/biz/ - Business & Finance

[Anonymous No.54275154]

Are condos the ultimate midwit trap? Where I live they cost more than a house, plus you have to pay extortionate HOA fees and deal with their bullshit. They perform terribly in terms of long term price appreciation as well.

[Anonymous No.54275182]

>>54275154
Condos made sense back when you had to go into the office and needed a pad nearby to escape the commute. In the age of WFH it's fucking retarded. A 1 story 2500 square foot ranch is the new condo.

[Anonymous No.54275654]

>>54275154
who the fuck was building real estate in 2009?

[Anonymous No.54275696]

>>54275154
Why do they make you deal with the HOA for a condo? I thought the HOA just existed to bitch about peoples' grass and dumb shit like that.

[Anonymous No.54275728]

>>54275696
Because you only own the unit not the building it's in dumbass

[Anonymous No.54275747]

>>54275154

>pay 1 million over the course of the loan for plywood shitbox sharing a wall with neighbors
>plus HOA fees

lmao

[Anonymous No.54275756]

>>54275154
My dumb bitch Mom fell for it in 2007 and lost both beach side apartments and now lives on essentially hand outs from me and welfare

It's designed to fleece retards out of money

[Anonymous No.54275773]

>>54275154
"Condos" are just apartments for people who don't want to live with ghetto neighbors. You can't rent an apartment in America without having some nignog neighbor who plays rap music 24/7 and slams cupboards, and the buildings have walls that are like paper thin.

[Anonyɱous No.54275782]

>>54275154
>Are condos the ultimate midwit trap?
Yes. A double wide 20 miles out of town is much better.

[Anonymous No.54275791]

>>54275756
That's not a very nice way to talk about your mother

[Anonyɱous No.54275875]

>>54275791
>mother

[Anonymous No.54275878]

>>54275791
She deserves it
I was 13 years old when I told her to buy a house out in WV instead and she called me a dumb child and that
>It was a great investment opportunity
and
>She could rent it out
She wanted to be a landlord so bad and than her literal first tenant didn't pay rent for a year and busted up the toilet and all of the kitchen tiles which she had to pay another 50k out of pocket for
Than 2008 happened and the first apartment got foreclosed on by the bank

She literally ignores all advice and does the dumbest thing in every situation just to act like a girl boss
And that's why she's a 50 year old divorcee that nobody likes and throws temper tantrums

Moms can usually more often than not be the worst people on your life, just because you're blood related doesn't mean you have to put up with it out of obligation

[Anonymous No.54275929]

>>54275154
>Are condos the ultimate midwit trap?
Yeah, you want to be building hotel rooms, once you have enough scale.

[Anonymous No.54275935]

It varies too much from HOA to HOA to make blanket statements, imo. If 90% of the funds are genuinely going towards a service you use (maintaining the building, lawncare, a neighborhood pool, etc) then the fees are usually reasonable. In those cases it's just going towards services that might be paying for anyways.
If it's going towards some dumb bullshit like a mediocre gym, or a doorman, or a front office that is empty half of the time, then that's just fleecing people. A lot of HOAs also exist just to keep poor people out, which I don't inherently object to but it doesn't necessarily provide a direct tangible benefit.

[Anonymous No.54275945]

>>54275654
Someone who started in 2007

[Anonymous No.54275957]

>>54275878
I can fix her

[Anonymous No.54275960]

>>54275154
i took the co-op pill. and i love it

[Anonymous No.54275982]

>>54275654
In Ohio no less

[Anonymous No.54275997]

>>54275929
based simtower player

[Anonymous No.54276065]

>>54275878
Despite what she has done you should at the very least give her your love, you may see her in a derogatory light as of right now but that may change in the future and you only have her around for as long as she lives. Of course ignore all this good day well meaning shit if she seriously wronged you in some way, like letting her boyfriend molest you or getting drunk everyday.

[Anonymous No.54276109]

>>54275154
>They perform terribly in terms of long term price appreciation as well.
Only in SHITHOLES like USA

Say the same about apetments in Paris or Berlin

[Anonymous No.54276127]

>>54276065
2cnd one applies to me
natural light beer should buy her a fucking house desu

[Anonymous No.54276133]

>>54275154
i couldnt imagine a sane human being sitting in that chair for more than 2 hours a day kek. whoever owned this goypod mustve been the biggest NPC known to man

[Anonymous No.54276160]

>>54275154
It’s worse than you describe
HOA fees are hard to calculate correctly and are constantly updating.
If they charge too low, the building can fall into disrepair and lock management can force a “special assessment” where all of the homeowners are suddenly on the hook for tens of thousands of dollars.
I’m looking for a beach home in Miami area and any non single-family-home peppery requires HOA fees. For a $500k place, fees run between $700 and $1100 *a month*
I was looking at a place in some historic Cuban neighborhood and I found something relatively large for $350k and right by the beach.
A few weeks later i was surprised to se it went for $250k but on closer inspection it sold for $250k plus a $60k fucking assessment.
So the person selling was probably forced to sell because they didn’t have $60k cash on hand to pay for lock management’s fuck ups.

[Anonymous No.54276180]

>>54275154
>$688 monthly HOA fee

[Anonymous No.54276272]

>>54276127
Oh right ignore what I said. Nothing worse than a parent that likes to drink to excess.

[Anonymous No.54276302]

>>54275154
Depends. I've owned two. First one was well run, simple well built building (no elevator, no expensive shit to maintain so dues were cheap) and it appreciated 110% in 7 years. Current one is a bit more complicated building (has an elevator and rooftop deck which cost more to maintain) so dues are a bit higher.

I wouldn't buy in a building with "amenities" like a """concierge""" or a """gym""" because those are just expensive and useless.

Mostly I just like knowing that my mortgage will never go up and it is a decent store of value (not going to appreciate like a house will but if I sell it I will basically get back my down payment and whatever I paid towards the mortgage so it's kind of like living in the city for $400 HOA a month).

If you buy you have to be really scrupulous about going over the financials (they are required to give you those and you can back out if you don't like it) because a poorly run HOA is a nightmare. Also have someone who knows what they are doing check the building out for construction quality, some are way better than others.

HOA should cover insurance, water, sewer, garbage, lawn care, and building maintenance (i.e. new roof, new paint) and you will usually pay about 10-15% above what that would cost you if you paid for it directly on a square footage basis (mostly because of the management fees).

Hope this is most helpful :)

[Anonymous No.54276334]

I own a condo. It was $100k and my HOA fee is $350/month. It's in a white suburb but I can walk to Whole Foods and Trader Joe's so it's pretty acceptable.

The meme is that condos do not appreciate in price for shit and at higher price points you get absolutely fucked. I've seen HOAs of like $900 on a $500k condo and they don't even appreciate in value.

[Anonymous No.54276493]

>>54275154
>Where I live they cost more than a house, plus you have to pay extortionate HOA fees
Well, the first part is not typical. Usually they cost less than a house. The fees are always a pain though. They make condos not worth it. Better to buy some land and put a mobile home on it.

[Anonymous No.54276854]

>>54276493

>Well, the first part is not typical. Usually they cost less than a house.

That's the problem. They're trying to get 300k for 1 bedroom condos when you should be max paying 100k. The prices are so mind bogglingly inflated that it's just not a good idea.

They are cheaper than houses because they don't retain value like houses because you don't own the fucking land.

[Anonymous No.54276880]

>>54275154
Its better to rent a condo than own one. Unless you're ungodly rich and buy the penthouse

[Anonymous No.54277097]

Most of the hoa is the property tax

[Anonymous No.54277157]

>>54275878
>She wanted to be a landlord so bad and than her literal first tenant
>the worst people on your life
WHAT ETHNICITY TALKS LIKE THIS?
NOT WHITE.

[Anonymous No.54277257]

>>54275154
mines cool, less than half the cost of the average house, $150 HOA, 4 units, none of my neighbors make enough noise to bother me(though the guy next to me says the people above him are loud, I cant hear them). its the only place I would have been able to afford before my promotion, I got a 3.6% rate, I live alone for the first time in my life, and I can realistically save/invest 500-1000 per month after living expenses

[Anonymous No.54277296]

>>54275696
some condos have amenities like pools and gyms and common areas that need to be maintained(these are the ones with the higher HOA fees), and the building itself has maintenance costs that paid through HOA fees

[Anonymous No.54277635]

>>54277296

>paying for a shitty pool and gym that you never use and getting charged $900 a month for it

t-thanks

[Anonymous No.54277665]

>>54275696
the building needs to be maintained
a HOA is no different than paying for home repairs
it's true that some buildings have crazy high HOAs, you just have to avoid em

[Anonymous No.54277797]

I bought a condo in a VHCOL area because of work and because my mortgage payment + HOA + tax is less than rents for the area. I didn't want to go into supreme debt to buy a shitshack house for 1M, rather stay within my means and acoomulate crypto. You laugh now, but after the next bullrun I'll be buying a nice mansion in the country and convert this condo to a rental where a wagecuck pays the rest of the mortgage kek. Remember, you will own nothing and be happy, rentcels. I anticipate a developer will buy me out at some point anyway because the land my condo is on is too valuable based on location alone. Cope and seethe, cattle.

[Anonymous No.54277870]

>>54275878
Post her tits

[Anonymous No.54277895]

Oh wow I live close to there

It’s expensive but I just choose not to be poor

[Anonymous No.54277930]

The best upside of a condo is one that has a shared interior like a hotel, where the doors to your unit are one of hundred. They have security to entering the parking area, and security code to enter the building, so your chances of a home invasion or getting shot from a nig kicking down your door in the middle of the night is basically 0. I slept with my door unlocked for years.

[Anonymous No.54277936]

>>54275154
>ultimate midwit trap
Yes. Every midwit who's able to affort them gets them. It must be something to do with lacking the T to take care of a house

[Anonymous No.54278061]

>>54276160
>Miami
Why? It's not worth the price. Traffic and drivers are out-of-this-world bad. Overpopulated. East coast FL is a depressing waste land of dying people and junkies.

[Anonymous No.54278471]

>>54278061
I live abroad and i need a home on the east coast of the US that’s easy to access from continental Europe and that’s in a state with no state income tax.
I was looking at Clearwater as well but it’s a PITA to get there.
Also, I know a few people here.
Demographically it’s bad but I don’t hate it as much as I thought I would.
I tried out Portsmouth, NH as well and found it a bit bleak.

[Anonymous No.54278788]

>>54275154
Real estate broker here
1. Condos are the first to lose value and the last to gain value in a real estate market.
2. HOA boards are usually taken over by the progressive leftists who seek authori-tay over others.
3. The boards control the financial health of the HOA and I have yet to see one that is well run (sure they are out there).
4.HOAs are exposed to lots of operational inflation which is why the fees are so damned high
5. HOAs have special assessments and other "oh-we-fucked-up-and-need-more-money" clauses

In my early days I convinced an old woman to sell her SFH and move into a condo. That decision has haunted me 20 years. I did it to get a commission because I was starving.

Fuck condos. Never, ever, fucking ever buy one unless you absolutely have too.

[Anonymous No.54278900]

>>54275929
>5
holy shit i used to play this all the time as a kid, thanks for the nostalgia

[Anonymous No.54279230]

>>54278788
What if I want to live by the beach a month out of the year and rent it out the other 11months?

[Anonymous No.54279351]

>>54278788

How is making zero money going for you these days? Gonna start delivering pizza soon?

[Anonymous No.54279401]

>>54278788
Do you think this is a good deal?

[Anonymous No.54279409]

>>54275154
They just came out with "fractional ownership" of properties in which they sell you some real estate that you end up paying +25% of a property because it's divided among 100 people and iT's So ChEaP. That's how they've been snatching up properties above asking price the past 2 years.

[Anonymous No.54279438]

I was leaning towards buying a condo at one point but damn I'm glad I ended up getting a house instead. The HOA fees really dissuaded me. Plus some are basically set up like apartments so you can still hear your neighbors through paper thin walls. Also a lot of them are restrictive and have lots of rules and regulations even with pet ownership. No thanks.

[Anonymous No.54279511]

>>54279438

And remember that they can raise the HOA fees any time they want. So the only way you should ever buy a condo is if it's super cheap as an alternative to renting.

But if you can barely make the condo payments and they raise HOA fees $500 you are shit out of luck. And it's some random asshole making that decision that you have no power over.

[Anonymous No.54279536]

>>54279511
Don't you have 1 vote?

[Anonymous No.54279552]

>>54275878
Based
>>54276065
>>54277157
Spics

[Anonymous No.54280138]

>>54276854
lmaooooo , goo check south Florida condos. Minimum 5 hundo.

[Anonymous No.54280280]

>>54276334
Yep. Condos are purely stepping stones between rentals and getting your own house. I bought the cheapest condo sold in my area (~200k people) between early 2021 and today and it has appreciated 25% since then, while saving me $1k/mo that would have gone to the landlord. Will sell it the moment it makes sense to.

[Anonymous No.54281946]

>>54275878
pic of mommy now