Financial Channel

I was approved for $425K loan and thinking of buying a house or townhouse. I am looking for a property in Surrey, BC. Average townhouse in our area is between $280K - $300K. Maintenance fee varies from $120-$190 a month. House prices are ridiculous For a $400K house I would probably get an old rancher no less than 15 yrs of age. But house prices do appreciate fast rather than a townhouse. But at the same time, having an old house might put me on huge repair $$ unlike newer townhome that is oly 2-4 yrs old. So now I am still thinking on what to buy.

Your replies are greatly appreciated.

Build a spreadsheet.
Find out the appreciation of homes in an area you are interested in (10 years)
Make decent estimates of how much you could imagine spending on upgrades/renovations/repairs to the home.

Do a cost/benefit analysis and make a reasonable judgement.
If the house is only 15 years old, you will not run into many issues. That is considered a "newer" home to many.

15 years is at or near the end point for many furnaces, A/C's, shingles, etc.

Not to mention your roof, if the previous owner didn't shell out for the best.

It would likely be the builders roof, so almost certainly a lower quality one. Nobody pays to upgrade their shingles on new homes, I don't even think it's an option.