Re:The housing market needs more condos
by MattGaiser on Saturday February 12, 2022 @03:04PM
(#30315851)
> Can't see why a condo inherently should appreciate less than a house? If there is demand there is demand.
Probably depends on city maturity. In most North American cities, there is plenty of room for more condos. In your case, it is not possible to build more condos either.
Re:The housing market needs more condos
by pandaman on Sunday February 13, 2022 @12:15PM
(#30323358)
>Can't see why a condo inherently should appreciate less than a house?
People shop for monthly payment and not for the sticker price. On a condo the payment includes the HOA fee so for the same monthly payment you can get a more expensive house than a condo. As the property grows older and becomes more expensive to maintain, the HOA fees raise to reflect this and that reflects on the appreciation speed too.
Re:The housing market needs more condos
by ST2084 on Saturday February 12, 2022 @09:41PM
(#30318606)
Wait until you have a special assessment. Not fun.
Re:The housing market needs more condos
by acomjean on Saturday February 12, 2022 @11:01PM
(#30319093)
There is some overhead in a condo. But the shared common stuff is much cheaper. Roofs and heating systems. He had a special asssement. $1500 for a new boiler (35 units) My friend in a house replaced theirs for thousands because it was old being and some of the pipes and everything needed replacing.. Plus its easier when the management company deals with it, but you pay a bit for that.
My condo is noiseless. The codes in my country are strict on this. I got families with children all around me, only hear them when sitting on my balcony during summer. And codes in general makes sure that buying a modern condo is safe. Here it's 5 years where the builder has to fix stuff that's not as it should. (Just avoid buying from small shell companies, but that goes for houses as well)
Not having to care for anything but the inside is nice. Pay a small amount each month that takes care of everything. No crazy HOA stories, actually never heard of things like that here. Being 100 families in this block, actually gives us lots of power when it comes to negotiation, the fixed start-up costs for repairs etc are split over so many. My parents spend at least 10x the amount of money I do caring for their house, while I don't even have to think about it.
Price of condos here has increased much more than houses, as it's central and not possible to build that many more. Can't see why a condo inherently should appreciate less than a house? If there is demand there is demand.