this post was submitted on 17 Oct 2024
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What's your objection to condos in this case?
I live in an apartment co-op which in many ways is excellent. Highly efficient in both energy, economy and effort required from me. I'm not sure that I'll ever want to live in a house, this is probably the ideal state for me.
It may not be the case everywhere, but here condos are kind of a shit deal. They cost as much as a small house, they're very difficult to sell, and the board can force you to renovate your unit out of your own pocket.
The last one doesn't sound bad, but a big reason to buy a home is to fix your living expenses for retirement, and being told to tear out your flooring because Shelly upstairs likes muave and all units must now have muave floors can be a real problem.
It's worth pointing out the difference between condos and a co-op - here condos can be over 200k, which can be prohibive, whereas the buy-in for a co-op apartment is like 10k.
Co-ops are truly the way to go for housing.
200k or more is pretty normal for a unit in a coop here as well. Unfortunately.
Financialization of housing was a huge mistake, one we will pay for the rest of our lives.
Sheesh! What's the difference between co-op vs condo for you?
That the buildings are owned by the collective of the tenants, which they are in this case.