4 ms·
Correction. Don't buy a condo. You'll never make the money back. Everyone in my family has made money on selling their home, including me.
by wpBenny 10y ago
Correction. Don't buy a condo. You'll never make the money back. Everyone in my family has made money on selling their home, including me.
- 94media 10y agoExactly plenty of people have made money buying and selling homes.
- Broken_Hippo 10y agoThat was the trend for some time. Unfortunately, I've known some that lost a house due to lack of being able to sell it for the loan amount and known others that just barely broke even (they might have had to pay fees out of pocket). My aunt and grandmother made money on a condo some years back - but that was before the bubble burst.
- thoth 10y agoAnd my anecdotal experience is losing ~100K selling a house in the down market of 2009. As for whether a condo makes its money back - suppose someone doesn't plan to sell it? A place to live is more than a profit/loss or investment decision. As the article mentions at the end.
- ebiester 10y agoIt depends on the area. In San Francisco or Boston, buying a condo is fine. In other areas, buying a condo may be a bad idea.
- Apocryphon 10y agoIt's probably also fine in other high-growth markets like Seattle, Austin, Portland, Boulder, Raleigh, etc.- so essentially most places HN'ers live in.
- zardo 10y agoIt's also fine if you want to live in it for a few decades.
- pxue 10y agoagreed. depending on the area. take Toronto for example, detached home prices are growing by 15%+ YoY.. soon young couples looking for a place of their own will have no choice but to look towards a condo.
- pwthornton 10y agoI own a condo in the DC area, near a metro stop. Made up to about 100k in five years of ownership. Buying a condo in a walkable, urban area can work out very well.