Is living in a condo considered a failure?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You get constant comments? From who? I can't imagine ever having an opinion on this for a family member or friend.

Same here. My only opinion of condo living being less than is because the boards tend to be corrupt and would rather run building into the ground so to give contracts to their friends. But other than my total distrust of the boards, I wouldn't judge someone for living in a condo, especially when you've paid it off and can have your salary for other needs. Good for you!

Your comment that condo boards tend to be corrupt is ridiculous. I don't know if there is any actual data on this but I would think most condo boards are doing the best they can and yes, some have members who are corrupt and are doing sketchy things. I lived in a condo rental for 8 years, my mom owned a condo for years, I now own a condo I bought three years ago and my experience has been the boards are doing a good job of managing things. I know when condo or HOA boards do bad things it is often in the news but that is not a reason to assume that most are like that.

Maybe many are trying but the condo board where my husband owns pulled all sorts of stunts, but didn't make the news. I'm leaning to thinking corruption is fairly common rather than I witnessed a needle in a haystack.

If most of the condo boards were corrupt idiots then only other idiots would buy condos. It's not a perfect system but it mostly works. There are laws regarding oversight of condo boards. If you know of a situation where the board isn't functioning properly then the obvious solution is move or get on the board, or at the very least attend every board meeting and hold them accountable.

[Anonymous]

I've lived in both. If you don't like yardwork or worrying about the roof , condos are the way to go. If you are very private, a SFH might be better.

I'm not aware of any corrupt condo boards, but investors and people who live there might have different goals. You need a decent management company; they aren't always on top of things, but they will keep you within the bounds of the law.

[Anonymous]

Anonymous wrote:I'm not talking about first time home buyers who intend to upgrade, or about owners of luxury condos in the center of the city. I'm talking about individuals and families who are at least 35 years old living in average two-bedroom condos, who don't intend to buy a detached home.

We live in a city (not in DMV) where the standard up until now has been to live in a detached house, but prices have been increasing at a great speed. A house you could buy for 350K just five years ago now costs around 600K. Any single family home that costs less than this is either 40 minutes outside the city limits or needs major repairs that would amount to 600K. We bought a condo around 6 years ago for 180K which we're about to pay off. Our monthly mortgage + condo fees amount to less than 2/3 of a detached home mortgage we'd have to pay beyond our retirement, which is crazy. We constantly get comments about how we need to buy a "proper" place or how condos are only acceptable for young people who aren't professionally established yet.

I grew up in a country where condo living in major cities is the norm and the attitude we've seen from other people is baffling.

Nothing wrong with living in a condo. People living in Manhattan would agree.

You do you and ignore the trolls.

[Anonymous]

That's because up until a few years ago, you could buy a home in the DMV for $350K so that's what people did. That is not the case so much anymore.

Also a lot of people are willing to do long commutes. I am not. I actually think people who brag about a SFH an hour outside of DC are fools. I don't tell them that though.

[Anonymous]

I don't know OP, people have odd fixations. My 70+ yo parents have lived in a condo for 25+ years. They love it. My DH (50) and I (44) live in a nice rented house with our elementary age DC. We'd love to buy but weren't in a position to do so until recently. It just doesn't make financial sense to buy right now. Better off just saving and seeing that $ grow.

[Anonymous]

Unless the nosy neighbors are paying your bills, why do you care?

[Anonymous]

It’s a personal opinion thing.

We live in the DMV and have since we graduated from college. We went from a suburban townhouse (250k) to a suburban townhouse in a better school district (330k) to a 2 bedroom condo in NWDC for 500k. Sold it two years ago for a profit and are sitting on almost 400k of equity that we built up (we are 40 now) while we try to find a single family in MoCo. We’ve lost out to cash buyers about a dozen times so far.

I started saying to my Boomer parents and early Gen X cousins that I’m not visiting with them until they stop shaming us for our lack of a 1M+ home so far. We’re working on it.

[Anonymous]

Condos don’t appraise as well as houses.

[Anonymous]

Anonymous wrote:Condos don’t appraise as well as houses.

Thanks Captain Obvious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm not talking about first time home buyers who intend to upgrade, or about owners of luxury condos in the center of the city. I'm talking about individuals and families who are at least 35 years old living in average two-bedroom condos, who don't intend to buy a detached home.

We live in a city (not in DMV) where the standard up until now has been to live in a detached house, but prices have been increasing at a great speed. A house you could buy for 350K just five years ago now costs around 600K. Any single family home that costs less than this is either 40 minutes outside the city limits or needs major repairs that would amount to 600K. We bought a condo around 6 years ago for 180K which we're about to pay off. Our monthly mortgage + condo fees amount to less than 2/3 of a detached home mortgage we'd have to pay beyond our retirement, which is crazy. We constantly get comments about how we need to buy a "proper" place or how condos are only acceptable for young people who aren't professionally established yet.

I grew up in a country where condo living in major cities is the norm and the attitude we've seen from other people is baffling.

Nothing wrong with living in a condo. People living in Manhattan would agree.

You do you and ignore the trolls.

Also people living in Vancouver. Most people cannot afford SFHs. It’s not something to look down on.

[Anonymous]

I would wonder where they learned such poor manners.

[Anonymous]

Anonymous wrote:It’s a personal opinion thing.

We live in the DMV and have since we graduated from college. We went from a suburban townhouse (250k) to a suburban townhouse in a better school district (330k) to a 2 bedroom condo in NWDC for 500k. Sold it two years ago for a profit and are sitting on almost 400k of equity that we built up (we are 40 now) while we try to find a single family in MoCo. We’ve lost out to cash buyers about a dozen times so far.

I started saying to my Boomer parents and early Gen X cousins that I’m not visiting with them until they stop shaming us for our lack of a 1M+ home so far. We’re working on it.

Sorry,can't choose your family. Although if I had cousins saying stuff like that to me, I'd probably stop talking to them.

[Anonymous]

Anyone who has a snobbish attitude about this is someone who is not worth knowing.

[Anonymous]

I own a SFH now but owned a small two bedroom flat in London years ago. I really miss it and wish I kept it! That was probably my favorite place (owned or rented) and if I still owned it probably would move back to London with my kids and live there!

Unfortunately that neighborhood would be out of our price range now.

You do you and what people
say I’d a reflection on them not you.

[Anonymous]

Anonymous wrote:Anyone who has a snobbish attitude about this is someone who is not worth knowing.

I agree. Do the best you can OP- for yourself and your life. Try not to waste your time worrying about judgement from people who are not worthy of your mental energy.