Condominiums seem like an attractive real estate option, but buyers who don't do their homework could quickly find themselves stuck with a volatile investment and buried under mounting maintenance and unexpected costs.
“Too many Canadians are being seduced by the pretty pictures and stories of easy lifestyle and they end up buying into a building that is a time bomb of costs ...,” says Kurt Rosentreter, a senior financial adviser at Manulife Securities Inc.
In a controversial newsletter, Mr. Rosentreter lays out his position on how, from a financial perspective, condos often don't make good sense. He argues that far from being less expensive than a regular house, urban condos with high property taxes and steep monthly maintenance costs, not to mention unforeseen expenses such as fixing a broken pool valve, can carve a surprisingly big chunk from a person's budget. full story >>
Globe and Mail Update Published on Monday, Nov. 02, 2009 6:29AM EST
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