condominium in the 43085 area. would it be a good investment??

Asked by Dyermaker, 43085 Mon Aug 25, 2008

I am renting a condominium in the 43085 area (Worthington). The one was built in the early 80's.
Would it be a good idea from an investment point of view to buy the condo instead. What is the trend with condos in this area. Thanks in advance

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8
Joe Herban, Agent, Powell, OH
Wed Aug 27, 2008
Dyermaker,
My opinion of condos in 43085 is high. Most of them are in worthington schools which is traditionally an excellent school district which is great for keeping the area desireable for re-sale. For the money, condos in Worthington are a great deal as the area is nice, safe, and the area is well recognized. Prices here are depressed as they are practically everywhere right now, so as an investment, you should be able to make some good money on the back end in 5 years especially. i live in Worthington and have for years, so I watch the markets carefully and feel that it is a very good time to buy here. Please visit my website to see how I assists my Buyer clients. I'd be happy to help.
--Joe
1 vote
tom roberts, Agent, powell, OH
Tue Aug 26, 2008
Dyermaker,I'd have to know where it is etc... look at the by-laws is this in worthington proper? cuz you may be better off in sfm after you add on the condo fee.Let me know.

Thx,

TJ
Web Reference:  http://tjroberts.remax.com
1 vote
Vito Boscaino, Agent, Charleston, SC
Mon Aug 25, 2008
Everything could be a good investment at the right price. The overall condo market is relatively soft at the moment, softer than the market for single family homes. You need to do some due diligence to make sure you understand what comparable condo properties have been selling for, and also look at active inventory to see what current prices are being asked for similar units. You should also consider how long into the future you might be thinking of occupying the property. What happens if you decide to move, will you sell it or try to rent it out as an investment property?

Vito Boscaino
Managing Partner
Help-U-Sell North High Realty
614.571.9054
1 vote
tom roberts, Agent, powell, OH
Sat Oct 25, 2008
So you prefer a gargage, age really has no bearing,thats why when buying any condo,I had told you about the by laws,to make sure,they are solid,and are'nt going to ask you to fork over x amt of money say,for a new roof,etc.. well let know if I can show you anything,if your still looking.

Thx,

TJ
Web Reference:  http://tjroberts.remax.com
0 votes
Don Bush Team, , Columbus, OH
Wed Oct 1, 2008
There are a couple areas of Worthington where condos are affordable for you.
0 votes
Cheng, , 08817
Fri Sep 12, 2008
yes, it is great time to buy, why? look at the collapsed mortgage rate http://www.bankrate.com/brm/graphs/graph_trend.asp?product=1… then you shall understand.

For long term plan, you want to buy condo, one after another and rent it out in the same complex. Why? when real estate market jump again, you will not miss the opportunity to become millionaire...
0 votes
tom roberts, Agent, powell, OH
Tue Aug 26, 2008
Condo's are pretty flat in Worthington.

TJ
0 votes
Dyermaker, Home Buyer, 43085
Tue Aug 26, 2008
Dear TJ, and Vito
Thanks for the information.
The condo community i am referring to is located on Annagladys drive (intersection with Sancus blvd.). I think it is Worthington proper..condo fees i think is around 150per month.
I am currently restricted because of budgetary reasons..this idea appeals to me because the property taxes p.a are lower around 1500p.a (owing to lesser sq. foot area).

However, I have also heard (from researching the internet) that association fees may increase with time, especially for older condo communities. This is a concern for me.

I plan to stay for 5 years or so and then sell the condo.

--Dyermaker
0 votes
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