Does it make sense to buy a condo

amother

Yesterday at 11:12 am

So we’re married a year and change.
We have enough money from saving before we got married for a down payment, but we can’t afford a mortgage on a house plus property tax, maintenance, repairs
I know that condos don’t appreciate in value as much as houses do. Right now we’re in a cheap apartment but we’ll probably have to move in the summer. I don’t want to throw away more money toward rent.
Would it be a good idea to buy a condo? They’re typically cheaper, there’s less maintenance costs and repairs (I think). Further down the line we can either sell it and buy a house, or buy and rent it as an extra source of income, depending on our situation.
Ny for reference
Everyone around me seems to think it’s a bad idea, and rather kill yourself and buy a house; and also no one really buys condos so maybe it’s just a thing to buy a house?
Thoughts?

amother

Aquamarine

Yesterday at 11:17 am

I'm basically in the same boat.
I didn't go through with getting a condo and we're still renting for now
Your assessment seems exactly like mine, and I feel like condos usually don't appreciate much in value. However, if you're looking at an area that's very likely to grow, then it definitely has the potential.
Otherwise it's not really an investment like a house.

Petra

Yesterday at 11:30 am

Condos have a mortgage but also monthly maintenance fees and restrictions. And you are still at the mercy of a property manager if some utilities are provided by the property. My friend was without A/C for a month during the summer and had no recourse other than to wait until her property management fixed it. It was a whole building issue, not individual unit.
With that said, we will probably buy a condo for my DD when she gets married and hopefully when she outgrows it, will use for other DC later. And I dont expect to make any profit selling it down the road.

Molly Weasley ↓

Yesterday at 11:35 am

amother OP wrote:

Condo tax rates are usually deferred for a certain amount of years in New York city. Once that expires, the monthly expense can be well over $1,000 a month in taxes alone.

Personally, I wouldn't buy a condo, but they have many strengths. Most notably, you get to own something and not have the headache or complications of being a homeowner.

You don't have to worry about who's going to take out the garbage, mow the lawn or salt the snow. You don't have to worry about who's going to take care of the roof, etc.

And if you're lucky enough to have good neighbors, with a bit of extra money to spare, it's well worth it!

(That said, sometimes you bite into a rotten apple, and have a terrible experience. However, single homeownership can also have bad neighbors. The difference is that in a condo, you're stuck with them and have to deal with them. As a single homeowner, if you have a bad neighbor, you could simply ignore them.)

amother

Mayflower

Yesterday at 1:18 pm

amother OP wrote:

Look at the monthly maintenance costss, and see how much the building has in their reserve funds, to cover any future repairs. Check to see if they allow rentals. Some don't let you rent it out, or limit the number of total rentals allowed.

They can be a good investment. You just need to look into the details. You can also see how much the units have increased in value over time. If you can buy cheap enough and then rent, it could be a good choice. Or if the value goes up, you can sell it for profit. They don't go up as much as houses, but they can can increase over time.