More people than ever are purchasing Dane County condos because they offer low maintenance living and can be very affordable compared to traditional single-family homes. Plus, there are tons of options to choose from including stylish condos in the heart of downtown Madison and beautiful lakefront condos with exceptional views. If you’re considering buying a condo in Dane County, these are some questions to consider.
How Much Are the HOA Fees?
Nearly every condo development in Dane County is managed by a homeowners association (HOA). The HOA is responsible for maintenance and other services such as security or common utilities. In return, homeowners pay HOA fees to cover those costs. This is something to keep in mind when planning your monthly expenses. Before purchasing a condo, find out how much the fees are, how often they need to be paid and what they cover.
What Are the HOA Regulations?
HOAs are also responsible for setting the rules and regulations for the communities they serve.
Some HOAs have restrictions on renting out your condo, painting the exterior of your condo certain colors, or owning pets. Every condo community is different, so it is important to be aware of the rules before you purchase. You may also want to inquire about how much say you have in setting new rules or changing existing regulations.
Is the Condo in Good Condition?
One of the first steps in purchasing any type of real estate is determining whether the property is in good condition and worth the asking price. How old is the condo and have the previous owners made any upgrades or renovations? Are there any serious issues that could require costly repairs? Does the HOA maintain the property well? A home inspection is an absolute must before signing off on any purchase.
What Amenities Are Available?
One of the advantages of living in a condo is that you often have access to community amenities such as a fitness center, common green space, or a swimming pool. Other features could include a private parking space, storage unit or garage. In addition, it helps to know what amenities are nearby such as grocery stores, restaurants and bus stops. Your real estate agent should be able to fill you in on all those details.
What Demographic is the Building Best Suited For?
When you purchase a condo, you automatically become part of a community within a community. You will likely run into your neighbors often, which makes it easy to make connections. It helps to know a little bit about the type of people who live in the building so you can determine whether the community is a good fit for you. For example, families may prefer to live in a building where their kids can play with other children, while retirees may prefer a quieter building with homeowners in the same age bracket.
Should I Work With a Real Estate Agent?
Although it is possible to buy a condo on your own without the help of a real estate agent, it can be very time-consuming, stressful and potentially costly. A real estate agent can connect you with properties that match your needs and give you access to properties that may not be easy to find on your own. In addition, they can guide you through all the condo buying steps, from putting in an offer, negotiating on your behalf and dealing with the paperwork.
Are you considering buying a condo in Madison or another community in Dane County? We are the experts in Dane County real estate, from condos to townhomes and single-family homes. Contact us here or call 563-289-7653 to speak with a Lake & City real estate professional today!
Posted by Jolenta Averill on