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Fee-only
Financial
Planning

The GOLD Company does not sell any products and is compensated ONLY from the company's clients. No commissions are taken on any products.

I sincerely enjoy meeting people and getting to know them. The Gold Company strives to return calls promptly and takes a genuine interest in your needs. I work hard to personalize a plan that best fits your needs, budget and future.

The Money Prof

Wednesday, May 1 2013

Want to buy a condo?

Is the purchase of a condominium (condo) for you? . It's not about whether condos are good or bad. The answer of course...depends on what your needs are... We are assuming that the purchase of a primary residence is more advantageous than renting. The next checkpoint is location. Are there suitable condos being offered in the location of your choice. Condos offer many of the same things that a stand-alone dwelling offers: price appreciation potential, tax write-offs, square footage, and pride of ownership. There are also other amenities that a stand-alone dwelling does not offer: less maintenance (depending on the association, services include landscaping and lawn maintenance, snow removal, insect control, roof maintenance and replacement, periodic painting of the dwelling, maintained swimming pools, clubhouses, work-out facilities, theaters, billiard rooms and other social activities. Condos can offer more socialization, if you want to meet people. Some condos are so social that one must employ the "meet, greet, and delete" philosophy or be subject to excessive socialization. Some view some condo developments as a camp for adults.

So what are the negatives? Shared space to begin with. This is certainly evident in the apartment type condo style. There are unattached single family homes, but the grounds and activities are shared. There are HOAs (Homeowners Association quarterly fees) which may be high in terms of what the condo owner is using. Some owners do not use the clubhouse, pools, etc and yet they share in the cost. If the condo development is not successful, and vacancies are increasing, HOAs may rise. Another negative may be the association's rules on renting. Usually the better maintained condos have a high percent of owners, rather than renters. One should always check the financial condition of the Association. How much do they have in reserves? If roofs, windows, heating /air conditioning systems have to be replaced and reserves do not cover these costs, assessments can be levied. These assessments can be very high. And finally, there are many rules in condo associations. They include landscaping, renting, parking, dress code,etc. Make sure you do your due diligence prior to purchase.

The GOLD COMPANY will help you achieve financial well being.

Offering the following services:
  • Investment Portfolio Assessment

  • Portfolio Development

  • Securities Portfolio Management

  • Retirement Planning

  • Insurance/Risk Management Review

  • College Planning

  • Real Estate

  • Estate Planning

  • Business Analysis

OFFICES IN MAINE AND FLORIDA

145 Newbury St.
Portland ME 04101
207-650-7884
moneyprof.oob@gmail.com
6427 Tiara Drive
Boynton Beach, FL 33437
561 894-8436
moneyprof.oob@gmail.com