this post was submitted on 16 Sep 2024
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But then you have to deal with the politics of running the complex.
It's like having an HOA but even more impactful on your daily life since you have to walk through the common area and such - at least with a standalone home you own the land and are directly connected to a public street.
Having lived both in buildings where my family owned one apartment, and houses where there was an HOA, i can tell you that the politics of the apartment building was not even close to how insne an HOA is. it was mostly taking about the budget, prioritizing repairs, and security
If you buy into a poorly managed building though you are screwed. Many buildings don't keep enough cash on hand for unexpected bills because they want to keep the fees low for residents. Then an elevator breaks, sewage backs up, someone floods their apartment, and all of a sudden there's a $20,000 bill that everyone has to pony up money for.
Sadly this is true, my parents are living this in their condo right now.