Skip to main content

I don't understand people who bash condos.

I don't understand people who bash condos. Genuinely wondering what I am missing or simply not understanding. Maybe it's regional?

Less appreciation? Yea, that means you buy it cheaper. That's a win. That's like saying, "Condos stink because they are so affordable because they haven't gone crazy". Meanwhile, are you that confident that paying $2mm for a house in Seattle or CA will mean you can sell it for $4mm one day? Things that go crazy in price can also correct in price too. Why does everyone ignore that symmetry?

HOA? Great, I don't want loud neighbors with 7 cars parked in the yard. I like rules and regulations. I prefer quiet clean neighbors.

Cost increases? Try living in a house with tax increases and a string of endless $20k repairs (roof, HVAC, driveway, siding, windows, foundation, electrical, etc) In a condo, a new roof or driveway cost is shared by 200 people. Super efficient and affordable.

I bought an affordable condo 20 years ago. Paid cash. Upgraded the kitchen and bath for $5k each. Lived cheaply for 20 years in a HCOL area. Spent $0 on maintenance. Spent zero time on maintenance, as well. With no mortgage, with such low overhead, I stacked even more cash for those years. Sold it for double what I paid. Bought a house in HCOL area for cash. Condo worked out great for me. Cheap living. Good neighbors. Zero hassles. Profit.

The only exception I'd make is the Florida condo situation where condo owners are stuck with these new costs due to new laws and neglected maintenance. I agree that would suck.

submitted by /u/Far_Pen3186
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1o4r77h/i_dont_understand_people_who_bash_condos/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more