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CONDO VS HOUSE | Which is a better choice for a first-time home buyer? - YouTube
Channel: Bald Prairie Real Estate
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are you a first-time homebuyer trying to
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figure out whether you should buy a
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house or a condo right now
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condos obviously have that simplicity
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low maintenance they're often close to
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transit
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amenities shops that type of stuff
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whereas houses you have way more
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flexibility and freedom to do
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renovations repairs
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upgrades things like that so we're going
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to look at both of these on this episode
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of all prey real estate
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and decide for first time home buyer in
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canada is it better to
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buy a house or a condo
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hey guys welcome back to bulletproof
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real estate my name is matthew pfeiffer
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but i'd like to be known as your
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favorite real estate agent on youtube
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and do you like learning about real
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estate well you clicked on a real estate
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related video so i'm going to take a
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guess that you do
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and i do real estate educational videos
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every single week
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so if you like that type of thing go
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ahead hit subscribe right now so you
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won't miss any of my educational videos
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plus i do fantastic monthly updates on
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the state of the canyon real estate
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market so
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go ahead hit the subscribe button you'll
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never miss another one of my videos
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but the other day i was watching a
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youtube video and they were doing a
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review of like a universal remote i
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remember this one the first time
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i saw universal remote and i said to
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myself boy this changes
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everything so when i was doing the
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research for this video
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i checked out a lot of different other
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videos that are out there did a ton of
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reading
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and one thing i noticed is that often
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houses and townhouses and the kitchen
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sink and everything else seems to get
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compared together
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in one video now i've already done a
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townhouse versus condo video so
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if you want to check that out that's
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right there you can see what that is
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this is going to focus specifically on
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condos versus single-family homes
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and what would be better as a first-time
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home buyer to be looking at
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this is a question i get asked an awful
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lot so i wanted to break it down and
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when i was doing the research i kind of
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felt like there was some gaps that i
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wanted to fill in so
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that's what this video is all about
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we're going to look at what are the
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advantages of buying a condo versus a
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house and vice versa
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by the end of this you're going to know
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what's better as a first time home bar
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in canada which you should buy a condo
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or a house
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okay before we get into talking about
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the pros and the cons of condominium
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ownership
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let's define what a condo is because
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that's something that can get confusing
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condominium that word denotes the type
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of ownership
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not the type of building most people
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think a condo they're thinking of the
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high-rise style apartments and that is
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one type of condo but you also have town
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houses
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and individual houses can actually condo
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minimize sometimes they'll share like a
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common cul-de-sac
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where they'll have common landscaping
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and maintenance and things like that
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condominium means you own that building
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or that series of buildings in common
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ownership with
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other owners you have exclusive use to
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part of that
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so condominium is a type of ownership
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not a type of building
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okay so now we know what a condominium
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is let's talk about the advantages that
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a condo has
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versus a house and there's two big ways
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to break this down
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so the first one is going to be
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lifestyle condos they're
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simple that's the advantage to them if
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you want to leave
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lock the door you're gone you don't have
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to worry about it because you have lower
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maintenance you know for about
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shoveling the snow cutting grass
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shingles blowing off in windstorm
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anything like that
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that's not your responsibility so the
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lifestyle is a lot easier that way
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as well a lot of times condominiums are
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placed close to transit corridors
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amenities shopping or place of
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employment so that's a huge advantage
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your commute's going to be quicker all
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that type of stuff
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that's the lifestyle side of buying a
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condo then of course there's the cost
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side of things
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condos are generally cheaper per square
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foot than also
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because you just have that unit and not
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all the surrounding lamp
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your utility costs are often lower as
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well because you've got other units
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around you they're going to keep it
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insulated so your heating and cooling is
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going to be a little bit lower
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and often some of your utilities are
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going to be included in your condo fees
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and don't worry
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we're getting those dreaded condo fees
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coming up right away your insurance is
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going to be cheaper as well
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because instead of having to insure the
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entire building you only have to ensure
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for your liability
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and your contents because in those condo
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fees
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you're going to get some of that
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insurance covered so your cost is going
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to be a little bit cheaper in a condo
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which makes it more approachable for
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first-time home buyers
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now let's talk about the drawbacks to
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buying a condo one most obvious
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is noise and privacy because you've got
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neighbors all around you it can be a
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little bit noisier and you have less
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privacy
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then of course the other big
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disadvantage is lack of flexibility
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you can't do any sort of renovations
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upgrades or an addition anything like
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that
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because you obviously don't own all the
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place and even if you could do
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renovations a lot of times those are
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gonna have to get approved by your condo
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board before you even do them so
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you've got a lot less flexibility even
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though you own or have exclusive use to
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that unit
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and we can't talk about condos without
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talking about those darn
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pesky condo fees everybody hates them
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but
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they're not all bad let's quickly talk
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about the good
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you do have some advantages and that is
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your some utilities are going to be
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covered
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your maintenance and your future repair
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bills those are going to be covered in
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your condo fees so
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that's an advantage and insurance don't
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forget about insurance as well those are
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some of the advantages economies but
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they get a bad rap for a reason they can
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get very expensive
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if your counter board isn't managing
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those condo fees they can go up very
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quickly
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i always recommend people are active in
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their condo board to know what the
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heck's going on with their condo fees
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they also hurt your ability to purchase
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that condo in the first place
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if you make around 60 000 you're
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probably gonna be able to be approved
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for around three hundred thousand dollar
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purchase
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that's buying a house but you wouldn't
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be able to buy a condo for three hundred
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thousand dollars because the condo fees
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so let's save 150 condo fee well now you
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actually need to make closer to seventy
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thousand dollars
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in order to qualify for that three
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hundred thousand dollar condo
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with a hundred fifty dollar condo fees
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but what if it's poorly managed or it's
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got really expensive car no fees because
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it's got a bunch of amenities and things
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like that covered
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say they're 450 i've seen it before well
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now instead of that seventy thousand
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dollar income you actually need
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almost a ninety thousand dollar income
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to qualify
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to spend three hundred thousand dollars
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on a condo with 450
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condo fees so those can really hurt your
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ability to purchase
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just take that in perspective those are
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some of the negatives when buying a
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condo and condo fees are definitely one
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of them so what are the advantages to
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owning a house
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and i don't need to define a house right
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four walls
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and a roof okay cool we're on the same
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page we know what a house is
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freedom flexibility privacy that's your
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biggest advantage just owning a house
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you have the freedom to do whatever you
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want because you own all the land
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in fact some areas my market in
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particular you even get the mineral
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rights sometimes when you buy houses
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can't do anything with them but heck you
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own the mental rights if you want to do
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an addition renovations upgrades repairs
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all that kind of stuff
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got the flexibility to do it no
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carnivore to tell you what to do you
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want a big backyard for your dog
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go right ahead pick on a board doesn't
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have to approve that pat anymore
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fantastic
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best part no more pesky condo fees
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none of that out the window and of
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course privacy because houses are
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generally going to be built in
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neighborhoods where they're a little
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more spread out
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you don't have neighbors on top of you
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so you have more privacy those are the
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big advantages to owning a house
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so what are the disadvantages when
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you're buying a house well
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responsibility and cost those are your
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biggest ones you're responsible for
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everything all the maintenance all the
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repairs anything like that cutting the
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grass snow removal everything you got to
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take care of it all
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can't just lock the door like you can in
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a condo and leave then of course
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cost per square foot houses are pretty
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much always going to be more expensive
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than condos
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you've got that huge expense that you
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wouldn't have in a condo
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and then of course the other big
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disadvantage is usually houses are built
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farther away from the downtown core so
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you're gonna have longer commute times
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it's gonna take more time out of your
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day those are kind of your big
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disadvantages
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when you buy a house so what's better
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for you the first time home buyer what
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should you buy a condo
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or a house well it depends a little bit
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on your lifestyle
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if you want that lower cost low
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maintenance
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easy going lifestyle of a condo where
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you can just turn the key and
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go and you've got close transit and
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amenities
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shops all that type of stuff well a
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condo is perfect for that and that's
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what appeals to a lot of first-time
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homebuyers
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low maintenance easy lifestyle but if
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you want a little more flexibility
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freedom privacy do renovations upgrades
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all that type of stuff you want a
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quieter neighborhood well in that case a
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house might be a better purchase for you
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it's going to depend on kind of what you
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want out of your lifestyle
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but both are good options for first-time
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homebuyers
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and a townhouse condo is kind of a good
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compromise between the two
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if you're not really sure so you can
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find a townhouse that has a small
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backyard
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that might help be a good compromise
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between the condo and a house
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now you've got to think about what's
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going to be for resale value this is a
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question i get asked all the time
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what's gonna be better for a resale
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value a condo
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or a house i'll tell you right now a
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good well-maintained condo and a good
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well-maintained house will both
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sell well it all depends on how it's
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marketed and presented
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but they're both gonna sell fairly well
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it's a little more area specific though
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some cities houses sell like gangbusters
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other cities
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condos that's the absolute rockstar
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product out there
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so it depends more kind of what your
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city or area demands
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but neither can be a bad choice if you
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maintain them and take care of them
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well always do your due diligence when
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you're purchasing either one of those
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you do that right you're probably gonna
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be okay so
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i hope this kind of wraps up what you
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should buy a condo or a house i know
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maybe i gave you a half answer and said
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it depends on your lifestyle
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but it really does now if you're a first
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time home buyer and you've got more
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questions
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about buying a house in canada well i've
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got a whole playlist
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right here dedicated to you the first
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time home buyer it's going to answer a
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lot of the questions you might have
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and if you want those great canadian
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real estate market updates i do
[565]
right here is my most recent monthly
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canadian real estate market update
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check it out and thanks for watching
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everybody
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