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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]you can absolutely find a 2br for under $600k! Looking at redfin for 2brs with condo fees under $600/month yielded options in Glover Park, Shaw, Dupont, Adams Morgan, Columbia Heights, Hill East, and more. https://www.redfin.com/city/12839/DC/Washington-DC/filter/property-type=condo,max-price=600k,min-beds=2,hoa=600,viewport=38.8895:38.85696:-76.98031:-77.03601

I think the issue with selling a $600k 1br is that it will be a very expensive 1br, not the fact that it's a 1br.

I would only buy it if the condo rules were very generous about allowing the condo to be rented out. Then if you couldn't sell it but you wanted to move, you'd at least have the option of renting it out. [/quote]

Agree with the last sentence. Make sure you are able to rent the unit to others. Thats another reason why I'm put off on condo buying,[b] the board can change the rules on that any time they want. [/quote][/b]

Boards cannot change rules anytime they want.  There are very specific rules in place for Boards to change rules in a Condo depending on your County and state. Any proposed rule change has to be reviewed by Owners before it gets voted on.

You need to read the Condo documents before you buy to know exactly how that particular Condo functions and what rule are in place. Also ask to review the past few Board meeting minutes so you know what issues are being discussed by the Board and the Community. Make sure reserves are beign put aside at a proper rate for future repairs so you wont incur a special assessment.[/quote]

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