Former Developer Sizes Up Condos
More and more people are moving downtown in cities across Indiana.
In fact, many cities nationwide are seeing sharp rises in residential living with folks snapping up newly-built condos. But are condos the best option for everyone? Condo expert Dan Barnabic says that depends on where you are in your life.
Barnabic is a former condo developer and property manager, writes for the Wall Street Journal's MarketWatch and is author of the new book, "The Condo Bible." He says retirees with lots of disposable income are probably the best candidates for condos. Barnabic says condos are great, but also come with pitfalls that often include endless, often high maintenance fees and sometimes questionable, not always financially-stable neighbors. He adds that many condominium communities tend to go downhill and require major maintenance - even reconstruction - after about 50-60 years. He says the cost of renovation falls onto condo owners.
Barnabic says he lives in a condo that he rents instead of owns. He says in many cases, it may be better for folks to invest in a small home rather than a condo. He adds that it may even be better to rent a condo or nice apartment, if renting doesn't exceed one-third of your overall income.