Is living in a condo considered a failure?
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Anonymous
Typical DC strivers. Your tenants are probably in the other DCUM thread commenting about vacation homes being a waste of money and suggesting nothing about your net worth. lol |
Anonymous
Yes, flushing $3k 4k 5k 6k down the drain in rent every month until you croak is so wise. Avoiding all those "hassles" and making corporate landlords filthy rich. 
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Anonymous
Rent is not wasted money if you use the thing you are renting. |
Anonymous
What rent? You buy a condo just like you buy a house. The monthly fee is for utilities, pool, cleaners, landscaping, emergency fund, etc |
Anonymous
You have absolutely no idea why they didn't buy. I understand you wanted the best for them, but the problem with giving advice is that you never know what's going on and might come off as nosy. |
Anonymous
Typical out of touch idiot posting in DCUM. Very a few people even think about vacation homes because that's a privilege reserved for high earners. |
Anonymous
The fastest growing sector of "condos" are build-to-RENT by corporate landlord developers. It's a massive racket and frankly all of those parasites should be denied zoning. |
Anonymous
I have owned two condos and one was in a building that didn’t permit tenants. Owner occupied only. The other is over 90% owner occupied. You can ask the condo board about their policies with renters. |
Anonymous
I have same tenants now 7 years. I won’t ever give advice again. I know why they did not but both of them temporarily had work slowed due to Covid. I had to give them half rent two months but they paid me right back. But then home prices shot up really real. My condo was only worth 360k in Jan 2020 shots up to 550k and the neighborhood they like shot from 900k to 1.3 million. It happened really quick. I was just surprised a bit at time they were a bit nasty that I would think they would buy a condo when they are buying a big house. To be honest my place costs me $800 a month as I own it outright and I rent it $2,350. Sounds expensive but I could easily get $2,600 and don’t bother as Tennant never bothers me. All my old neighbors love them. I don’t understand living somewhere long term with a kid in a place you like where every lease renewal if I need to sell or want it back you are on the street. It is not a crap place. Neighbors being then cookies and there are moms and kids in complex. But that was last and only time. But to be honest renting a condo as opposed to owning is worse. |
Anonymous
| DC is one of the most status obsessed region in the United States. Of course you're looked down on if you're a grown adult professional living in an apartment or in a condo or town home with shared walls. |
Anonymous
+1 and it's not 3-6k. Our condo has a $250/mo fee that pays for water, trash/recycling, landscaping, and building maintenance (it is a small building and does not require a ton of maintenance, there is a decent reserve fund for any major fixes that might come up). Condos similar to ours have sold in our neighborhood for about 20% over what we paid 5 years ago. It's not the crazy increases you've seen in SFHs, but still a decent return on investment. And we live in it. You could do a lot worse (like not having any equity at all). |
Anonymous
That is below the overall CPI inflation rate of 23% in the past 5 years. Condos tend to lose value adjusting for inflation and they are wealth destroyers. They sell the a false promise of homeownership, many of the expenses of renting and none of the benefits of owning. It is a predatory ownership structure that developers take advantage of to prey on uniformed buyers that can't afford to buy a townhouse or SFH. Not owning the land under your home=limited or nonexistent property appreciation. |
Anonymous
Condos own the land under their home. The problem with condos in the DMV they build to many so older condos deprecate quickly. My condo in another state the town went upscale around 1984. They prohibited any new attached condos and the very few approved were 7 figure town home style condos. As such my grandfathered 1979 condo complex has appreciated a lot. It is surrounded by 2-10 million dollar homes. The downside is we need a super majority vote to dissolve condo and sell land. We never get that vote. We have 30 low rise units with 60 parking spots sitting on a plot you could fit 5-6 mansions that could sell 5-7 million each or a condo tower with 100 units. The condo we can’t sell the plot. But even with that a condo association common area property tax disappears from property tax roll. My unit has 600sf attic space, two parking spots, shared storage room and lawn and not taxed. Which makes my property tax cheap. |
Anonymous
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In NYC there a a handful of small coop buildings down in SOHO where they are on the super expensive blocks for Boutique shopping with some of the highest rent per square feet around. The coop building owns the ground floor and collects the rent.
One building was feature in the NY Times a few years back. It has "negative monthly maintenance" Meaning the commercial rent is higher than cost to run building and owners get a check paid to them each month. That is crazy. I dont think any single family home could beat that deal. |
Anonymous
| Land appreciates. Buildings depreciate. It's that simple. That's why condos tend to produce less wealth in the long run. That doesn't mean condos in Manhattan aren't valuable in Manhattan. But condos in northern Virginia are garbage. |