Homebuyer weighs choice between house and condominium

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Bruce Williams

Dear Bruce: I am a baby boomer who's 64 years old. I will be a first-time home buyer next year. Which is the better choice for me, a single family home or private condominium? W.B.

Dear w.b.: There is no clear answer to your question. It depends on what you are looking for.

A single-family home with all of the responsibilities and the privacy is nifty. On the other side of that, if you don't want all that responsibility and would rather have the condominium association take care of the maintenance and upkeep, then you are better off going that route.

There is always a third choice: continuing to rent. At your age, maybe you don't really want the responsibility of ownership. It's your choice. Good luck.

Dear Bruce: My husband and I were intrigued by your recent article about investing $60,000. Our home is paid for, and we have Social Security. Our investments are not great. We have about $60,000 total in our retirement funds. We were wondering what you might suggest to invest in that would bring in $3,000 to $5,000 annually. L.B.

Dear l.b.: I am talking in general terms, and I am not (nor will I be) in the business of recommending specific stocks. I would simply suggest that you invest in good, solid, American companies, ones that have a history of paying a reasonable dividend. Then, with the growth of the stock, which you're going to expect over a period of time, plus dividends, you should easily earn $3,000 to $5,000 on $60,000.

Now, there are no guarantees. There is an amount of risk involved, and the stock might go down, but over a period of time, history tells us that you'll do just fine.

United Feature Syndicate