Condominiums can be an affordable alternative to owning either an in-town home or a lakefront cabin. The condo itself is called a ‘unit’ which is the owner’s property. Usually there is an area surrounding the ‘unit’, designated just for that owner’s personal use, called a ‘limited common element’. The balance of the property’s grounds, called ‘common elements’, is jointly-owned and shared by all of the condo unit owners. An association is formed which manages and maintains the condo common areas and grounds, any shared utilities and liability insurance. Each owner pays a periodic association fee to cover the cost of these services.
Lake condos typically originated from the closing of a resort. Each cabin was sold and is now owned individually, with all cabin owners sharing the lakeshore and grounds. A lake condo is a great way to own a vacation property at a lower cost than a single-family lake home. Low cost, care-free lake living – just show up and enjoy! What more could one want?
City condos in the Hayward area offer modern housing for retirees and others who wish for in-town, hassle-free living. Most of the city condo units I’ve seen are modern and offer the essentials on the main level, such as a master bedroom, bath and laundry. Condo fees typically cover the lawn care and snow removal for each unit too.
Financing the purchase of a condominium can be challenging – some may not qualify for conventional, fixed-rate financing. Our local Hayward lenders are experienced in helping buyers purchase condos and may offer a variety of financing options such as in-house mortgages, short term or adjustable rate loans and more.
If you would like more information on condominiums or have interest in purchasing one – give me a call today! I will be there to walk you through every step to ensure you have a successful experience! Cathy
Below are helpful links and other info on this subject. Stop back often as I plan to add more to this list as my website grows…. enjoy!