Three-bedroom madness

[creative]

If I save each year to spend on maintenance for my SFH and move to another house after so many years, my personal saved maintenance fund moves with me. The portion of my condo fees that go into the reserve fund, stay in the reserve fund when I move.

[MidTowner]

If I save each year to spend on maintenance for my SFH and move to another house after so many years, my personal saved maintenance fund moves with me. The portion of my condo fees that go into the reserve fund, stay in the reserve fund when I move.

This is a pretty good point.

In a healthy market, buyers would take into account the amount the condo board has in reserve, and this would be reflected in the sale price you could expect. In reality, we know that not all buyers think about the financial health of the condo corporation at all (hopefully this is changing in the more balanced market we're in as compared with four or five years ago).

[danbrotherston]

If I save each year to spend on maintenance for my SFH and move to another house after so many years, my personal saved maintenance fund moves with me. The portion of my condo fees that go into the reserve fund, stay in the reserve fund when I move.

This is a pretty good point.

In a healthy market, buyers would take into account the amount the condo board has in reserve, and this would be reflected in the sale price you could expect. In reality, we know that not all buyers think about the financial health of the condo corporation at all (hopefully this is changing in the more balanced market we're in as compared with four or five years ago).

I absolutely reviewed the reserve fund study for my condo before I moved in. But I also had a home inspection done on our house before I moved in and negotiated a lower price because there were several maintenance items (roof, furnace) that were 17+ years old.

I don't think "moving my maintenance fund with me" actually matters, unless you think you can convince someone to buy your old property while it is in a state of deferred maintenance, without pricing that maintenance into the price.

[Joedelay Highhoe]

There's also the fact that detached homes are significantly more expensive than condos. I can't imagine many people would prefer to live in a 3 bedroom condo compared to a detached house if the prices were comparable.

[tomh009]

I did have the "one-time" reserve fund top-up fees come up when I owned a condo which I didn't appreciate, along with rising condo fees but that's standard I guess across the board

Much like a surprise air conditioner failure in a SFH, for example.

Reserve top-ups usually happen if either the condo fees have been too low to cover future repair needs, or the board has used the reserve fund for routine maintenance items.

[plam]

There's also the fact that detached homes are significantly more expensive than condos. I can't imagine many people would prefer to live in a 3 bedroom condo compared to a detached house if the prices were comparable.

I absolutely prefer to live in a townhouse than a detached house and not have to deal with snow removal (which should be municipal, but that's another story). Also, gardening is possible in the back here.

[MidTowner]

There's also the fact that detached homes are significantly more expensive than condos. I can't imagine many people would prefer to live in a 3 bedroom condo compared to a detached house if the prices were comparable.

Hard to say since there are very few three bedroom condos.

I just did a quick search on realtor.ca filtering for three bedroom apartment-style condos. Very little available. Downtown, there are only two plus den units, all listed in the $600,000-$800,000 range. In Waterloo there are actual three bedroom apartments, but few and expensive: one at Seagram Lofts listed at $1.3 million; one at Red (1850 square feet) listed at $1.55 million; one at 144 Park listed at $900,000.

[panamaniac]

Condo fees is not a benefit. Condo fees pay for maintenance of the property, you still have to pay for the maintenance of the property. Whether you pay 400 bucks a month or if you pay 30k every 15 years for a roof plus 7k every 15 years for a furnace, plus... .etc etc. It's a different mindset (you must save up yourself for these costs), but to say "it's a benefit" implies you are saving money somehow, which is simply not true.

Noise and smells has much less to do with the form of home than it does the construction of the home and the nature of your neighbours. The noisiest homes I've ever lived in have been single family homes, my neighbours growing up had a pool, every summery rowdy boisterous parties, in the back there were baseball fields, later my home in Kitchener had a noisy complex next door, and old windows which didn't block out the noise. On the other hand every apartment I've lived in has been filled with seniors who were quiet as a mouse, and built with significant noise proofing.

The others are valid points to be sure, and if you prefer a SFH, that's fine, but it's important to be realistic with why. Not every decision has to be objective, preferences are valid reasons.

Yup as I said to each their own and it depends quite a bit on your experiences as noted - both have their pro's and challenges, one thing I just thought of as a pro for condo's is if you travel alot, it's much easier to lock the door and not have to worry about daily/weekly maintenance as you would in a SFH

I did have the "one-time" reserve fund top-up fees come up when I owned a condo which I didn't appreciate, along with rising condo fees but that's standard I guess across the board

That surprises me.  I thought condo special assessments had to be for specific projects.

[danbrotherston]

Yup as I said to each their own and it depends quite a bit on your experiences as noted - both have their pro's and challenges, one thing I just thought of as a pro for condo's is if you travel alot, it's much easier to lock the door and not have to worry about daily/weekly maintenance as you would in a SFH

I did have the "one-time" reserve fund top-up fees come up when I owned a condo which I didn't appreciate, along with rising condo fees but that's standard I guess across the board

That surprises me.  I thought condo special assessments had to be for specific projects.

That's the typical example, but they can also be to bring the reserve fund up to the required level.