Apartments (even the ones which you can buy) these days give you so many amenities, such as, swimming pools, gyms, basketball courts, tennis courts, large common areas to throw parties 🎉.
Do you think, you should buy a house only if you are rich and can at least afford few of the above amenities within your house/mansion? Or, do you think it’s ok to still live in 1980’s house?
- And, when you want to change the exterior color, put in a garden, or go naked in the pool?
Cherry picking from your own limited world view is silly.
- What if you could buy an apartment with an HOA around 300$ ? That is the best of both worlds
- Why not just pay for a gym membership with a pool for $100/month?
Apartments with pools/common areas have about as much incentive to provide good service as a restaurant inside a hotel.
Also, you never make as good of friends with neighbors who rent vs own because they are more likely to move.
- Yep, about 1% of the value of the house per year. There are almost always “Capital Adjustments” (one time fees) for condos/apartments with an HOA for things like roof replacement, etc, because they have a strong incentive to undercount their costs when selling the units initially. That usually also comes to about 1% of the value of per year when amortized correctly.