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it depends on what you want. One thing that annoys me is that, even if you're a homeowner, you're stuck with getting approval from the HOA for everything (I understand not everywhere has an HOA, but all of my properties do).
My condo's HOA is horrible. I'm going to sell the condo just so I don't have to deal with that HOA anymore. Plus, they charge $395/month for doing nothing. Though the property has doubled in value (I bought it in Jan 2012), so I'm happy with that. Though we did do a fair amount of work: new flooring, paint, brand new kitchen, bathrooms, walls (previous owners who got foreclosed on had punch holes into the walls and destroyed the property). So after all that considered, the value hasn't doubled… more but close.
My town home's HOA is alright… they're too laid back and don't feel like doing anything.
I wanted to install Solar panels but they didn't approve it… I wanted to install triple pane windows and they didn't approve it… Here I am trying to be more green and these bastards aren't allowing me.
I am going to install solar panels on the SFR and still waiting for HOA approval…. I did the triple pane windows without telling them though. Solar I could do without their approval but it's too obvious so I rather not risk a fine. Windows were in and out within a day, and we kept the stuff in the house so it wasn't noticeable by my annoying neighbors.
My commercial property fortunately doesn't have as many restrictions. Seems like the city doesn't care and leaves us alone, so I'm happy about that; and no HOA! The only thing that was a bitch was all the fees associated with it. I paid ~$4k for appraisal and inspection report... SBA loan fee etc etc
But commercial is different. My appraisal report was ~100 pages long, and covered every possible detail I could've (or I should say, the bank..) asked for. It appraised lower than the agreed upon sale amount, so I was able to use it as leverage and brought my price down to match the report (so in a way, the report paid for itself and then some).
I can't imagine renting. I can lease a depreciating asset (car), but I can't justify doing so for an appreciating asset. All of the properties above have increased in value (except the town home, as it's only been 7 months. Though maybe it has… I don't want to pay for an appraisal report. I didn't pay for one when I bought it and I don't feel like paying for one now).
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