Why do people buy condos?

[Anonymous]

I own a DC condo that I keep as an option to retire in. Fees are now about 1,000 a month. But includes all utilities and what others mention.
My house utilities + landscaping + annual maintenance run about 1,300 a month and then every year something or other breaks.

I can def see how a low fee townhome is a good option, but an actual house is a money pit.

[Anonymous]

You think I want to mow lawn? Ha!

[Anonymous]

I think a condo can be good for a retiree that wants to travel so will leave it empty from time to time, won't have to worry about mail, yard, etc. Also, no snow removal issues

[Anonymous]

Anonymous wrote:Even with incredibly high condo fees? Help me understand why…

There are millions of reasons.

[Anonymous]

This doesn't apply to everyone but I know several affluent retirees who moved to high-fee condo buildings, paying cash for the unit. The fees are $2k a month, sometimes even more. But spending 24k a year on condo fees when you have an annual income of 250k+ is not something you worry about. If everything else ticks the boxes, then why not? If you stayed in your house you're still paying property taxes and maintenance costs and groundskeeping. Or if you moved to a CCRC, you're paying way more money each month.

[Anonymous]

I bought one for my parents. It has no stairs and the building has a maintanence crew to do repairs so I don't have to worry about leaking toilet and the likes. The price was low so the money saved can be used to pay condo fee for 15 years.

[Anonymous]

I agree with you OP! DH and I were going to encourage DD to buy a well priced condo in N Bethesda for $250k. It was more affordable than what she would be able to rent. But the condo fee was $1k a month. For the amount she’d spend on her mortgage plus condo fee it was no longer appealing. Not only can the fees continually go up but they can charge a special assessment on top. My aunt has two condos. Each has been hit by special assessments.

[Anonymous]

Anonymous wrote:I had a condo to the metro which saved me $5 in parking daily ($100 a month)
Nice gym that I used daily
Nice pool that I used weekly
Everything was well maintained.
Condos have cheap insurance. You only have to pay for walls in, so the price is similar to renters insurance. Nothing like homeowners insurance.

+1 Location, location, location. Having a condo in a well-located place with amenities can save you a lot of money in commuting time and other costs.

[Anonymous]

Anonymous wrote:My house my property tax is $5,500, property tax $17,000. Lawn service $2,500 a year.

Like $25,000 a year yet folks think $1,000 a month if crazy on a condo fee

I was going to point the same thing out…

Owning a SFH is the most expensive proposition…for all the things you mentioned….plus cars, gas and car insurance…

If I could unload all of that, buy a condo, I would be so happy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My house my property tax is $5,500, property tax $17,000. Lawn service $2,500 a year.

Like $25,000 a year yet folks think $1,000 a month if crazy on a condo fee

I was going to point the same thing out…

Owning a SFH is the most expensive proposition…for all the things you mentioned….plus cars, gas and car insurance…

If I could unload all of that, buy a condo, I would be so happy.

So do it, there is nothing stopping you. List your house tomorrow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My house my property tax is $5,500, property tax $17,000. Lawn service $2,500 a year.

Like $25,000 a year yet folks think $1,000 a month if crazy on a condo fee

I was going to point the same thing out…

Owning a SFH is the most expensive proposition…for all the things you mentioned….plus cars, gas and car insurance…

If I could unload all of that, buy a condo, I would be so happy.

So do it, there is nothing stopping you. List your house tomorrow.

What are you, six years old? OP asked why people buy condos--people are explaining why--you don't need to tell some random anonymous person on the internet what to do with their property.

[Anonymous]

Maybe an older couple would be downsizing due to having an empty nest.

Or an adult who lives alone may not feel safe in a SFH - would prefer to live where there are close neighbors.

->> I agree ->> Condo fees are expensive! $$

[Anonymous]

Anonymous wrote:Live in one and grew up in one and always lived in one.

Condos are convenient: my family traveled a lot so it was very easy to turn the key and just leave and never have to worry about maintenance.

Even in a townhouse you have to worry about the backyard, what to do with trash, security of the place etc.

Condos fill a niche and aren't for everyone but if you routinely travel and want something in a good location then they work.

Also space wise, if you purchase a larger sized one (which you should if you're a family) they really don't feel smaller than a house and it's all one floor living which makes it so much easier.

+1 on condo living and I can always find them at a discount every time I move and put the difference into the market.

+1 this is one of the reasons we're looking at a condo. We are planning to travel a lot and just want to be able to lockup and go.

Plus:
- no more yard maintenance. We have a huge yard. It was great when the kids were young, but they are now in college, and we don't want to deal with yard maintenance anymore

- I do want access to a pool and gym in the complex. I hate the idea of driving to the gym.

- I do want some walkability.

I'm also ok with < ~$700 for the amenities and convenience.

[Anonymous]

Anonymous wrote:Live in one and grew up in one and always lived in one.

Condos are convenient: my family traveled a lot so it was very easy to turn the key and just leave and never have to worry about maintenance.

Even in a townhouse you have to worry about the backyard, what to do with trash, security of the place etc.

Condos fill a niche and aren't for everyone but if you routinely travel and want something in a good location then they work.

Also space wise, if you purchase a larger sized one (which you should if you're a family) they really don't feel smaller than a house and it's all one floor living which makes it so much easier.

+1 on condo living and I can always find them at a discount every time I move and put the difference into the market.

If you leave for a long period of time, you still have to check on your condo, or have someone check on it. Apartments can get damaged by neighbors sharing ceiling and walls, flooding is especially common. Also window damage, water coming from window insulation breaking, pest infestation you may not be aware of, that can come from neighbors, etc. A condo isn't frozen it time just because you lock the door.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Live in one and grew up in one and always lived in one.

Condos are convenient: my family traveled a lot so it was very easy to turn the key and just leave and never have to worry about maintenance.

Even in a townhouse you have to worry about the backyard, what to do with trash, security of the place etc.

Condos fill a niche and aren't for everyone but if you routinely travel and want something in a good location then they work.

Also space wise, if you purchase a larger sized one (which you should if you're a family) they really don't feel smaller than a house and it's all one floor living which makes it so much easier.

+1 on condo living and I can always find them at a discount every time I move and put the difference into the market.

+1 this is one of the reasons we're looking at a condo. We are planning to travel a lot and just want to be able to lockup and go.

Plus:
- no more yard maintenance. We have a huge yard. It was great when the kids were young, but they are now in college, and we don't want to deal with yard maintenance anymore

- I do want access to a pool and gym in the complex. I hate the idea of driving to the gym.

- I do want some walkability.

I'm also ok with < ~$700 for the amenities and convenience.

A large house with a large yard can certainly be unnecessary work if you don't need it. But condos aren't as turn key as people think. Sounds like people who say this never owned condos before, never had damages or flooding from neighbors, infestations (roaches, ants, mice), or special assessments (everyone's "favorite" part about condo ownership). You have to allocate funds for these extra problems just like you have to allocate funds for your home repairs and maintenance. Your condo fee isn't all there is.