Quote:
Originally Posted by bizaro86
The owners of a condo own the land in proportion to their overall interest. So if your unit has 1/20th of the unit factor in the building, you own 5% of the land. There is an argument to be made that 1/20th (or whatever) of a lot in the inner-city might be a better investment than 100% of a lot out in the burbs that was recently converted from farmland.
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Might be, assuming you can find someone to buy it that doesn't read the strata board minutes properly and so doesn't realise what a shoddy peice of crap most condos are, they are built like cheap DVD players, just well enough not to break until the warrenty expires.
Also the condo market is primarily to younger buyers who want a shiny new place, therefore old condos, even well built ones lose value quickly (although ironically the only well built condos I ever saw were the ceder clad apartments they built in the 70's out here).
No I'd rather own my house, it may be a piece of crap house, but for reasons I will never understand, basic upkeep and maintenance is cheaper.
I can put a new roof on my house for 10 grand, my mates condo gets a tar a gravel reroof and they all get hit for 15 grand. Everything about condos in BC is a rip off, the price is stupid, the things badly built and even the repair costs are a rip.