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

[Anonymous]

I have an amazing apartment in downtown DC and am unwilling to sacrifice my quality of life to move further out. My budget is $600k, which buys a pretty nice one bedroom condo downtown. I've always heard that condos are a terrible idea in general, but if you insist on buying one, make sure it has at least 2br/2ba. Obvi, that's not going to happen in my budget around here. Am I setting myself up for a lot of hassle and expense if I buy a one bedroom condo in one of these new luxury buildings downtown, or should I keep renting to maintain my quality of life? Kids and schools are not a concern.

[Anonymous]

Why not? I guess it depends on the area, but I am in NYC, and 1bdr are in a high demand - singles, young couples, empty nesters, even families with one child looking to stretch their budget are all interested in 1bdr apartments. If kids are not in your plans, I don’t see what the problem is. FWIW, my first real estate purchase was a 1bdr apartment just for me. I sold it to a single guy after I got married and had a kid.

[Anonymous]

NYC is an exception. In the DC market, if it softens at all, you cannot unload a one bedroom, and they don’t appreciate like other kinds of properties do. I’m bought one, and would never do it again. If you like where you are living, keep renting. Quality of life matters too, and why would you move out to Random Fairfax just to say you own?

[Anonymous]

Anonymous wrote:NYC is an exception. In the DC market, if it softens at all, you cannot unload a one bedroom, and they don’t appreciate like other kinds of properties do. I’m bought one, and would never do it again. If you like where you are living, keep renting. Quality of life matters too, and why would you move out to Random Fairfax just to say you own?

The D.C. market hasn't softened in over 2 decades.

As OP already said - they're looking to buy a one-bedroom condo in downtown D.C. with amenities where they ALREADY LIVE.

No one said anything about Fairfax.

[Anonymous]

If you’re retiring and don’t want a huge house and it’s walkable then who cares if it’s a good deal? If you’re young buy a townhouse.

[Anonymous]

DON'T DO IT.
It is way too much for a 1 br. You will have trouble selling.

[Anonymous]

Anonymous wrote:I have an amazing apartment in downtown DC and am unwilling to sacrifice my quality of life to move further out. My budget is $600k, which buys a pretty nice one bedroom condo downtown. I've always heard that condos are a terrible idea in general, but if you insist on buying one, make sure it has at least 2br/2ba. Obvi, that's not going to happen in my budget around here. Am I setting myself up for a lot of hassle and expense if I buy a one bedroom condo in one of these new luxury buildings downtown, or should I keep renting to maintain my quality of life? Kids and schools are not a concern.

You're interested in buying a one-bedroom condo, aren't you? So other people will be too.

Keep renting if you're ok with continuing to rent. Buy if you want to own.

[Anonymous]

OP I own a one-bedroom condo in Logan in that price range. I LOVE it.

If I had to do it all over again I’d do the same or buy a 2-bedroom condo on H Street for the same price.

However, big caveat, if I was just going to get an investment property I’d spend that on a SFH or townhouse in NE or Nova and get far more back in appreciation.

[Anonymous]

Don't do it. I'd also add parking to the list. When real estate softens, 1 bdr condos without parking are especially hard hit.

[Anonymous]

Yes. I bought a one bedroom in Arlington, right on metro, twenty-five years ago. I should have never sold it but was uncomfortable becoming a landlord. It appreciated many times over.

[Anonymous]

Anonymous wrote:

Anonymous wrote:NYC is an exception. In the DC market, if it softens at all, you cannot unload a one bedroom, and they don’t appreciate like other kinds of properties do. I’m bought one, and would never do it again. If you like where you are living, keep renting. Quality of life matters too, and why would you move out to Random Fairfax just to say you own?

The D.C. market hasn't softened in over 2 decades.

As OP already said - they're looking to buy a one-bedroom condo in downtown D.C. with amenities where they ALREADY LIVE.

No one said anything about Fairfax.

Wut? There are still boatloads of people underwater from purchases they made in 2005.

[Anonymous]

What the HOA? That would be a major issue for me, most hoas in DC are steep.

[Anonymous]

If buying is cheaper than renting and staying in the same
Place for ten years buy .

[Anonymous]

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.

[Anonymous]

It's a good idea if you think you'll stay a few years and if it doesnt drive up your monthly costs to unreasonable levels (including a repair budget) AND you want to own a place with the advantages and drawbacks. Some of wheyher it is the best vs and ok idea depends on neighborhood, building, and luck. I'm glad I bought when and where I did. A friend will be a permanent renter (and he makes tradeoffs so that he will still be financially ok if he is renting in 20 years). Just make sure you take hoa fees into account.