In a previous post, I mentioned that the average rent in Halifax is around $1200 for a 2-3 bedroom unit, according to the most recent (2018) data.
If you're a renter paying $1200 per month, I'd like to show you what that would look like if you were to buy and live in a condo unit, instead of paying that in rent.
Condo owners have their mortgage plus condo fees to pay each month. Condo fees sometime include heat and other expenses but let's be cautious and leave some room for $200-300 expenses, including taxes.
What does this look like, around town?
(Based on actual condos available on December 19, 2019.)
970 square feet
Monthly mortgage + fees: $896
825 square feet
Monthly mortgage + fees: $952
1746 square feet
Monthly mortgage + fees: $902
2 Bedrooms, 1 Bathroom
960 square feet
Monthly mortgage + fees: $1019
720 square feet
Monthly mortgage + fees: $927
Each of these condos have unique characteristics to learn about, some are positives and some are not. For example, some condos offer great views, or very nice interior finishes, fenced in backyards, pets allowed, assigned parking and in suite laundry. On the other hand, some offer shared laundry, on each floor, for example, or some limits on what pets are allowed. These are all the sorts of details I can guide you through once you find something you're interested in.
See anything you like? Let's go for a tour of it, just get in touch.