Why do people buy condos?

[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.

Not sure you can gym, pool, walkability for $700/month. Maybe a gym and walkability. A pool is expensive to maintain

[Anonymous]

For the same reasons people lease cars.

[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.

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.

Thanks for this input as I've often considered "lock and leave" part of the appeal and need to be thinking realistically. How about mail at a condo?

[Anonymous]

Anonymous wrote:

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.

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.

Thanks for this input as I've often considered "lock and leave" part of the appeal and need to be thinking realistically. How about mail at a condo?

There are full-service condos - usually larger buildings where you have a mailroom and a front desk where staff will usually accept and store mail packages for up to a few days until you stop by to pick them up. These buildings have higher HOA fees to pay for the staff.

There are also smaller-mid size condo buildings where there is no human staff present. In most cases the larger packages are simply left on the floor of the mailroom and they are not secured. Although some of these buildings have started to install little individual lockers where the delivery person can drop your package. Having no staff means cheaper HOA fees.

If you leave often for travel, say as a retiree, there are services now for ~$20/month that will open and scan all of your mail (then shred it), so you can read it online from wherever you are located and not miss anything important. This also means you don’t have to ask a neighbor to collect your mail, because a condo mailroom box is pretty small so if you go away for a while it will fill up and they won’t be able to stuff any more mail in there.

[Anonymous]

We once owned a condo in DC. Unit 101. The building had no amenities. The single biggest expense was an elevator that we didn't need. It was annoying lol.

Our good friends currently own a condo in another small building which also has no amenities. Not even an elevator. Their fees are based on square footage and they happen to have the largest unit in the building. So they're paying double what some other owners are paying and largely only for water and sewer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I like condos at times when the math is right. If you bought a well-managed DC condo in 2020 at 3% rates, or before that and refinanced at low rates, the math might work.

I just don’t understand the math if you buy a condo here in 2026. You could rent an identical unit in a DC condo building for often $1-2k less than buying per month. You rent and invest the difference that’s a massive return in favor of renting. Plus appreciation has completely stalled out with many DC condos selling for barely more than they were bought a decade ago, so you’re not counting on appreciation.

I get the perks of condo living, but right now the math says rent a condo from an individual owner, not buy.

I live in a lovely condo building. I have owned here, bought in 2008 and sold in 2019. Right now, I'm renting a 3rd unit. Nobody has kicked me out. I have opted to move every time.
I cannot buy and won't buy for several reasons: math, got to move for schools in 6 years, and I don't want to be stuck with loud neighbors. Been able to get my rent down, because I'm willing to move. Ofcourse my money is invested. Wouldn't sell any stock for a condo.
Can't buy top floor, because roof leaks, but I do enjoy renting it.
Owning would have been fine if I had bought bigger unit in 2008.

A lot of times people buy because they can customize the unit to their needs/tastes and can do whatever they want in terms of finishes that they never can do as renters. Also assurance that the unit will continue being theirs and LL isn't going to sell it or decide to live in it or raise rent. Even if you had never been subjected to having to move out because of your LL decisions, this is not at all uncommon with private small LLs. In large rental complexes run by the corporations it's a lower risk.

Also, in HCOL cities (maybe not in DC, but definitely in NYC or SF) people often convert units to add extra bedroom since it's more economical than renting a unit with extra real bedroom. You cannot convert a rental, and often have to jump through hoops to even add a temporary wall. If cost of ownership is the same or slightly higher, then you could get a better suited unit when you buy vs. when you rent.

[Anonymous]

IMO "yard maintenance" it's an excuse to ditch boring suburbia for the more urban fun walkable areas and feel young again. When people are no longer tied to school districts they gladly go back to the lifestyle they had before kids. I am not buying that whole "being tired of yard maintenance" when people literally desire to live in SFHs and do this for decades and manage to pay for it or do it themselves. They don't suddenly get tired of having private outdoor spaces, not sharing walls with others, easy parking, not smelling other people cooking/smoking, etc. They either never liked suburban lifestyle in the first place but felt like they had to give their kids this experience, or they were too broke to outsource any yard/home maintenance in the first place, had a rundown property, they felt bad about, or barely afforded their house (house poor).

These are the main reasons people go to condos.

[Anonymous]

Anonymous wrote:You think I want to mow lawn? Ha!

You don't have to mow your own lawn if you have money to pay someone. Very few people in DCUM affluent suburbs do their own yard/home maintenance. If you were honest you'd say "you think I can afford to pay someone for a house and yard maintenance"? Someone already said this indirectly on this thread, indicating how even higher condo fees are still lower than having to pay for all house maintenance expenses (especially if wanting to keep it in proper shape).

[Anonymous]

Anonymous wrote:Less maintenance headaches; usually better located, more walkable, and better commute; some people don't need a lot of space with a ton of frivolous purchases

+100

I live in a SFH now and the condo was so easy.

[Anonymous]

Anonymous wrote:IMO "yard maintenance" it's an excuse to ditch boring suburbia for the more urban fun walkable areas and feel young again. When people are no longer tied to school districts they gladly go back to the lifestyle they had before kids. I am not buying that whole "being tired of yard maintenance" when people literally desire to live in SFHs and do this for decades and manage to pay for it or do it themselves. They don't suddenly get tired of having private outdoor spaces, not sharing walls with others, easy parking, not smelling other people cooking/smoking, etc. They either never liked suburban lifestyle in the first place but felt like they had to give their kids this experience, or they were too broke to outsource any yard/home maintenance in the first place, had a rundown property, they felt bad about, or barely afforded their house (house poor).

These are the main reasons people go to condos.

Even if you had money to outsource these things there’s still the mental energy of finding the people to do it, monitoring their work, staying on the schedule etc. meanwhile when I lived in the condo everything was just done when it was supposed to be done.

[Anonymous]

Why do people buy overpriced mcmansions situated 3 feet from their neighbors with 1000's in HOA fees?

[Anonymous]

With my elderly parents their story was:
Graduate from college with student loans
Rent a 2 bedroom condo in a high rise
Purchase a 3 bedroom condo
Purchase a 3 bedroom single family home
Downside to a 1 bedroom one level townhome

[Anonymous]

I’d love a condo! In a SFH , I have either fees or a lot of work for the following: utilities, insurance, maintenance, yard work, etc. Major replacements like roof, hvac, plumbing, termites, electrical upgrades, solar installation etc etc. We pay $250 a month for a gym. I have to be home for packages.

We are unlikely to do a condo because we have a barky dog, it’s hard in our area to find 3 bedroom condos.

[Anonymous]

Anonymous wrote:

Anonymous wrote:IMO "yard maintenance" it's an excuse to ditch boring suburbia for the more urban fun walkable areas and feel young again. When people are no longer tied to school districts they gladly go back to the lifestyle they had before kids. I am not buying that whole "being tired of yard maintenance" when people literally desire to live in SFHs and do this for decades and manage to pay for it or do it themselves. They don't suddenly get tired of having private outdoor spaces, not sharing walls with others, easy parking, not smelling other people cooking/smoking, etc. They either never liked suburban lifestyle in the first place but felt like they had to give their kids this experience, or they were too broke to outsource any yard/home maintenance in the first place, had a rundown property, they felt bad about, or barely afforded their house (house poor).

These are the main reasons people go to condos.

Even if you had money to outsource these things there’s still the mental energy of finding the people to do it, monitoring their work, staying on the schedule etc. meanwhile when I lived in the condo everything was just done when it was supposed to be done.

If you have money then you don't need to expand much mental energy to find providers. Just use your neighbor's providers who you think do a good job or ask friends (you can see the results). Often providers solicit the neighbors with their fliers or even visits to the door when they come in to work on neighbor's homes. The only time one must spend significant mental energy to the point of pain, is when money is really tight and you need to find the best deal, afraid to overpay even by a little, and try to find the best bang for your buck.

The reality with condo associations is that they won't always find the best providers of services either. They can get scammed or overcharged just like private home owners, and you won't even be aware of it, you just realize you are paying more in maintenance fees that you have to. Some corruption is also possible where decision makers (condo board) make contracts with their relatives or those they know, or get kickbacks. Not sure how frequent the latter situation is. But the fact that condo associations can overpay for mediocre services doesn't go away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:IMO "yard maintenance" it's an excuse to ditch boring suburbia for the more urban fun walkable areas and feel young again. When people are no longer tied to school districts they gladly go back to the lifestyle they had before kids. I am not buying that whole "being tired of yard maintenance" when people literally desire to live in SFHs and do this for decades and manage to pay for it or do it themselves. They don't suddenly get tired of having private outdoor spaces, not sharing walls with others, easy parking, not smelling other people cooking/smoking, etc. They either never liked suburban lifestyle in the first place but felt like they had to give their kids this experience, or they were too broke to outsource any yard/home maintenance in the first place, had a rundown property, they felt bad about, or barely afforded their house (house poor).

These are the main reasons people go to condos.

Even if you had money to outsource these things there’s still the mental energy of finding the people to do it, monitoring their work, staying on the schedule etc. meanwhile when I lived in the condo everything was just done when it was supposed to be done.

If you have money then you don't need to expand much mental energy to find providers. Just use your neighbor's providers who you think do a good job or ask friends (you can see the results). Often providers solicit the neighbors with their fliers or even visits to the door when they come in to work on neighbor's homes. The only time one must spend significant mental energy to the point of pain, is when money is really tight and you need to find the best deal, afraid to overpay even by a little, and try to find the best bang for your buck.

The reality with condo associations is that they won't always find the best providers of services either. They can get scammed or overcharged just like private home owners, and you won't even be aware of it, you just realize you are paying more in maintenance fees that you have to. Some corruption is also possible where decision makers (condo board) make contracts with their relatives or those they know, or get kickbacks. Not sure how frequent the latter situation is. But the fact that condo associations can overpay for mediocre services doesn't go away.

If you have the funds it is pretty easy and stress-free to outsource lawn care, gutter cleaning, snow removal, exterior painting, etc.

But there are other things that are more complex on a SFH. Like the flashing around my brick chimney will need to be fixed up soon because I pay attention to it and can see it separating. Many people wouldn't even know to look at that stuff occasionally; they would just wait until water starts coming into their roof.