Had to choose between a fixer upper in Highlands and a townhouse in Sherwood Park

Back in March I was looking at two places. One was a 1950s bungalow in Highlands that needed new windows, a roof, and the basement had water stains. The other was a 3 year old townhouse in Sherwood Park that was move in ready but had $350 a month condo fees. I went with the bungalow because I figured I could fix things over time and build equity. Man, the first month I spent $8k on a new furnace and electrical panel. But now after 6 months I'm actually ahead on value compared to what comps are selling for around here. The townhouse would have been easier but I would have been stuck paying fees forever. Anyone else take the gamble on an older house and feel like it paid off?

2 comments

2 Comments

cole_robinson18d ago

Actually I noticed a weird pattern with fixer uppers versus newer places. My buddy bought a townhouse in Windermere around the same time and his fees just went up to $380 a month and theyre talking about a special assessment for new siding. Meanwhile my 1970s house in Capilano has cost me maybe $12k total in upgrades over 2 years but I already got that back in resale value. Feels like people get scared off by the upfront work but forget that condo fees never stop rising and you get nothing for them at the end. The bungalow sounds like a solid move long term even if month one was rough. Older neighborhoods tend to hold value better too since the lots are bigger and theres actual character instead of copy paste townhouses.

thomas29118d ago

Preach! My 80s bungalow has been way cheaper than any condo fees I've seen.