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

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[quote=Anonymous][quote=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.[/quote]

I'd absolutely consider a 1 BR condo/co-op in a city like NY, possibly Chicago. DC, no way... not a chance. In DC, I'd be in a row home minimum. Communal living has way too many downsides for me to buy into it unless I'm dealing with extreme conditions.

That said people saying condos don't appreciate are wrong; condos move with the market up and down as people trade costs and benefits against superior alternatives. But because condos, especially 1 BRs, are entry-level properties, when there are downturns, obviously there can be much greater downside risk. Buyers of 1BR condos can disappear and reappear very quickly.

Ultimately though, you shouldn't be too concerned with appreciation given you are an owner-occupier. It's not an investment, it's something you need to live.[/quote]

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