this post was submitted on 04 Oct 2024
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Housing Bubble 2: Return of the Ugly
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A community for discussing and documenting the second great housing bubble.
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I've had people on this very community argue with me that purchasing a condo was exactly the same as owning a house, and it was a great alternative...
This was literally my counter-argument. Not glad that it happened to these people, but glad to see my viewpoint vindicated so quickly.
It's a 7 year old building. Why are they not chasing after the builder to repair it?
The difference is is that if you're not responsible for screw ups that were caused by the HOA anywhere near the degree you are in a condo.
If you bought a property in an hoa, YOU are the hoa. Why do so many people have a hard time with that? YOU are the hoa and the hoa elects a board to represent you. If you aren't voting and aren't participating, YOU are the problem
May I please introduce you to children and spouses? You can still be liable for some other idiot's screw up.
With a house, since its yours, it's pretty easy to get a home equity loan and deal with that cost over time.
Can you equity loan a condo?
With a single-family house, you can also choose to DIY (especially since the scale is typically smaller), or make cost/quality trade-offs without having liability to your neighbors or being beholden to their opinions on what to do.
Weird to say but yeah you can do unpermitted and subpar repairs with more ease on a property you are sole owner of. Harder to pull that off in a multi owner unit.
That's not what they said at all. You can DIY stuff and still get it approved by the city/county.
Yes it is. Grue is talking about quality trade-offs. Literally sub-par work
Or cost trade offs, not necessarily sub-par.
I can do fantastic siding and tile work personally and would be exceptionally hesitant to pay someone to do it. My FIL has done concrete work for 30 years, why would I pay someone to do it?
you have a super specific situation where you know a professional contractor who is willing to do quality work for you for free.
If you can pull the permits do the work on your own then that’s great.
Most people are far less capable than they think and can’t meet even the incredibly low standards to pass code inspections.
I own a single family home with a kitchen that needs work. I can choose laminate countertops to save money, even though that is lower quality than is common to the neighborhood.
But what if I want to live somewhere dense and walkable, but still want to build equity?
Maybe close if the house is in an HOA. I sold my house a few years ago and bought a condo. It's definitely not the same as owning a house. It's not better or worse, it's just different.
I'm not sure why their insurance isn't paying for it.
In my state the sublimit on condo assessments is very low, maybe a couple thousand per year
What is sublimit?
So there are limits on major areas (the property itself, other structures like fences and sheds, lost rental income, etc.) And other more specific things like condo assessments. Generally you can't get a lot of money for condo assessments, unless you pay a lot extra to lift that limit higher.