House vs. Penthouse Condo

Having a bit of a dilemma lately...
Looking to get a place but really not sure what to go for.

Please keep in mind that I'm 25, single (girlfriends come and go), and my brother will probably move in with me. Also, I can't cook for shit.


House pros:
(MOST IMPORTANT) - Better investment, easier to resell, higher ROI
- More privacy, private garage, no neighbors
- Double the space than the condo, able to have a dedicated office
- Better for barbecues, parties, making noise, etc...


Penthouse pros:
(MOST IMPORTANT) - Central (walkable to a bunch of restaurants, bars, movie theater, groceries)
- Less maintenance (but condo fees will still be expensive)
- Better views (11th floor), floor to ceiling windows, more natural sunlight
- About 200-300k less expensive than a house
- Will be ready sooner
- More cosey (definitely don't think I need that much space)


While almost every unit in the condo has sold, the penthouse is still available. (makes me question resale)
They keep building more and more condos in the area, and many people are saying there might be a condo crash because of oversupply.


I will be living in this probably 5-6 years and then moving on.

Let me know what you think!

[NaughtyRob]

If you are talking about Montreal, you should talk to people that know the area. But I can tell you this, a house is a lot more shit to deal with.

[WarChild]

Man if only there were people to talk to that specialized in this kind of thing. Like some sort of agent or something for real estate. Man tough one.

Originally Posted by NaughtyRob

If you are talking about Montreal, you should talk to people that know the area. But I can tell you this, a house is a lot more shit to deal with.

For the same amount I would be paying condo fees (4k/year), I could easily hire a gardener, pool guy, snow removal, etc...

[BlackCrayon]

i think i would go with the penthouse, as long as its nice. pretty easy to pick up chicks and just walk up to your place. though personally i'd probably go with a house because i like to have a backyard.

[OneHungLo]

You're young, so I would go with the city life and penthouse for sure.

When you're sick of the city life move out to the burbs and get yourself a house.

[moeloubani]

Originally Posted by WarChild

Man if only there were people to talk to that specialized in this kind of thing. Like some sort of agent or something for real estate. Man tough one.

[JFK]

Originally Posted by bdjuf

For the same amount I would be paying condo fees (4k/year), I could easily hire a gardener, pool guy, snow removal, etc...

I would go for the house, you will be forever paying that maintenance fee

[camperjohn64]

I own a house. Great investment. I should have purchased a condo, then moved to a house 5 years later.

Forget the house for now - you have plenty of time to start investing when you're 32.

- Get the condo. Don't worry the penthouse hasn't sold. It just means people can't afford it. That isnt you.

- Decide in 4 years if you want to keep the condo or move up to a house.

- Learn to cook

Advice from someone that has been there did that, but should have done that and not been here.

[NickB.]

penthouse, youre 25 and ballin' you dont want a woman to think you are ready to start breeding yet ( which a house will show )

[qwe]

house for sure, I been to many friends condos and the space is tiny compare to the house... you won't be able to turn on music loud, you going to smell what other people cooking (prey you won't have chineese or indian neigboors), can't have decent parties because of the noise, you have to carry food from underground garage all the way to the room (a case of water you can leave it in the garage in the house, but in a condo you still need to carry it to the elevator and then from elevator to the room), your maintenance fees will go up every year (the older condo gets the more fees), you will not have a basement either.... and I don't get people who say "easy single life bang chicks bla bla", you can do all that even better and more comfortable in the house... and for me personally I rather drive 30 min to the clubs/bars then just live right there... also back in a day (in toronto area) if people had money for both and bought a 300k condo, it's probably 400k now but people who bought 500k house it's at 750k right now, just something to think about

[woj]

If you are going to buy a condo, you might as well rent and invest the $$ elsewhere...

after taxes, condo fees, 5% realtor fee to sell it + considering you will probably have difficulty unloading a penthouse condo in 5 years, etc, you will end up making fuck all on the deal...

[Bull Smoke]

While the idea of having a house sounds great, I've had both and have always been happier in condos. The Canadian real estate bubble will pop soon, so I'd probably wait before doing anything. The last things to fall will be the centrally located condos. I know there is a huge supply, but the trend seems to be moving into the city where everything is easily accessable by foot, especially with super high gas prices.

[BareBacked]

How much is the penthouse? Sometimes the higher end condos are better value in the same building. There is only a limited number of penthouses so they add one some cash..


I would suggest the condo route at your age. Leave the house for something to look forward too when you settle down, have kids etc,

Condo is going to be less hassle and in a better area for your lifestyle.

[BareBacked]

Originally Posted by bdjuf

For the same amount I would be paying condo fees (4k/year), I could easily hire a gardener, pool guy, snow removal, etc...

Not really

Roof needs replacing $8k
Pool needs resealing $5k

Pool guys is $100 a month and so is garden dude
thats $2400 a month right there

The house will be brand new, so I doubt I'll be spending anything on the roof or pool during the first 6-7 years I'm living there.

The penthouse including 2 parking spots will cost about 600k, and is 1900 sq ft.
Floor plans here: http://www.condosviva.com/DATA/MODELE/16.pdf

[BareBacked]

Originally Posted by bdjuf

The house will be brand new, so I doubt I'll be spending anything on the roof or pool during the first 6-7 years I'm living there.

The penthouse including 2 parking spots will cost about 600k, and is 1900 sq ft.
Floor plans here: http://www.condosviva.com/DATA/MODELE/16.pdf

Brand new is dif boat for sure.
They still build brand new houses in an area you want to live in up there?

[thickcash_amo]

Originally Posted by camperjohn64

I own a house. Great investment. I should have purchased a condo, then moved to a house 5 years later.

Forget the house for now - you have plenty of time to start investing when you're 32.

- Get the condo. Don't worry the penthouse hasn't sold. It just means people can't afford it. That isnt you.

- Decide in 4 years if you want to keep the condo or move up to a house.

- Learn to cook

Advice from someone that has been there did that, but should have done that and not been here.

Exactly

[tony286]

If you are thinking to go with the condo. Ask to see condo assoc balance sheet, a copy of the hoa rules. How often are special assessments and how much?(dont want to move in and one month later they are calling for a 50k special assessment) When is the next major thing the assoc will have to do and how much will it cost? How much does the hoa have in reserves? How much are hoa fees and how much do they go up every year? How many delinquents does the community currently have? These are things Realtor wont volunteer and dont accept vague bullshit answers for any of those questions..You can learn from my pain lol.

[Aleksandr]

You listed more PROS with the condo... GO WITH THE CONDO!

[NALEM]

Originally Posted by tony286

If you are thinking to go with the condo. Ask to see condo assoc balance sheet, a copy of the hoa rules. How often are special assessments and how much?(dont want to move in and one month later they are calling for a 50k special assessment) When is the next major thing the assoc will have to do and how much will it cost? How much does the hoa have in reserves? How much are hoa fees and how much do they go up every year? How many delinquents does the community currently have? These are things Realtor wont volunteer and dont accept vague bullshit answers for any of those questions..You can learn from my pain lol.

Good advice from Tony

[Fornicating]

Apartment.
Monthly fees
Housing rules, including no loud music
Barbecue for 20 people, book the shared party area in advance
Pool, every single neighbour pissing in it
Car parking space, limited
No control at all if your Apartment increases or decreases in value
No private garden
Little control over home improvements
Elevator breaks down, walk
Problems with the build, try and get it repaired by the company that built it, yea!
Fire.... jump

Yea buy an Apartment to live in, sounds great.

[L-Pink]

Rent. If you have good references and can pay a years rent in advance the deals are everywhere. Buy when you know what you want/need.

[BareBacked]

PS congrats thats a nice place..
You still mainly doing domain flips?

[epitome]

It depends on how loud you want to be.

[ravo]

Originally Posted by tony286

If you are thinking to go with the condo. Ask to see condo assoc balance sheet, a copy of the hoa rules. How often are special assessments and how much?(dont want to move in and one month later they are calling for a 50k special assessment) When is the next major thing the assoc will have to do and how much will it cost? How much does the hoa have in reserves? How much are hoa fees and how much do they go up every year? How many delinquents does the community currently have? These are things Realtor wont volunteer and dont accept vague bullshit answers for any of those questions..You can learn from my pain lol.

All this stuff should be covered off in your offer, and reviewed by a lawyer before you go firm on your offer. Just make your offer conditional on a status certificate, and reviewed by lawyer - it's pretty standard.

As someone that's moving from rural to an downtown condo, I'd advise it all comes down to lifestyle. Do you want to be close to everything and walk, or have a bigger home/yard, and drive everywhere? - your choice.

If I was 25, I'd go downtown, especially if you plan on being there 5-6 years - In Canada, you'll make money on real estate in that time period for sure.

[fuzebox]

At your age, hands down the condo. No reason to get a house for like 10 years yet

[camperjohn64]

Originally Posted by fuzebox

At your age, hands down the condo. No reason to get a house for like 10 years yet

Listen to this! This is the truth.

I'm 43 and single. I bought a house. Get the condo.

[Spunky]

Ballers buy both,rent out the Penthouse

[WebCashMaker]

I know I read that you said all the condos in that building are sold out, except the penthouse.

I bought both, but not a penthouse condo.

My condo is my city bachelor pad and I bought a beach property that I can take my time building a great house to party at. Been working on the house for 2 years now and enjoying it. I am still able to use it because I have guest house to use while I build the bigger house.

[waltgator]

condo-penthouse

[raymor]

Condos generally go down in value. Houses go up.
So the question is, lose money or make money?

You said you have to chose between a cozy condo or a much larger and more expensive house.
You could choose a cozy house that you will still be able to afford when you're processor goes belly up or whatever shit happens. We know what will happen, but we do know that shit happens. If you're successful at 25, sad I was, you can't help but feel that you'll keep having things work for you. You are not immune, so some form of shit will happen to you.

That implies that throwing away $200,000 that you'll need later on condo fees is not a good idea. Invest in an asset that will appreciate. A house, if you must live in your money, or traditional investments if you'd rather retire early than live large now and regret it later.

I speak from experience, from my own mistakes. The US is fucked because the government and the voters were short sighted with money. The asians, who think long term, own our asses.

[raymor]

Oh remember real estates agents work for the sellers. They are sales people. Sales people selling $xxx,xxx products, so many I them are very, very good at getting people to buy. A 25 year old talking ti a good real restate agent is like a gazelle talking to a cheetah - be careful. They smile at you, but they are NOT your friend. When they are talking to you, their job is to get you to spend as much money as possible, as soon as possible.

One last thought - if you're 25 with money, a Dave Ramsey class will probably be worth literally a million dollars to you. I took it after several people highly recommended it. If I had taken it when I was 25 my net worth would be four times what it is today.

[Chosen]

Get a bunker

[HomerSimpson]

kids = house
no kids = condo

Thanks for the advice everyone!

[J. Falcon]

Go with the house. There is nothing like waking up in your house and walking into the backyard for some fresh air.

[fuzebox]

Americans should take note that the real estate market in metropolitan Canadian cities is nothing like in the USA, especially with condos.

[Rochard]

Originally Posted by bdjuf

definitely don't think I need that much space.....

You say that now, but when you decide you need the space you won't be able to magically create it. Right now your single and that's fine, but two years from now you might be married with two kids and needing all of the room you can get.

[Kenny B!]

Condo! My first place was a condo in Old Montreal and I loved it, served me well for many many years. I held on to it and rented it out once I moved to the burbs a couple years ago and recently unloaded and did very well. You can make great money on condo's especially in mtl.

If you don't have a wife or kids don't start with the headache of a house in the burbs. What area of town are you looking at moving to?

Hey Kenny,

the condo will be in Centropolis Laval (downtown of laval). About 20 restaurants, 20 stores, gym, supermarket, bakery, outdoor chilling areas with fountains, etc... all within walking distance, and 10 seconds from the highway 15

[Herb Kornfield]

I have an acre of land and a 4 bedroom house ...Also after a divorce a single man at 38 and I can say ... a house ROCKS.

1. I'm planning an Old School Keg party on my grounds for this summer. ( yards out front and back for camping + general hell raising. Cant do that in a condo ... try putting a tent up.

2. Chillin at the firepit on the patio at night with babes more often than not. They LOVE to see you have a house ... screams you have a tight game. Condo screams you renter.

3. Fireplace in the living room ... Ballin' and the site of a few really nice times with the ladies.

4. Equity. Yes, I have a lot of upkeep ...but, I have over $200k in equity on $400k house. apporx 50% paid off ... been here 2 years in this house. Resale vaule now is $380k which I have lost a little ...but, owning the land as well knowing things will go up in time i'll make out.

5. This is my home. I can add / remove / trip out whatever I want without permission of a board. Done the condo thing and getting approvals ( or told no ) sucks balls.

Bought my 1st house at 24 and this is my 5th. Each time I made a move to where now I call a very nice area home with $2m+ homes nearby, historic homes, Farms and alot of protected lands.

I'd go house every time.

[camperjohn64]

Originally Posted by Herb Kornfield

I have an acre of land and a 4 bedroom house ...Also after a divorce a single man at 38 and I can say ... a house ROCKS.

So that should pretty much settle it - get a condo.

Unless you want to be a divorced 38 year old single man living alone on an acre of land.

(sorry I just had to)

[GTS Mark]

When i was 25 i had a penthouse condo in downtown Vancouver. Was awesome!!! Great location, almost no upkeep or maintenance and had people over non-stop for drinks and entertaining.

It sounds like you are now where i was then :-)

Go have fun and buy a house with a chick (or guy depending on your sexual orientation) when you get a bit older and ready to settle down.

[WiredGuy]

Don't forget ongoing maintenence costs, condos have property taxes and condo fees. Houses you have to maintain yourself or pay someone to. Should factor those costs into your priorities too. Personally, I'd go for the house if you're looking for a 5 year term. Better potential for profit...
WG

[96ukssob]

thats a tough one, especially being close to bars and shops and walking to things.

I can tell you I made the same decision about a year ago. I could of bought a townhouse close to a spot I go often to eat and booze, however I thought about it and figured Id probably regret not having a house without neighbors and being able to do what I wanted to it.

A year later im still very happy with my decision. im adding a bigger back porch on and an outside kitchen.

You have to think what you want. do you plan on getting married and having kids? house would probably be a better decision

I do plan on getting married and having kids, but not anytime in the near future

[Goldmaniacs]

two words to think about, home invasion

[BareBacked]

Are the new houses all out in the suburbs and you now life in the city?

I cant see you being happy at your age living out in the burbs..

What I did:

I'm 30 years old. The last couple years, I've been in a Penthouse. It's a decent size of 2200 sq feet. It's a beautiful place and has lots of perks. For 1-3 years, you'll love everything about it but as time goes by, little things will irk you: elevator to the car, the distance from your car to the garage, bringing groceries up, walking to grab the mail, having to go down to the ground floor to let people in, etc. My suggestion: Rent the Penthouse if possible and enjoy it's perks until you decide you need more to yourself.

2 years later, I'm moving into a much larger home. I'm looking forward to having a yard, my own garage, etc. But also realize I now have a little girl, I am married and I've lived the penthouse life for a couple years. Overall, the home purchase may be the best from an investment standpoint, as a penthouse is a really niched dwelling.

Summary: Get into that penthouse and enjoy the shit out of it! You have plenty of time to want to move to the burbs. Who knows: Maybe the penthouse living is what you want for good, but you'll never know to you take the plunge.