Reply to Genz and millennials don't want your small starter homes want forever homes now

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]IME the "starter homes" our friends had were condos, not moldy SFHs[/quote]

Condos are a scam. If you don’t own the land under your house you ate throwing away money. [/quote]

Both owning your home (condo or single family) and being a renter involve "throwing money away". The question is how much money are you spending vs how much equity are you building up vs how much money are you saving. And do you like where you live? Our friends had some nice condos.[/quote]

Condos don’t appreciate. They lose value after adjusting for inflation. SFHs tend to hold their value after adjusting for inflation or appreciate. Generally, condos make you poorer, and you are better off renting rather than buying a condo. HOA fees (for condos) also tend to increase much faster than inflation due to misaligned incentives that discourage HOAs from adequately maintaining shared structures. 
Here are some inflation-adjusted examples of why condos are a terrible investment
https://www.redfin.com/MD/Silver-Spring/1201-E-West-Hwy-20910/unit-335/home/12330282 (2013->2025 [b]17% decline in value[/b])
https://www.redfin.com/DC/Washington/326-8th-St-NE-20002/unit-402/home/10190022 (2004->2025 [b]29% decline in value[/b])
https://www.redfin.com/VA/Arlington/1205-N-Garfield-St-22201/unit-609/home/11281068 (2010->2025 [b]9% decline in value[/b])
https://www.redfin.com/VA/McLean/1511-Lincoln-Way-22102/unit-201B/home/9838476 (2003->2025 [b]17% decline in value[/b])
[/quote]
DP. It all depends on what you want in life. Condos are infinitely less maintenance than SFHs and there is a value for people’s time. We lived in a condo in the Rosslyn-Ballston corridor. And it was, all in, about 1,000 per month cheaper than when we rented in the same neighborhood and didn’t have random fees for owning a dog or other random things. Agree that HOAs fees tend to go up over time but so do rents.

Now we live in a nice SFH but there’s just so much time that goes into everything. Getting multiple quotes for any work done, doing yard work (or finding someone to do it), etc. The appreciation is way better but so is the aggravation. [/quote]

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