Is buying a one-bedroom condo ever a good idea?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

The bolded is key, OP. You can make bank renting out a downtown condo, provided the HOA fees aren't ludicrous. That's where the real value would come from if you moved out - otherwise, don't expect much appreciation.

That's the thing. Most downtown condos do have HOA fees that are ludicrous. $500+ for a piece of cement on the roof? No thanks. And don't get me started on the buildings with swimming pools. You pay a massive fee all year for something you can share with a few hundred other people for all of 3 months.

If a building has 24/7 Concierge, that will be a huge cost of the budget. elevators are another. Trash pcikup and insurance will also be big especially in a building with a lot of amenities. Get a copy of the budget so you can see what your fees are going towards.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

Also, you have to understand the power the older residences have on newer residences. They are typically in a clique situation.

Sorry to burst your bubble, but I just don't want you spreading false information to someone who buys a condo, and their life is a living hell just because of your one biased experience. These people get away with things all the time. It's all about the benjamins.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

I've lived in 2 different condos. Yes, I get that bylaws vary from condo to condo and that there are real asshole condo boards.

Please explain how your condo board has barred you from doing something explicitly allowed in the bylaws.

Based on the bolded above, I'm thinking you've tried to do something that is barred by the bylaws, and you are pissed off about that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

I've lived in 2 different condos. Yes, I get that bylaws vary from condo to condo and that there are real asshole condo boards.

Please explain how your condo board has barred you from doing something explicitly allowed in the bylaws.

Based on the bolded above, I'm thinking you've tried to do something that is barred by the bylaws, and you are pissed off about that.

No. All I'm saying is that every condo board is different. They aren't one in the same. It's not worth it to live somewhere if people make the experience of living there a living hell.

But you're trying to say because you had your little 2 experiences, all condo boards are the same when they're not.

Some condo boards are great, but some are full of power hungry maniacs who just want to nickel and dime their residences to death. You have to think why many condos in the area are so expensive yet still have amenities from the mid-90s. My only point I'm making is to just be cautious and do your research before buying.

[Anonymous]

I've owned two condos and loved both. One was a one bedroom in a popular neighborhood in a major city, got lucky on the real estate market timing and made a huge profit. Took that down payment and bought a 2 BR here. I know my 2 BR in an established DC neighborhood hasn't appreciated as much as some of my friends' homes in neighborhoods that were gentrifying, but I haven't lost money and I love where I live.

Frankly, I think there is a healthy market for people who want to live a walkable life, and be close to work and activities. Just as you love living downtown, so do others.

I will point out that both buildings were well managed, with stable financials. Agree with PPs to check the rules about renting. Also check for red flags, such as large or frequent special assessments, which would indicate that the building has issues or they are not charging a high enough monthly assessment to care for the building. Beyond that, you have to decide what is important to you. Rooftop deck? Indoor gym? 24 hour doorman? And what are you willing to pay for those conveniences?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

I've lived in 2 different condos. Yes, I get that bylaws vary from condo to condo and that there are real asshole condo boards.

Please explain how your condo board has barred you from doing something explicitly allowed in the bylaws.

Based on the bolded above, I'm thinking you've tried to do something that is barred by the bylaws, and you are pissed off about that.

No. All I'm saying is that every condo board is different. They aren't one in the same. It's not worth it to live somewhere if people make the experience of living there a living hell.

But you're trying to say because you had your little 2 experiences, all condo boards are the same when they're not.

Some condo boards are great, but some are full of power hungry maniacs who just want to nickel and dime their residences to death. You have to think why many condos in the area are so expensive yet still have amenities from the mid-90s. My only point I'm making is to just be cautious and do your research before buying.

I actually said the opposite. My point was that condo boards still have to follow rules in the bylaws. What you said was the opposite - you have the right to rent your unit per the bylaws, but the condo board has somehow been blocking you. Given that you won't provide details, I think you're full of shit.

I agree that many condos have overpriced fees, especially the older buildings. Newsflash - they have amenities from the mid 90s because they are probably buildings built in the mid 90s. The fee doesn't just cover the amenities - it also covers the maintenance, repairs, and insurance - the cost of which increase as the building gets older.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's not worth it. Condos, especially one bedrooms, don't appreciate as much as a house or townhouse does. DC isn't nyc or San Francisco. Unless you plan on living in it and never selling it and using it as a rental, it won't gain as much equity as a house will. I see too many people buying condos and being confused as to why it barely goes up in value in 5 years. Condos have their board that basically control everything and they can dictate to raise the condo fees at any given month if the board agrees to it.

You don't seem to know exactly how a Condo works. Boards can't raise Condo fees any given month. Board approve budgets for the YEAR. Owners get at least 30 days to review a draft budget before the Board votes on it. The only time a Board can raise fees during a year is if the expenditure is more than 15% of the budget . The owners would have to approve that expenditure.

New poster. This post is a lie. I was living in a condo I owned. I was blocked by politics from renting my own unit. You really do get no say and they get away with "enforcing" rules on you, owners included. You can "vote", but most of the time, it doesn't matter. When you "own" a condo, you don't own anything unless you're directly on the condo board.

Not sure what kind of condo you live in, but a condo board can't block you from renting your own unit if you are otherwise following the bylaws.

My old condo allowed rentals, so long as leases are at least 1 year long. They couldn't veto any tenants. Raising the condo fees, per the bylaws, could be done on a yearly basis (as with previous poster, our budget was decided for a year at a time). But I believe it could be voted on by the tenants. If there are repairs or that exceed the budget, the board can't just do what they want and raise your fee or give you a special assessment. The special assessment route can only be pursued if the repair is an emergency and exceeds the repair budget for the year.

Condo boards can't change bylaws either, even if up for a vote. Usually bylaws have to be approved by the mortgage holders. (say a building can't vote to change the bylaws and not allow rentals, without mortgage holders' approval).

You must've lived in one condo. That's cute. But that's not how all condo boards work. Some will use politics against you to persuade you. It happens all the time.

You shouldn't treat your one experience as the absolute one way things are to be done. It's not. They take advantage of people all the time, especially in the DMV area.

I've lived in 2 different condos. Yes, I get that bylaws vary from condo to condo and that there are real asshole condo boards.

Please explain how your condo board has barred you from doing something explicitly allowed in the bylaws.

Based on the bolded above, I'm thinking you've tried to do something that is barred by the bylaws, and you are pissed off about that. [/quote

+1 I actually have managed 3 Condo buildings and the above poster is correct. Your Board has to follow the Bylaws. It sounds more like you wanted to do something that wasn't allowed. If your Board tried to enforce something that wasn't written, you would have a claim against the Board. In MoCo, that would be filed with the CCOC.