Are Condos a scam?

[Anonymous No.56024109]

Every condo I've ever lived in (three so far) the property finances have been utterly mismanaged and there's always been some "special assessment" costing tens of thousands of dollars to fix the garage, basement, roofing, etc.

[Anonymous No.56024218]

>>56024109
Is it owning property that's really owned by someone else? Like keeping crypto with FTX?

[Anonymous No.56024250]

>>56024109
>he pays for the right to share walls with other retards
>He paid for the right THREE times

A retard and his money are quickly departed. I bet you hold chainlink as well.

[Anonymous No.56024265]

>>56024218
You own the condo but it doesn’t actually appreciate much, if at all, because you don’t own the land. And you have to pay hundreds of dollars a month to an HOA that just pisses away your money so there’s no money when repairs to the building are needed

It’s basically the Schwabian vision of home ownership

[Anonymous No.56024303]

>>56024109
Condos never appreciate in price unless the neighborhood it's in starts to gentrify.

[Anonymous No.56024316]

everything is a scam
all you can do is pick which scam you're most comfortable with

[Anonymous No.56024326]

>>56024109
The only places to own a condo is a decent inner city (to rent out to rich kids) or literally beachfront (in between the road and the surf) . Anywhere else, they're hit and miss and can be sinkholes like OP says.

[Anonymous No.56024336]

It's only good for getting equity and selling it within a few years for an actual down payment on a house

[Anonymous No.56025489]

>>56024109
As >>56024326 said, you need a city view or a water view. Condos without a view are shit, extra shit if there's not cement separating you and other units.

Beachfront condos are nice, cities are too fucking loud, always hearing ambulances, construction, music, traffic.

[Anonymous No.56025506]

>>56024303
not correct, condo prices have gone up as more people get priced out of single family.

[Anonymous No.56025585]

vast majority of them where I live, Toronto, Canada, are built to be rented out as investments and not lived in by someone who actually gives a fuck about the place. They allow investors to gain real estate exposure with leverage while having a tenant paying down the mortgage (although the jig is up now).

[Anonymous No.56025942]

>>56025506
This is why I bought a condo recently. I think I'll be able to flip it in 2 years for ~2x

[Anonymous No.56025993]

>>56025585
it's really fucked

I bought a condo in Mississauga for like $150k in 2014. Sold it for $350k in 2019 because I got a notice for a ridiculous special assessment. Used the profit I made to buy another condo (which has also appreciated in value). The problem is detached homes in the GTA keep appreciating too so no matter how much I make or build up in equity I can never afford one. It's either rentoid or condo life.

[Anonymous No.56025995]

>>56024109
Yes. Co-ops are the way. Anything as big as housing, the primary users need to have skin in the game.

[Anonymous No.56026015]

>>56025585
>although the jig is up now

I don't think you understand how many foreign indian students i'm willing to pack into my unit to make the numbers work

[Anonymous No.56026027]

>>56024109
Condos are usually a shit investment but not 100% of the time. It all comes back to the HOA and the construction quality of the building. You also need to make sure your property has some sort of feature or draw, typically a desirable view or high quality amenities. Most people aren’t able to tease out the good ones from the bad ones. You can try to get a realtor that specializes in condos but even if they actually know their shit, they’re more incentivized to close a deal than actually advise you well unless you’re a close friend or something. I will say that that even though condos don’t appreciate strongly during good markets, they usually don’t crash as hard during poor markets. You’re probably best off sticking to single family if you’re a novice in the real estate game.