Reply to Why do people buy condos?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I like condos at times when the math is right. If you bought a well-managed DC condo in 2020 at 3% rates, or before that and refinanced at low rates, the math might work.

I just don’t understand the math if you buy a condo here in 2026. You could rent an identical unit in a DC condo building for often $1-2k less than buying per month. You rent and invest the difference that’s a massive return in favor of renting. Plus appreciation has completely stalled out with many DC condos selling for barely more than they were bought a decade ago, so you’re not counting on appreciation.

I get the perks of condo living, but right now the math says rent a condo from an individual owner, not buy.[/quote]
I live in a lovely condo building. I have owned here, bought in 2008 and sold in 2019. Right now, I'm renting a 3rd unit. Nobody has kicked me out. I have opted to move every time.
I cannot buy and won't buy for several reasons: math, got to move for schools in 6 years, and I don't want to be stuck with loud neighbors. Been able to get my rent down, because I'm willing to move. Ofcourse my money is invested. Wouldn't sell any stock for a condo.
Can't buy top floor, because roof leaks, but I do enjoy renting it.
Owning would have been fine if I had bought bigger unit in 2008.
[/quote]

A lot of times people buy because they can customize the unit to their needs/tastes and can do whatever they want in terms of finishes that they never can do as renters. Also assurance that the unit will continue being theirs and LL isn't going to sell it or decide to live in it or raise rent.  Even if you had never been subjected to having to move out because of your LL decisions, this is not at all uncommon with private small LLs.  In large rental complexes run by the corporations it's a lower risk.

Also,  in HCOL cities (maybe not in DC, but definitely in NYC or SF) people often convert units to add extra bedroom since it's more economical than renting a unit with extra real bedroom.  You cannot convert a rental, and often have to jump through hoops to even add a temporary wall. If cost of ownership is the same or slightly higher, then you could get a better suited unit when you buy vs. when you rent. [/quote]

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