Reply to Condos- are they a bad investment?

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[quote=Anonymous]My experience with owning and trying to sell a condo has been negative.  I'm sure there are some for which it has been positive.  I'll share my thoughts.

Negatives: 
1) Poorly run HOA's with power hungry board members (volunteers) who make it their mission to make your life miserable. I should add that I was an HOA board member for two years so I saw what went on once Oz's screen was pulled back.

2) Because of the poorly run HOA's you often have a lot of deferred maintenance issues, which get worse as the building ages. Many times the deferred maintenance is due to low-reserves because of mismanagement of funds (not fraud, just lazy management), and inability to manage vendors.  This in turn leads to increases in your monthly dues AND special assessments which can be in the thousands.

3) When you go to sell your place, unless it's a cash buyer you are beholden to the comps in your building and other similar buildings in the area.

4) Most condo communities have a ton of restrictions when it comes to short-term rentals, in case you want to use it as an income producing property.

Positives:
1) lock the door and forget it. Low maintenance
2) low entry point when purchasing

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