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The podium reno for Claire Estates is coming along

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'Buyer Beware'

Also why I never want to own a condo...

My SO is unfortunately an owner in these buildings. Multiple special assessments since 2008 (when she bought in). I'm very curious to see how these buildings hold up over the next 10-20 years
 
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My SO is unfortunately an owner in these buildings. Multiple special assessments since 2008 (when she bought in). I'm very curious to see how these buildings hold up over the next 10-20 years
Ouch. Saw that a 900 soft unit had condo fees at over $1200/mo in that building.
 
No it's not.

I never wanted to own a condo for the exact reason of special assessments. Not everyone has your way of thinking Ian.

'my way of thinking'?

Maintenance and budgeting on a property, any property occurs, and is part of home ownership. The idea that folks that own homes don't have 'special assessments' is bad logic and a poor argument.

People defer maintenance or are unaware of needed work all the time and often get caught off guard or do not budget for all things.

You may have more control, but don't be fooled that you don't have 'common area fees'.
 
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'my way of thinking'?

Maintenance and budgeting on a property, any property occurs and is part of home ownership. The idea that folks that own homes don't have 'special assessments' is bad logic and a poor argument.

People defer maintenance or are unaware of needed work all the time and often get caught off guard or do not budget for all things.

You may have more control, but don't be fooled that you don't have 'common area fees'.I don't have an elevator in my house, as an example, or have to redo my roof because of poor
I'd rather have control of things then have a condo board go get an assessment that comes back at $30k because the elevators were poorly designed and are failing or the roof of the whole condo complex needs be re-done.

It's an to each their own kind of thing but don't tell people who don't want to own a condo that their logic is poor. They have their reasons.
 
You are missing the point though. All properties have degradation, risk of failure or replacement needs, have lifecycles and associated budgeting.
I'm aware.

But I'd rather not have to pay $30k out of pocket right away for a bigger building. I know my house will have to have work done on it but if my roof needs to be re-done, it's not going to cost me as much.
 
Fair, but having owned a condo for 19 yrs I've never had to pay a single special assessment, cut a lawn, buy a lawnmower, shovel snow, replaced a deck, paid for a gym membership, redone a roof, etc. etc.

Don't paint all condos with the same brush for there are many incredibly well run condos who have appropriate reserve funds, maintenance records and good value for monthly fees.

To each their own indeed.
 
Fair, but having owned a condo for 19 yrs I've never had to pay a single special assessment, cut a lawn, buy a lawnmower, shovel snow, replaced a deck, paid for a gym membership, redone a roof, etc. etc.

Don't paint all condos with the same brush for there are many incredibly well run condos who have appropriate reserve funds, maintenance records and good value for monthly fees.

To each their own indeed.
Oh for sure.

I almost bought a condo way back in 2010 and thank God for my lawyer who did their due diligence on my behalf. They basically told me to run and run fast from that condo. And guess what? That condo had a huge fire because of poor electrical work in part of the condo building. And the elevators were needing to be re-done and the bill was going to be very high.

If those buying do their homework, they can find good condos or houses for sure. All a matter of preference.
 

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