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How are condos a good deal?
Posted on 8/26/23 at 3:20 pm
Posted on 8/26/23 at 3:20 pm
Most I see have notes already approaching traditional homes. Add in HOA fees and the risk of assessments alongwith the tradeoffs of non-traditional homes, how do these make good investments vs. a traditional house?
12
Posted on 8/26/23 at 3:30 pm to shutterspeed
Meh, the fees paid to the condo association and the assessments are generally for things like insurance, landscaping, maintenance, etc. that you would have to pay as an owner of a house. Like anything else, it depends on the condo. Some are problematic. Some are very nice and appreciate well.
Posted on 8/26/23 at 4:54 pm to shutterspeed
Condos are only as good as their associations and reserves.
Posted on 8/26/23 at 5:06 pm to shutterspeed
Extremely variable.
If you have great management the HOA stays in their lane and keeps costs under control then it can be a reasonable value.
The opposite is a real danger. Assessments, harassment from the HOA (including fines), and escalating monthly HOA dues can destroy value.
If you have great management the HOA stays in their lane and keeps costs under control then it can be a reasonable value.
The opposite is a real danger. Assessments, harassment from the HOA (including fines), and escalating monthly HOA dues can destroy value.
Posted on 8/26/23 at 5:08 pm to shutterspeed
I'll never invest in an HOA. One bad president and they will make your life a nightmare
Posted on 8/26/23 at 5:59 pm to shutterspeed
I bought one for 113k in 2017, lived there for 6 years, sold for 160k now, HOA was just over 200 something a month.
Much better financially off than I would have been renting. I had a pool and most outside maintenance taken care of by the HOA.
If you want apartment type living, it’s a great deal if you can get the right one.
Much better financially off than I would have been renting. I had a pool and most outside maintenance taken care of by the HOA.
If you want apartment type living, it’s a great deal if you can get the right one.
This post was edited on 8/26/23 at 6:00 pm
Posted on 8/26/23 at 6:18 pm to shutterspeed
If you were able to buy one cheap enough with a good HOA then you have a cash cow. Get one with a bad HOA and it doesn’t matter if you got the unit for free they will break you.
There are lots of folks in the Orange Beach/Gulf Shores area learning a lesson about differed maintenance right now
There are lots of folks in the Orange Beach/Gulf Shores area learning a lesson about differed maintenance right now
Posted on 8/26/23 at 6:26 pm to Sput
Most people don’t even understand what they are buying with a condo. Yes, you own your individual unit, but you also have an undivided ownership interest in the whole property. The owners are responsible for maintaining the overall structure. If you have a high rise at the beach, you better be on top of maintaining that structure. That one that collapsed in south FL is an example of what can happen.
Posted on 8/26/23 at 8:09 pm to Sput
A condo/townhouse with no HOA is a valuable investment property. They’re hard to find but believe it or not, they do exist.
Posted on 8/26/23 at 8:18 pm to shutterspeed
quote:can be great investment of something other than money. memories and time together. in your last years on earth, I doubt you'll be thinking about the money. It will be times you had with your kids and grandkids
How are condos a good deal?
Posted on 8/27/23 at 8:08 am to TheWalrus
quote:
Much better financially off than I would have been renting. I had a pool and most outside maintenance taken care of by the HOA.
If you want apartment type living, it’s a great deal if you can get the right one.
I've been looking at condos for my sophomore in college.
College in Georgia is cheap. Room and board is the expense.
I agree with your take completely.
Posted on 8/27/23 at 8:26 am to shutterspeed
Harder to finance as well.
Posted on 8/27/23 at 8:48 am to Paul Allen
quote:
A condo/townhouse with no HOA is a valuable investment property.
How does that even work? Like who pays for the outside manteinance.
Posted on 8/27/23 at 9:28 am to shutterspeed
I love my condo. Been here about 7 years
Value has gone up tremendously in that time frame .
We have an active HOA group that isn’t overbearing but invested in the collective investment
Our HOA manager is very nice and any issues I email her and she is very prompt
Our HOA fee is $275 monthly including all landscaping/ fiber internet/tv/security /pest control/water/outside insurance and maintenance
It’s very reasonable given all that we get for it .
I can’t speak for the shittey condos and HOA from hell experiences as I have dealt with the opposite .
Value has gone up tremendously in that time frame .
We have an active HOA group that isn’t overbearing but invested in the collective investment
Our HOA manager is very nice and any issues I email her and she is very prompt
Our HOA fee is $275 monthly including all landscaping/ fiber internet/tv/security /pest control/water/outside insurance and maintenance
It’s very reasonable given all that we get for it .
I can’t speak for the shittey condos and HOA from hell experiences as I have dealt with the opposite .
Posted on 8/27/23 at 10:43 am to Lawyered
quote:
Condos are only as good as their associations and reserves.
Truer words never spoken
Posted on 8/27/23 at 11:05 am to GeauxTigers123
LINK
quote:
How does that even work? Like who pays for the outside manteinance.
quote:
If the unit owners have no shared responsibilities then there will be no HOA or fees. A townhouse can be thought of like the strange hybrid offspring of a condo and a single family home.
This post was edited on 8/27/23 at 11:06 am
Posted on 8/27/23 at 9:00 pm to Clint Torres
quote:
Condos are only as good as their associations and reserves.
How do you know before purchasing that you're actually getting into one of these?
Posted on 8/27/23 at 9:02 pm to shutterspeed
quote:
How do you know before purchasing that you're actually getting into one of these?
Look at the condo docs (bylaws, rules, etc), annual meeting/board meeting minutes, and financials. Reviewing those will give you a lot of information.
Posted on 8/28/23 at 10:06 am to faraway
quote:
can be great investment of something other than money. memories and time together. in your last years on earth, I doubt you'll be thinking about the money. It will be times you had with your kids and grandkids
All good points, but condos are in cities and for normal people living everyday lives as well. It's not just a place on a beach that is being discussed here.
Posted on 8/28/23 at 10:59 am to shutterspeed
The Rule of 10 $500K in cost...$50K gross rental ....not likely any more.
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