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You just touched on another one of my big concerns – Condos. I love condos, but the older generations have no idea what modern condo living is really like and
by crowcroft 2y ago
You just touched on another one of my big concerns – Condos.
I love condos, but the older generations have no idea what modern condo living is really like and what maintenance is required for these kinds of places. They get talked about like 'starter' homes for young people that can't afford a single family house and so often they nudge younger people to buy them and 'get on the ladder'.
Often they are TERRIBLE investments though. Property tax is relatively high in most cities, ongoing fees are huge, governance is normally terrible, and every now and then something major goes wrong and the current owners are left with huge extra bills.
'Getting on the ladder' in this way, along with student debt really cripples so many people into a life of debt payments while building very little wealth.
- scarface_74 2y agoI love my condo that we downsized to from our big house in the burbs. But you are right, they are horrible “investments”. I knew that going in.
- hello_moto 2y agoThat is what eroding middle class looks like. This is what happened when The Rich outcompetes the middle class.