Condos

Is buying a condo ever worth it? If I know I'm living in a city for 3 years would a condo be a good idea? The mortgage payment would be lower than rent

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Lil nappy ass keeeeeds BIX NOOD MUP DO DIDDA!

I don't speak jive

white boys can't compete

can be a decent idea. the biggest things to understand before buying a condo are: (a) what is management fee? how can that fee be increased, etc? and (b) what is the policy with assessments? is there a cap on how big assessments can be? when was last assessment and how big was it?

I've been in a condo for almost one year, after renting my first year at a new job. Here's the general breakdown:

April 2020-March 2021: rented an old (no dishwasher or A/C) 2 bedroom townhouse for $2k/mo
April 2021-current: mortgage on a 1 bedroom condo for $2k/mo ($1.6k principal + $400 interest)

Rent has gone up, so getting my exact condo as a rental would also be right around $2k/mo. That means I'm +$19.2k relative to the scenario where I rented. However, condo HOA's are a bitch, mine is $400/mo, so now it's at +$14.4k per year. Assume rent is perfectly flat (it probably won't be) and you're looking at ~$45k saved renting over three years.

However, then there's closing costs, first to buy, and then later to sell. Mine to buy were about $10k, ~3% of total price. Usually selling closing costs are twice as much, though in some stupidly-high demand markets you can get away with less, but let's say it's just double, so $20k to close on the sale. Now your $45k in 3 years is down to $15k.

But what about housing prices? Personally, I'm skeptical of housing prices being lower in 3 years than they are today, even if we get a massive 10% correction back to the earlier mean this year. Based on equivalent condos in my complex, I'm up approximately 10%, so that means an extra $30k assuming it's your primary residence (no capital gains taxes on most primary residences if owned for 2 years), or $45k total. However, this is SoCal where single family houses are very hard to find. Condos appreciate much more poorly in, say, Texas.

Maintenance is memed but for the most part it shouldn't matter. If the plumbing gets fucked, that's on the HOA. If an appliance dies, your landlord can try stiffing you for it. But let's pretend you have to pay $5k/yr in maintenance anyways, now you're up $30k compared to renting. So in general a condo is a worse deal than a house because of HOA costs and usually-worse appreciation, but overall, the odds seem better to me vs renting.

>saved renting
*saved NOT renting

Will look into those, I've only been looking at HOA fees to be honest

They are all girls...

good write up, yeah still seems better than renting but will keep my mind open to houses. In a house I could rent out rooms to my friends for six months too

just a few examples of how maintenance fee / assessments can fuck you.
In 2009 i knew a guy who lived in a big condo that was about 80% occupied - about 250 units. the maintenance fees were split among all owners. because of 2009 crash - many many people were foreclosed on and occupancy went down to 20% - so now maintenance fees were now splitup by a much smaller group so they went up about 4x - so went from 200 per month to 800 per month.
secondly on assessments, depending how they handle if the hoa decides "we need to replace the roofs" or "we need to build a resort style pool to compete with neighboring condos" then that cost can be splitup among all tenants, so you may have a sudden one-time bill of $2500 or whatever...
just confirm how these things work before you sign.

If you live in an area where single unit housing is affordable, do that. I only picked a condo because I had the option of a $200k mortgage on a $300k condo, with plenty of cash on the side for swinging crypto, vs a $900k mortgage on a $1mm house where nearly every single cent of my paycheck goes into monthly payments/interest for the next 30 years. Also worth asking if you live in a place with a meme real estate market like Las Vegas (lots of land and poor jobs); those prices are going to correct more severely than say Austin, Denver, or San Diego.

I live in Denver so I could always grab a small place in Aurora I guess

Fucking kek

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>bix nood

Now there's a term I haven't heard for a long time

fpbp

WE IZ FINNA BUY ALL Y’ALL CRACCAZ

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I would laugh at Americans but I can only cry because they're going to bring that shit to me as they always do.

Damn. White girls getting blacked at younger and younger ages. Terrible shame to see this.

Guarantee you most of them are still leeching off Uncle Sam too. Half of them won't be alive in 10 years either. They will be victims of black on black violence and will still blame wypipo.

> the odds seem better to me vs renting.

because you started with a faulty premise

nobody should be renting their own apt for 2k/mo unless they're a trust fund baby. you rent out a room for yourself in somebody else's house for $700/mo or less. currently im in a 500/mo room but i understand thats very lucky and i would probably have to change cities to find that kind of pricing again - but its doable.

so many dumb Any Forums kids are renting their own apartments needlessly

Bee boop pip bix nood.