Yikes, did you consider the possibility of the place regressing towards the mean after your purchase?
http://en.wikipedia.org/wiki/Regression_toward_the_mean
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What's the cost to run a condo?
- Thread starter nobbie48
- Start date
Yikes, did you consider the possibility of the place regressing towards the mean after your purchase?
http://en.wikipedia.org/wiki/Regression_toward_the_mean
I couldn't understand the big words in Wiki but;
A property manager I spoke with commented that when a building goes from bulk metering to separate meters for tenents the usage drops by about 30% because everyone gets the benefits of their actions.
It's not easy to do the switch. If the building pays the bulk rate and then rebills they have to be licenced as a utility or somthing to that effect.
The mechanics aren't easy either as several floors draw power from various risers sothere would be meters everywhere.
MadPoet
Well-known member
Have you considered a community where there is a strong senior presence? For instance there are condos in Scarborough where they have adult social clubs for the youth over seventy. Pm me and I can give some details if you wish.
Yikes, did you consider that this analogy sounds more like a regression fallacy?
Any purchase can fail or succeed. I just did my research and picked up a unit in an area that was still developing, close to major highways, TTC, the waterfront and had met my monetary requirements while still offering a fantastic view. This does not completely exempt my or any investment from failure, but hopefully just makes it a sound investment over time. Barring the unpredictable (ex. Lake Ontario swelling and flooding all the waterfront properties) it was a good decision in one of the highest performing real estate areas of the city. And personally, it's just a stepping stone investment to something better.
From an energy conservation standpoint, this building could always improve, but given that we are using bulk metering, they have made numerous small changes that save energy to keep costs down.
I also agree that buying a building that has a large senior population is a great idea. I spent almost a year looking for the right place for my Dad and visited about 20 Long Term Care homes and 15 retirement homes in addition to countless hours of background research. It is also important to ask how long she will live in this new location for, how far is the distance to doctors (if frequent visits are needed), amenities, social environment, assisted care if required and more. For me, the work paid off because he is happy where is he is and he wanted to be there. It didn't start out that way when he first moved in as there were many small transitional hiccups, but addressing the concerns as they arose has made it a great place for him to live. I didn't want to manipulate or force any decision on him, but just really understand exactly what he needed and then go out and help him find it.
You said you bought it because of it's historical growth in value. That's what I was responding to. Of course if the truth is that you bought it because of the alignment of the planets or some other reason then yeah, my response won't apply.
I think you are mistaken... I didn't ever say that I bought it because of it's historical growth in value. It merely has gained in value before and after I bought it which turned out to be an added bonus.
I bought it because the location is great, the area was slated to have just a little bit more development which helps real estate value, the view is excellent and won't be obscured by future developments, the build quality and attention to detail was excellent, the utilities were included in the already low maintenance fees, there weren't a bunch of extra amenities that I wouldn't use, the unit came with a locker and parking spot, there is ample visitor parking, the appliances were all stainless, the financial status of the building was sound, I had some money that I wanted to invest, I was looking for a place to live and didn't want to rent anymore, and I wanted to see what it was like to live in a condo for a few years.
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rideitlikeyoustoleit
Well-known member
I work in a condo in Scarborough and I was talking to the superintendent one time. I asked him how much fees are and he said it ranges from $200-$600+..depending on what unit you have. The dumb thing though is you pay this fee for maintenance and amenities but the guest suites and party room, you have to pay to use. That's just my opinion.
Really, i have never seen that in any condo, u sure its not just a deposit for damages that you have to pay?
rideitlikeyoustoleit
Well-known member
Yea. For the party room, you need 3 cheques. 1 for a 'cleaning' fee, 1 for the deposit and 1 for a party guard. I find it ridiculous that the party guard gets paid $11/hr but the condo/security company charges $24/hr to the resident. I don't know what the extra $13 is for but it's just more money in the pocket of the company.
espro
Well-known member
You're getting ****ed on those maintenance fees, that is if you own that.
A condo will contract out for security. Try and hire a security guard through a security company and see what it will cost you. The condo isn't getting any of that amount over and above the security guard's actual pay.
Also, it's not unreasonable to impose a user fee on a facility like a party room or guest suite which unlike most other condo elements is not open to free and unrestricted use by all residents. Those user fees help pay for equipment and furnishing, routine maintenance and periodic renovations to the party room and guest suites, and make those particular amenities a self-funding service asset for the complex.
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not even sure why they would need a party guard... I can understand the cleaning fee, though I'm surprised that's not optional for a person to clean up after themselves. i suspect part of it is also to make less demand for the party room. I can totally understand fees for a "guest room" as you're basically getting something like a hotel (maybe not the same room keeping service though).
You're right!
Liability for the first. Consistency of cleaning for the second.
^Congrats on the purchase. Did you buy new or from plans?
Re: security guard - some condo's closer to downtown are like club districts all within themselves, especially on weekends. Parties can get pretty rowdy at times and on top of the liability issue, it also can help to prove the responsibility if damages occur due to party patrons... My girlfriends place downtown is really loud on weekends during the summer. Especially people coming home all hammered from the night out and then wanting to party more before going upstairs... fights and stuff are not uncommon.
Re: security guard - some condo's closer to downtown are like club districts all within themselves, especially on weekends. Parties can get pretty rowdy at times and on top of the liability issue, it also can help to prove the responsibility if damages occur due to party patrons... My girlfriends place downtown is really loud on weekends during the summer. Especially people coming home all hammered from the night out and then wanting to party more before going upstairs... fights and stuff are not uncommon.
Thanks! I bought a previously owned place although it's very new....like around 5 years old. Well, in it's current form at least (it's a loft so it was an office/industrial building before that). Closing will be end of July. 
I don't have the patience to buy from plans and wait 2+ years to move in.
I don't have the patience to buy from plans and wait 2+ years to move in.
As a former security guard I can tell you they are no more than a glorified false of security. Don't depend on them ever for your safety.
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