Consumerism Commentary - Latest Comments in Why I Will (Probably) Never Buy a Condominium

Re: Why I Will (Probably) Never Buy a Condominium

Anonymous — Tue, 02 Mar 2010 22:39:09 -0000

A lot of new single family developments have HOAs. So, in that case, you get the drawbacks of BOTH homeownership AND living in an apartment! One HOA bylaw I'd love to see is a no-dog-zone rule because so many dog owners have no business owning dogs. The "car must be expensive" bylaw sucks. I guess I'd have to keep my old cop car in the hangar. HOAs have too much power overall, and too many abuse it, like the HOA demanding you drive a BMW when an old cop car Crown Vic is just as fast.

Re: Why I Will (Probably) Never Buy a Condominium

Emily — Wed, 24 Feb 2010 08:35:33 -0000

Condos are possibly a great (and only) option for people living in popular cities like NYC and SF. And possibly for single people who don't like yardwork, people who are extremely busy or travel lots, or elderly and incapicated people who can't invest physical energy into upkeep.

Otherwise? I see seriously little point to it. My husband and I LOVE living in a house. The work we put into it is gratifying. I love being out in the garden, beautifying the house, remodeling each part of it as we see fit. My husband has room to do woodworking projects. Even though our house is on the smaller side compared to the enormous "McMansions", we each have our own office. If we had an HOA telling us what we could and couldn't do, I think we'd both have aneurysms. A lot of the arguments above also don't mention you can pay someone a LOT LESS to do stuff like mow the lawn or do yard work.

So again, if you live in a highly desirable city like NYC or SF, where real estate is completely different than the rest of the country, (or you're elderly or physically challenged) condo living makes sense. Otherwise, it seems like a risky and pointless exercise, IMHO, unless you get a crazy bargain. I'd rather rent an apartment.

Re: Why I Will (Probably) Never Buy a Condominium

KenyaJ — Tue, 05 Jan 2010 09:55:44 -0000

Ok .. I know my post is a tad bit late ... but a Condominium is not a type or style of dwelling .... it is a type of ownership ... Although, most people think of apartment style housing as Condo's ... a Condo CAN be a single family house ...

Condominiums have shared common areas called common elements. Maintenance fees are charged monthly to the condominiums' residents.

Re: Why I Will (Probably) Never Buy a Condominium

davidmathias — Sun, 08 Nov 2009 19:54:48 -0000

I have a question about your condo, if the roof leaks into your condo and the one next to yours who pays for the roof. And if one of you don't want to pay for it or cant, what happens? Thanks

Re: Why I Will (Probably) Never Buy a Condominium

Serola — Mon, 08 Jun 2009 10:50:18 -0000

condo buyer beware, you should check out the declaration, and laws governing the property in the state you wish to purchase. Many complaints arise out of malfunctioning condo boards. Attend all meetings, and record them, for verification of the minutes. Pay fees, and assessments then argue disagreements to avoid eviction, and or liens leading to forclosure to your condo. know whether ay rules or regulations violate your rights. Only a close watch and active participation of all members will help to keep a condo board in check. Avoid condos where participation of unit owners is low. The law gives a lot of power to the board, and abuse of those powers can and does happen.

Re: Why I Will (Probably) Never Buy a Condominium

My Take on it — Fri, 15 May 2009 08:02:33 -0000

Well, I have the pleasure of having the best of both worlds. We recently moved in a 2200 sq ft. single family condo. It's the new wave in the area, I have no one above or below and I have only one house on the side but it's detached and I have about 20 ft before I am in my neighbor's yard. I love my condo and I hate yard work so the fact that my condo association fees cover that makes it a plus! If I had to live with someone above, below, and on both sides of me, I probably would not have purchased my condo. I guess it just depends on what works for you.

Re: Why I Will (Probably) Never Buy a Condominium

tree — Fri, 30 Jan 2009 17:04:58 -0000

Assoc dues at our building do not pay forsomeone else to sell a unit. That is paid buy the seller.
It pays for heat, cable, water, garbage,everything except phone and electric. Nice. way less work (staff do that) more time for vacation! Unit safe while we are gone too!

Re: Why I Will (Probably) Never Buy a Condominium

Condos can be a good choice — Fri, 16 Jan 2009 11:14:35 -0000

I think it depends on the area where you're living. If you live in a very expensive and popular urban area like me, condos are a great option. They still appreciate like crazy, and people seem to forget that HOAs actually cover expenses that you'd be paying for out of pocket in a single family dwelling (water, garbage, exterior maintenance, etc...)

I have owned a single family home and am considering a condo. A condo would allow me to live in a much more interesting, edgy part of town where I could not afford to buy a house. The house was great, but it cost a mint to heat it, etc. I think that the bills we paid were larger than the HOAs I expect to pay.

That said, it is all a question of the lifestyle you want. I like both arrangements for different reasons. If you don't live in New York, The Bay Area, etc, buying a single family home probably makes more sense.

Re: Why I Will (Probably) Never Buy a Condominium

Cass — Mon, 24 Nov 2008 18:17:56 -0000

Condo living is about lifestyle. If you are childless and want to live in the city a condo is great. If you want to live in a house in the burbs, have a yard and a garage then condo dwelling is probably not for you. To say that a condo does not appreciate is ludicrous. If you buy a condo in a desirable area, especially in a urban location, you can see a great return on your investment if you time your buy right. I am looking at owning a condo in a brand new high rise building in a great urban location and can't wait to walk out my door and have all that the city offers at my finger tips. Not to mention zero commute and a world class mass transit system. In many cities, even regular old houses have HOA dues and rules attached to them. I'll leave the suburbs for boring families!

Re: Why I Will (Probably) Never Buy a Condominium

Ruth — Tue, 30 Sep 2008 15:43:47 -0000

I had a beautiful condo in California and sold it back in 2003. Bought a house in Vegas and it is my biggest regret in life! I hate it! Not only did I increase my stress level living in the house, but my expenses. Living in the condo was cheaper. I regret this move every single day of my life!!! Now that I can't sell the house because the value dropped so much...
I feel so hopeless! Not a nice way to live. :(

Re: Why I Will (Probably) Never Buy a Condominium

bfskinnerpunk — Sun, 24 Aug 2008 13:15:20 -0000

The value of a condo is partly related to it's whereabouts. ... as others have stated.

In my area, if you want to truly live *downtown*, you must buy a condo... and you pay dearly.

You can only build so many condos downtown, so they are limited in supply keeping their value up.

They offer a great lifestyle, no parking problems, and the ability to use the car less often.

If you are talking about joe-blow condos that are scattered around town, then I agree that they are questionable.

Another value of condos is that utilities are lower. Your neighbors act as insulators! I have noticed this when I lived in an apartment... much lower utilities.

This offsets some of the condo fees.

I would also bet that home ownership is FAR more expensive in terms of maintenance as well. I live in a small home, and yet I pay far more in utilities and home maintenance than someone might for a condo fee... so that condo fee is probably cheaper.... and maybe quite a bit cheaper!

Consider the price and maintenance of all your home/garden equipment!... and then the labor of actually using the darn things on hot sticky summer days. Lovely. Then consider having to pay the handyman for various things.

Imagine being able to spend your time engaging in activities of your own choosing rather than having your home dictate what you will do: mow the lawn! clean my gutter! fix my siding! Get those weeds! Remove the dead tree!

So condos may be a great value AND time saver!

If downtown condos drop in price, I'm all over it.

Re: Why I Will (Probably) Never Buy a Condominium

carol — Fri, 22 Aug 2008 14:34:15 -0000

I've had my 732 sq. ft. apt-condo since 1988, and I love it. It's in a very walkable neighborhood, with a bus stop right in front of the complex,and near our little "village" where I can go to a restaurant, take my dry cleaning, or pick up an ice cream cone! While there are some disadvantages, most of my single friend with homes are devoting a whole lot more $ to their real estate and utilities. Best of all, my condo will be paid for by the time I retire. My friends will be carried out on their backs and in boxes by the time, if ever, there houses are paid for. Worse, because many of them are "house broke", they're not able to save very much toward retirement. Beware of buying a home for investment; you may wind up with anything but.

Re: Why I Will (Probably) Never Buy a Condominium

Rick — Thu, 21 Aug 2008 23:13:30 -0000

I disagree wholeheartedly with this article. A condo is a great stepping stone toward a house. It is far better than a co-op, because the fees are lower and the restrictions are fewer.
I purchased a condo in order to pay the same in mortgage as I was paying in rent. Sure, the downpayment took time to generate, but when I had it, I was then able to purchase a 2 bedroom, rent out one room, and paid less in mortgage than I was in rent. Once I was married, I lived there for 2 more years and eventually we bought a house. Now we rent out the condo. After 19 years, it's almost paid off, and the rent far outstrips the monthly payments. In addition, the value is now 3X what I paid for it.

Re: Why I Will (Probably) Never Buy a Condominium

Amy — Thu, 21 Aug 2008 14:03:46 -0000

I was a single woman when I bought my 850 sq. foot condo in 1997. I came from a house and didn't relish the idea of doing all the outside maintenance. I bought in a condo development that I had lived in two times previously as a renter - once when I was 17 (I'm 43 now) with my mom and sister and once in 1992 with my then husband. I knew they were well constructed and the association kept the place looking great and well maintained. When I bought, condo dues were $91 a month which included basic cable, water, garbage, sewer, pool maintenance, grounds, roofs, etc. Condo dues are now $223 a month mostly due to the horrific run up in insurance costs due to the 2004 hurricane season in Florida. Our master insurance policy was canceled at least 3 times. My personal homeowners insurance premium per year is $761 and my taxes are $300 a year. I paid off my condo in 8 years so the maintenance is no problem. Since I've been there, we've only had 1 special assessment and it was for insurance reasons.

It has worked out for me - I bought something I could pay off quickly. Everyone's situation is different and you just make the best decision you can at the time.

Re: Why I Will (Probably) Never Buy a Condominium

fathersez — Thu, 21 Aug 2008 05:42:19 -0000

Some people I know sold their homes and bought condos when they retired. Maintenance and upkeep and also security were the main motivators.

Re: Why I Will (Probably) Never Buy a Condominium

Meg — Wed, 20 Aug 2008 15:44:06 -0000

I used to have a house and I now have a condo in a lovely walkable town. I will never own a house again. The maintenance was far too much work for a single woman like me, and the house, at 2600 sq. ft., was too big. I had to take a car everywhere and since I was the only single person in a family neighborhood, I didn't get to know my neighbors that well. I despise outdoor home maintenance, so that was the deal killer after four miserable years in the house. Now, my heating and cooling bills in my 1000 sq. ft. condo are 15-25% of what they were in my house, and I spend less in maintenance fees than I ever did on the house. Plus, the peace of mind and time I freed up allows me to pursue more satisfying, and potentially money-making, activities. My condo is only several blocks away from the supermarket, farmers market, library, drugstore, restaurants, shopping, and community activites, so I rarely need to take my car out except to get to work. I know all the neighbors on my floor, which is a mix of empty nesters, singles like me, and young married couples. I adore living in a condo and am glad that I finally figured out what was right for ME.

Re: Why I Will (Probably) Never Buy a Condominium

Harlan Landes — Wed, 20 Aug 2008 00:47:17 -0000

Thank you very much to everyone who has been sharing their experiences with condominiums. They are a lot more positive than I had expected.

Re: Why I Will (Probably) Never Buy a Condominium

Cathy — Tue, 19 Aug 2008 23:50:01 -0000

Flexo, I totally agree that there are many negatives to condo ownership. But my husband and I got lucky and we love our townhouse (which is technically a condo for insurance purposes). The biggest benefit is that we don't have to maintain a yard or pool, yet we have beautiful landscaping and a pool and jacuzzi just steps away. Security is also taken care of, along with some maintenance (such as annual termite inspections).

I say we got lucky, because we have fantastic neighbors on both sides who are nice and don't bother us one bit. And we got lucky because our management company is super responsive and very competent, which I've learned isn't the case everywhere. Also, our monthly HOA fees are very reasonable. We bought several years ago, so the combination of our mortgage payment and HOA fees is less than what we would be paying in rent for a comparable place. I haven't crunched the numbers but I'd bet that would be the case even if I factored in our condo and earthquake insurance policies.

Condo living might not be for everyone, but I wouldn't rule it out just yet if I were you. Unless you dream of maintaining a yard.

Re: Why I Will (Probably) Never Buy a Condominium

Pchan — Tue, 19 Aug 2008 18:15:53 -0000

ITA about the convenience and less need of things like cars, etc. with condos. I'll also point out that it's dangerous to treat your home like something you'll profit from. An article in the Wall Street Journal made the point that the appreciation in a home's value should be regarded more as a refund for all of the money you pay into it for maintenence, repairs, etc. I own my condo and I don't regret it--but I pay a mortgage instead of rent because one day, my fifteen year mortgage will be over and I won't have to pay the mortgage again. I can redo the kitchen if I want to, paint the walls any color I want to, etc. It's my home. Yes, I'll pay fees, but as I pointed out before, that money would be out of my pocket towards the maintenance of a single-family home as well.

I really don't like the idea of homes as money-makers. Sure, it's nice if the value goes up and you make a pretty penny, as long as you're moving to a much less expensive area. Otherwise, you'll be in the same boat as you were, and people just starting out won't have a chance. That's what happened where I lived--the bubble grew to the point where people who made decent money and saved still couldn't afford to buy their own homes (without some ridiculous mortgages, which some people went for and others didn't). I'm glad I was able to buy when I did--had I waited two years, this condo would have been out of my price range.

Re: Why I Will (Probably) Never Buy a Condominium

BC — Tue, 19 Aug 2008 14:50:10 -0000

@Twiggers

I could not agree with you more. I bought a single family home thinking I would love it, but not so much. I hate doing maintenance on the yard, bushes, weeds, roof, gutters, the list goes on and on. I am kind of stuck at the moment, but when the market picks back up a bit I am seriously considering moving into a Condo. I found a condo development close to where all my friends live, easily accessable to the city and my job. Plus it has underground parking and a clubhouse with gym, poker tables, etc...I will take the condo fees for all those ammeneties. If you add a gym membership onto hiring someone to upkeep your yard, shovel snow, etc... for you like I do, it makes the fees not so bad. So while I agree with most of this post, there are some positives for people living in a condo. I would trade the equity from the land for a somewhat carefree lifestyle any day.

Re: Why I Will (Probably) Never Buy a Condominium

juggler314 — Mon, 18 Aug 2008 23:40:30 -0000

I have to point out that your second point about condo's not going up in value as much as detached homes is not true in areas where there are nothing but condo's - namely say...NYC:) I would love to buy a home with land in manhattan, unfortunately something like that starts in the 10's of millions and there are only a few choices.

In any dense metropolis - even ones that do have houses too (like SF) condo and home prices will be locked together as far as general appreciation goes.

Re: Why I Will (Probably) Never Buy a Condominium

mymoneypf — Mon, 18 Aug 2008 19:47:16 -0000

While I agree on some points (noisy neighbors, annoying association fees), I would still argue that those who cannot afford to purchase a home (or at least want a "nicer" condo) are betting off purchasing a condo rather then renting a condo.

Both my wife and I purchased condos right out of college (prior to when we married). In the 3 years we owned the condos mine appreciated $70K and her's appreciated $40K. This more then helped with the downpayment of our home when we went to sold. At 22 years old, I had neither the time dedication or the money to purchase a home. We are now MUCH better off having purchased the condos vs renting.

Just my 2 cents

Re: Why I Will (Probably) Never Buy a Condominium

Sallie's Niece — Mon, 18 Aug 2008 19:29:37 -0000

I guess condos aren't for everyone but I think they're a great investment. I live in a city and can't stomach the idea of living in suburban sprawl - especially with gas prices. I want my weekends to be filled with going out and relaxing, not worrying about house maintenance - especially while I am young. My boyfriend is in the process of buying a condo right now.

Re: Why I Will (Probably) Never Buy a Condominium

TML — Mon, 18 Aug 2008 19:05:49 -0000

In our area, downtown condos sell for $300/sq. ft and up. The actual cost is higher, if you factor in the condo fees which never stop. The problem is that the developers overpaid for the land and have to jack up the condo prices to make their margins. The other problem has been speculators who drove prices up during "pre-sale" mania. Not for me.

Re: Why I Will (Probably) Never Buy a Condominium

Twiggers — Mon, 18 Aug 2008 16:22:50 -0000

I currently own a home and can't wait to get out of it. I hate having to keep up with the outside and feeling inferior to my neighbors who are out there trimming their lawn with scissors (yes, they were edging their lawn with scissors). I have been so busy this summer that I haven't turned on the sprinklers or pulled a single weed. I'm sure the neighbors hate me. I just hate maintenance, period. I hate yardwork too. The only plus is that I have a half acre and my dog can run around in the back (he's a smaller 20 lb dog).

I have owned homes that have HOA and that was AWFUL. We couldn't even plant a bush without prior approval, and couldn't remove one without approval. We had a gardener and we still got fined about once a month for our grass being too long, and one time we got a patch of little white flower weeds and got fined. We couldn't even park in our driveway!!! We ended up having t measure our SUVs and prove that they wouldn't fit in the garage. Once I cleaned out the garage for 2 days and parked my little car in the driveway. I got fined. My Mom visited for a week and brought a car...we got fined. It was evil. however, our house also astronomically skyrocketed in value because it was a great neighborhood.

Pluses and cons to everything. Next house will probably be a condo, but a townhouse style. Minimal yard, but still a sense of being separate from the neighbors.