Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Buy condo from my landlord (Canada)

Options
  • 06-05-2014 11:28pm
    #1
    jiminho
    Registered Users Posts: 396 ✭✭


    So we find ourselves in bit of an unusual position. We are currently renting a condo in Canada for the last year and the contract's up by the end of the year. The landlord has told us that he's not going to offer a renewal as he wants to sell in the spring of 2015 (time of year Canadians seem to put their properties up for sale). We've grown quite attached to the place and with interest rates at approx. 3%, we're thinking of buying it from him. So before you ask, we haven't spoken to him yet but we're looking to do so within the next few months. We're just looking to get some advance. We saw one condo go for sale in the building at $235k so we're using that as a base price. How do you think we should approach buying the place from him?

    In financial terms, we would be looking to get the best price out of it. So taking into consideration the fact that we probably won't need to go thru a real estate agent, if we left when our contract was up, he'd be paying property tax, condo fees and mortgage (if there is any mortgage) est. at $900, $2160 and 0? respectively for that 6 month wait period, and any hassles that go with selling the place (lives in a different city) what do you guys think i should offer him?

    Thanks in advance.


Comments

  • Options
    #2
    Pinkycharm
    Registered Users Posts: 545 ✭✭✭Pinkycharm


    I'd ask him straight up what he's asking. If he says he doesn't know start at 195k and work up. He might be nice seeing as ye rented it and give ye first dibs. Get in before its put on the market though. Nothing worse than bidding wars on something you really want!! Best of luck! !


  • Options
    #3
    Victor
    Registered Users Posts: 78,420 ✭✭✭✭Victor


    Do make sure that you check the ins and outs of condo ownership in Canada and in particular where you are buying as things may vary from area to area. I get the impression there are some substantial legal differences to apartment ownership in Ireland.


  • Options
    #4
    jiminho
    Registered Users Posts: 396 ✭✭jiminho


    Victor wrote: »
    Do make sure that you check the ins and outs of condo ownership in Canada and in particular where you are buying as things may vary from area to area. I get the impression there are some substantial legal differences to apartment ownership in Ireland.

    Hmm ok, I'll have to look into that alright. I think it would be more a condo vs apartment difference rather than a Irish vs Canadian. Our condo fees cover everything bar electricity for the basic utilities so that would be different to an apartment arrangement. But for sure I'll look into, thanks for the tip.

    Thanks Pinkycharm. $195k sounds like a good starting off offer, I might even start off at $190k. I don't know our landlord very well but the few times we've talked I get a comment like "this condo is such a hassle" so I'm hoping we can sort out a fair deal.


Advertisement