundred thousand dollar assessment when the condo starts leaking or otherwise falling apart? Owning a condo worries me, no control over the maintenance, no ability to do any changes to it, no space to start a family. |
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Vancouver was plagued by "leaky condos" in the 1980s and early 1990s, but that's over now: This happened due to a rapid expansion of condo construction using building designs suited for a drier climate. There have been no signs of problems in newer buildings.
Stata corporations are normally supposed to have depreciation reports prepared in order to identify upcoming costs; unfortunately these can be waived with a vote of unit holders, and most do. The best remedy here is to not buy a unit which doesn't have a recent depreciation report.
no space to start a family
In terms of $ per unit floor area, condos are cheaper than detached houses. Sure, you don't get a lawn... but you get access to lots of other amenities. I'm not convinced that raising kids in a condo is as hard as people think.