Hello, I am planning on buying a 1338 sqft condo a little off-island of the main city. It is not far from a highway hence, it will be pretty easy to travel to work. It is also located 5-7 minutes away from common transportation.
What does the condo offer?
- 2 parking garage (about the 2 spot, it's long parking not side by side)
- Storage (4x3' )
- Water heating included in the HOA fees (condo fees)
- Gym (with decent equipment)
- Outdoor pool
Since it is off the main island, the cost of the taxes and condo fees are cheaper than on the island. However, due to the suitably large condo space and since it is on the 4th floor the condo is expensive. Comparing to the condos around the area and homes. I would say it is actually priced to be at a fair price.
The condo is being built and we must make a decision to sign the contract or not by tomorrow (July 14th). For the curious, if you would like to see the floor plan of the condo CLICK HERE <--
I do not mind sharing the numbers, but I know it will be irrelevant to most of you. Though the condo is listed at 480K CAD and the HOA fees are roughly 350$/mo. Since it is new construction, it is hard to say if the condo fees will be as promised.
Just before asking my question, we plan to live in the condo anywhere between 5-8 years. Maybe more, but it is very hard to say. We also plan to maybe have kids eventually, the condo comes with 2 bedrooms we could use one for the nursery and split the living room for a small playground. Although, there are a park and a pool right in front.
Nevertheless, getting to my question... is it worth buying a large condo that is so expensive slightly off the main island? Or should I buy a smaller condo (I can afford the large one, but I will be saving roughly 4-8K/year ONLY).
The small condos around the area are usually around 900-1000sqft and they cost roughly 320-400K.
I know single-family houses appreciate faster than condos. Especially the stats in my area, but if I buy a larger condo vs smaller condo. Will it be a better investment than a smaller one? I am planning to live in it as mentioned for at least 5-8 years
What are your thoughts?
