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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You should do the math. Buying versus renting the same condo and you overall NW and needs.
In my building, if I were to buy a 2- bedroom condo now versus renting the same or similar one, I'd be out ca 4 million after 30 years. I can even do it tax free or very low tax.
The condos have been the same price the last 20 year, which is $480k-$510k. Even if they go to a million, I'd be out 3 million. I didn't even add any upkeep costs or being able to move to a 1-bedroom if times get tough. 
I'm so glad there are owners who rent to me and don't know or care that the money stuck in a condo would do better in the market.
I'm about to move to top floor as I want nobody walking above me. I asked them to change out several appliances and they are working on it.
Right now, renting is absolutely the way to go. The rentals have been sitting 120+ days as few people have $5k cash for first months rent plus security deposit. 
Don't kill your cash in the condo. Learn to invest and your returns will be much higher than 10%.[/quote]

OP here, thanks for that POV. Right now, the PITI on out home is $2450 + $100 HOA. If we purchase a condo, outright, our HOA + Prop. tax + insurance would be around $2400, with $1300 of that being HOA. That number is hard to fathom, so I was wondering what typically is covered by that, not having lived in a condo before. [/quote]

We own a condo as a property for one of our kids to live in while in school.  She has a roommate so that provides a bit of rental income..  The condo fees are a killer and not worth it in the DC area.  I would not buy a condo here if you have other options.  We knew going in we weren't going to make any money on it but we were ok with that since our kid needed a place to live.  We will sell when kid graduates and we will hopefully break even but it's iffy.  The place may have appreciated slightly but not much ($650K purchase price) Our condo fees are $650/mo for a fairly old building but it does have a pool and small gym.   Some places we looked at were $800-1000 condo fees.  The HOA's in condo's can also be a bit much or maybe it's just ours which has a lot of older people with nothing to do but complain.  [/quote]

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