While Vancouver Sun Resolves Disappearing Reader Feedback “Technicial Issues” for it’s “15 real estate myths and realities” Article/Hatchet-Job the Blog Vancouver Condo Info Has Kindly Offered to Keep the Dialog Going

Posted: May 1, 2008 in Your Shelter
Tags: , ,

[Vancouver Condo Info] Reader comments on ‘15 myths’ story missing

  1. the cambler says:

    I wondered when the 15 real estate myths would make an appearance here.

    Most of them are irrelevant or don’t say enough to form an opinion.

    #3 -Real estate prices in Greater Vancouver can’t keep going up; they’re too high already. No one can predict for certain, but I would guess that realtors and lenders would love for everyone to think this statement is untrue so they can keep on making lots of money. I bet that’s where the info came from.

    #5: A bathroom or kitchen renovation is the best way to add lasting resale value to your home. Whoever wrote this doesn’t understand simple depreciation. Everything in your home depreciates in value. The appliances, the drywall, the plumbing, everything. The only thing that has been appreciating (and won’t forever) is the land value. The only renovations that pay for themselves are paint (if you do it yourself and you do a nice job), flooring, and inexpensive landscaping. Everything else is a net loser. Don’t do it for a profit. It doesn’t pay.

    #9 New condominiums are commonly flipped for a profit before they have even been occupied. There are so many residences under construction right now, I believe we will soon see a vast number of condos coming on the rental market. This cannot be called either way right now. I suspect we will find it to be true soon enough.

    #11 Buying a home outside the city and commuting to work is a good way to save money. It’s good while transportation is cheap. Just you wait.

    #12: Buying an additional property to rent out is a solid investment. Once again this is only true in a growth economy. In a receding economy, this will produce some big losers.

    #14: The bank owns my house. Semantics. Sure you own your home. If you don’t pay your mortgage, the bank take it away from you. Then they will own it. If you don’t have a mortgage and you don’t pay your taxes, the city can take your home away from you.

    #15: You’ve just sold your house and have made a ton of money off it. What a silly thing to say. I think this was put in to entice people to buy with the sole intent of making money. Foolishness. These types of investors are often “caught holding the bag”.

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