Is Investing in Condos worth it?

[Dakota DeCuffa]

Hi Everyone!

Do many of you invest in condos? Id like to know more on the benefits and downfalls. I've read on the additional fees, etc. Do any of you have experience in this area? Is a single/multi family homes typically better? 

Looking at a condo in Lake Placid, NY  

Any input is appreciated!! 

[Jonathan Greene]

It can definitely work. Pro - less maintenance worries as much is covered by the HOA. Con - HOA fees. Pro - the exterior and community will always look good and upkeep will be solid to keep value even. Con - HOA fees. Some important things to ask about when investing in condos:

1. Are there any lawsuits or assessments pending against the HOA?

2. Is there a renter/owner percentage qualification in the HOA docs? Meaning does the HOA require 75% or 50% owner-occupied and not rented units and if so, what percentage are currently rented?

3. Is the condo development FHA or VA approved?

4. Does the condo development or the township have any regulations on short-term rentals?

5. What exactly do the HOA fees include?

I hope those help.