Is Condominium Living Right for Me?

The demand for condominiums is growing in the greater Milwaukee metropolitan area. Just take a look at our Spring Tour of Homes & Condominiums. We have a record 25 condominiums on this year’s Tour. Of course, the 25 condominiums on this year’s tour only represent a small sampling of the condominiums available throughout the five county area built by MBA members. The number of condominium developments available is in direct proportion to the increasing demographic that is seeking out condominium living as an alternative to renting or buying a home.

The condominium demographic is so diverse that it includes single professionals of all ages, married couples, empty nesters, and retirees. They are attracted to condominium living for a variety of reasons. Ownership is one important factor. Condominium owners are making an investment in their future. Lack of exterior maintenance is another factor. Yard work is something that condominium owners have decided they can do without. Proximity to the things people enjoy is also a bonus for condominium living. You won’t find a three bedroom ranch in the middle of downtown Milwaukee, but you will find some spectacular condominiums that provide all the amenities a home in the suburbs can offer within walking distance to the Bradley Center, the lakefront, or other downtown attractions. Keep in mind that you don’t have to be downtown to find a condominium. You will also find them in golf course communities and subdivisions throughout the suburbs.

Condominiums are different than single family homes in that certain rules will inevitably apply. When considering a condominium, be sure to ask for a copy of their bylaws and restrictions. You will also want to know if units are rented out, and if so, how many are rented and how many are vacant. Maintenance issues are important to investigate as well. Find out who maintains the streets and what your maintenance responsibilities and the Homeowners Association’s responsibilities will be.

When selecting a condominium, be sure you take time to investigate the sights, smells, and sounds of the community. Carefully inspect the maintenance of the materials on the exterior of the condominium you are considering purchasing. If this is not properly maintained, it could indicate a poorly funded or mismanaged Homeowner’s Association. Also be sure that you won’t be exposed to any smells or sounds that could be coming from neighboring units.

Ask for a copy of the budget for the Homeowner’s Association as well as minutes from meetings over the past few years. You will want to get a good understanding of whether or not they are putting money aside for future maintenance. If you see unresolved issues in meeting minutes, it could mean that there is some dysfunction. Similarly, beware of low fees. They will affect the condominium’s value in the long term.

Remember, when purchasing a condominium, you are not only buying a place to live, you are buying into the Homeowner’s Association who promises to maintain that property and the area surrounding it. Make sure you feel comfortable with the quality of construction and the care of common areas before you make your purchase. Once you buy the condominium, become an involved member of the Homeowner’s Association to make sure it stays on a fiscal path that will protect your investment for years to come.