Condos for sale in Madison WI. This is our topic for the week. We’ll talk about different types of condos and will break down some of the details about finding a condo in the Madison area. And perhaps we’ll help you decide if it’s the right purchase for you!
To start, let’s define exactly what a condominium is. A condominium is a unit in a building which shares one or more walls with another unit. Do you know the difference between an apartment and a condo?! They are both buildings with multiple units, sharing walls and often common ground. The big difference here is that condos are individually owned whereas apartments are generally all under the same ownership.
So we’ve got a condo: a unit sharing walls with another unit, under individual ownership. What else do you need to know? A few things. To start, keep in mind that often times condos are part of a community which will require you to pay homeowner association (HOA) fees. These fees help to maintain the community which could include a gym, swimming pool, parks, etc. You have an extra fee, but you also have extra amenities that don’t typically come with your average home. Also, communities with HOA fees often have rules/regulations about how you can renovate/repair your home or in this case condominium. These rules could keep you from using certain styles or colors on or in your home. Something to be aware of while looking at condos…or any home for that matter!
While looking at condos be aware that there are different types! Here’s the quick explanation of the differences:
Leasehold Condominiums: land unable to be sold for legal reasons can be leased out, in this case buyers of the condos don’t own the unit but rather lease it from the original land owners. Leasehold condos are rare.
Freehold Condominiums: land ownership transfers from builder to buyer. Freehold condos are common and can be subdivided by type of community/building.
Once you’ve established that a condominium is of interest to you, the next step is to decide what type of community you want to be in. Condos for sale in Madison WI vary. Do you want to live in the heart of the city? Or in a suburb? Or are you looking to escape the city and live in a more rural condo? Inner city and suburban condos are more likely to have HOAs and amenities such as a pool, gym, etc. Rural condos are typically more simple and may not have an HOA and the amenities to go with it. Remember, condos can be just 2 units or multiple units. This means neighbors close by, so make sure you are willing to have a lifestyle that will fit!
If you are looking to rent, a condo can be an option! Though it is somewhat different than renting an apartment as the condo is individually owned. This means your landlord will likely only be renting one or a few properties and will be able to give you more attention when you need it. Keep in mind that when renting, HOA fees and rules will still apply!
A condominium can be a great piece of realty for the right person!
Did you know we will have a New Build Condominium coming late Summer 2017?! Stay tuned!