Buying a condominium may be a great alternative as opposed to purchasing a home. Maybe you’re retired and wish to travel more; maybe you want to finally buy your own place to break free of renting. Whatever the reason, you should first consider what condo living entails to determine if it’s the best route for you. Here are some common benefits and drawbacks of condo living:
- Less maintenance. A major perk of condo living is that most of the chores are done for you such as mowing the lawn, snowplowing, and exterior repairs. This means you can have more free time and avoid additional expenses on maintenance equipment.
- Can be more affordable. Condominiums can have a lower purchase price than comparative single-family homes which also means a lower down payment. Understandably, the price of the condo depends on a number of factors such as location and amenities offered.
- Amenities. Frequently, condominium communities offer several amenities to residents that may be out of reach for most home buyers. Common amenities may include an elevator, fitness center, pool, and clubhouse. Some condos in Oconomowoc even offer amenities such as a dog wash station, guest suites for visitors, and shared boats for condos on a lake.
- Social life. Living close to others and sharing the common amenities can make it easier to get to know your neighbors. If you like to socialize or live alone, this could be a terrific benefit.
- Proximity to downtown. Condo developments can be near downtown areas which may allow you to walk or bike to work and to all of the downtown’s offerings. You could save money on fuel costs and steer clear of having to sit in rush hour traffic which also saves you time. The headaches of finding parking can also be averted which is especially nice during downtown events.
- HOA fees. Common amenities are nice to have but come at a cost. Monthly home owner association fees should be expected for any condominium. The monthly HOA fee for condos in Oconomowoc can range from $130 per month upwards to $450 per month. Neighborhoods with single family homes may also charge a HOA fee but are typically on an annual basis.
- Restrictions. Condo living can be more restrictive compared to owning a single-family home since condo associations can establish their own restrictions. Typically, condominium communities set pet policies that may limit the number, breed, and even the weight of your pets. Some condominium associations may also have age restrictions for residents and may require that the majority of owners are at least 55 years old. You may also be limited on what type of renovations you can do and likely will need permission from the association.
- Noise/Privacy. Similar to the structure of an apartment, condominium units share walls. You may even have neighbors above and/or below you. Living close to your neighbors can result in hearing more noise. If you’re looking for peace and quiet, living in a condo might not be the best option for you.
Buying a condominium can be the perfect decision for some people. If you’re looking to find a condo for sale in Oconomowoc, there are plenty of options. Follow the links below to browse condos and homes for sale in Oconomowoc.
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