i looked into this at some point and you need a different type of mortgage to rent out your condo - so you should talk to the bank.
gawd, i'm glad i just sold!!!! who knows what will happen in a few months.
is not the mortgage but the insurance u get on ur condo that u have to worry about, u should tell ur insurance company that u r going to rent the place.
~X
If I'm not wrong, you have more liabilities when you rent a condo/house because you don't know or have control over what's going on inside the property.
That happens to a friend he rented his condo and they were cooking meth and an explosion happened...and the Insirance didn't cover it....due the activited performed in the property.
that is the reason u have to tell them u r going to rent it out, ur monthly payments will change, if u don't tell them and something happens they wont give u anything.
i looked into this at some point and you need a different type of mortgage to rent out your condo - so you should talk to the bank.
gawd, i'm glad i just sold!!!! who knows what will happen in a few months.
is not the mortgage but the insurance u get on ur condo that u have to worry about, u should tell ur insurance company that u r going to rent the place.
~X
If I'm not wrong, you have more liabilities when you rent a condo/house because you don't know or have control over what's going on inside the property.
That happens to a friend he rented his condo and they were cooking meth and an explosion happened...and the Insirance didn't cover it....due the activited performed in the property.
i looked into this at some point and you need a different type of mortgage to rent out your condo - so you should talk to the bank.
gawd, i'm glad i just sold!!!! who knows what will happen in a few months.
is not the mortgage but the insurance u get on ur condo that u have to worry about, u should tell ur insurance company that u r going to rent the place.
Not so much you should state it, but you should ask if they allow you to. If I'm not mistaken, not all condos will allow you to rent it out. That's how it was back in the day, but there weren't nearly as many condo buildings around. Don't know if that has changed. I don't understand how condos are so popular though
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The opinions expressed by this poster should always be considered offensive to Guadalupipi.
I'm no finance wizard, but his is my take on it, just out of common sense (and I'm likely stating the obvious, but....)
If you want to sell because you have a property that has gained some value and want to invest in some other type of investment... I suppose waiting is not a totally bad idea,... but if you plan on selling "when things get better" to move UP to a larger property... It makes little sense to wait. The market is what it is at any given time. If you don't want to sell because you think you're going to end up selling "cheap", you shouldn't forget you will also be BUYING cheap. Generally properties go up or down in percentage, across the board, in any given area If you have a property that is worth $200gs today, and want to move up to a $400gs property, but want to wait till things get better and properties go up -for example- 30%, your current property will be 260, but the property you want to move up to -at that point- will be $520. Yes, you made an extra $60 gs on YOUR property, but now you have to borrow an extra $60gs to afford the property you could've afforded back then. Not to mention being able to lock-in and take advantage of today's rates.
I don't know if properties have hit rock bottom in the GTA, but when they do, and your plans are to move up, that's the time to do it. IMO
-- Edited by Dogo at 09:06, 2008-12-13
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The opinions expressed by this poster should always be considered offensive to Guadalupipi.
I wanted to sell my house in a few years as well but the way things are now, I'm gonna stay a little longer till it gets better, in the mean time I want to save up some so i can pick up a small condo and rent it out once the economy picks up again sell it.
Im glad I sold when I did (a few months ago). Same as Miguel it wasnt what i was expecting but if i didnt take that offer, i still would have been in that place. And the new place i bought, price was not bad either. Mind you, i think i could get something bigger and cheaper now but meh, i plan to be at my new place for a while and invest in something a little bit bigger in a few years from now.
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oh man... the market is getting better and better for buyers.
i finally sold my townhouse after two months on the market. wasn't as much as i would have liked but in this economy, if someone puts money on the table, it's better to just take it.
definitely a buyers market. i'm just happy to have sold.. i will probably buy something here in the US next year.
oh man... the market is getting better and better for buyers.
i finally sold my townhouse after two months on the market. wasn't as much as i would have liked but in this economy, if someone puts money on the table, it's better to just take it.
