Not all condos are badly managed or poor investments. We have a condo in northern Illinois, to which we return in the summer. Importantly, in our association the condos may not be rented out. Since the units are owner occupied, the owners tend to be more understanding of the need to have a current reserve study (it is updated every 5 years) and an hoa fee that allows for accumulation of a reserve account to pay for expenses as they arise, as well as the importance of attending to maintenance issues promptly.
|