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Originally Posted by Bruuuce
Not sure what I think about car condos not associated with some sort of cool location, like a track. Thinking they have the potential to turn into work shops, vs a bit of a luxury location.
You are in the cold part of the country and people need to store things indoors, or want to so that could help with long term value. But I think overall the concept is not tried and true long term value prop. I have looked into them a few times.
Does the HOA prevent the number of overnight stays, or are they full time live in capable. This could severely impact the long term value. I know I would have considered one if it was full time livable as a temporary solution while looking for a home. Or single it would have been all I needed. But the rules were against that. Post being, a limited use building does not feel like a good investment.
My three somewhat random thoughts, but having a place the family does not want to go with you, could be priceless.
Then of course, just buy the house you want with the room you need. Problem is if you are into cars, there is never enough garage.
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The buildings are zoned as commercial, non-residential, so you cannot live there. Sounds like the norm is that some folks will stay there a night or two on the weekends and no one cares. But yes having them zoned as commercial vs residential lessens the appreciation upside. However, they are located in a county that is anticipating 30 to 40% population growth by 2040. There is already a severe shortage of single family housing and there are new apartment buildings all over the place. My logic is that in the coming years people will be craving additional space for storage so something like these would go up in value. However, not as much upside as single family homes like my current one.
Buying a different home with more space isn't feasible with the current state of housing inventory and interest rates. We got into our place in 2015 for $350k, and we were able to capitalize on a low rate refi so we are sitting at 2.99%. If I were to buy a similar house to mine in our school district I would be paying a minimum of $650k with a much higher interest rate. To get the dream home with all the space we are talking $850K plus. No thanks.