Condominium vs. House? House vs. Condominium? Which makes more sense for you?
There are several factors to consider when making your move, in order to ensure that you get the most out of your new living situation. The major differences between living in condos and houses boil down to lifestyle and affordability. In either case the Wisconsin Department of Regulation and Licensing have developed forms WB-14, WI Residential Condominium Offer to Purchase and WB -11, WI Residential Offer to Purchase, which are required for the purchase of a condominium or a home respectively.
Lets start with condominiums. Condominiums may be ideal for the new homeowner because they don’t entail as much responsibility for maintenance. Basic upkeep, including outdoor landscaping and maintenance (including snow removal!), is usually the domain of the condo association, which also may be responsible for things such as purchasing building insurance. One downside is that condo associations may charge substantial fees, and have the capacity to raise them – a situation which you, as an owner, may not have much control over. Condos are often situated in areas convenient to urban areas but in return they are often smaller living spaces.
Houses on the other hand allow for greater autonomy and control over your property both indoors and outdoors. Owning a house comes with the right to exclusive ownership of all the property you have purchased both inside and outside of the house, whereas condo owners have shared ownership of ‘common areas’ outside their four walls.
If in the end you decide to go ahead with your purchase of a condominium, make sure you ask a few questions including the percentage of owner-occupied condos in the complex, if there are current disputes with or lawsuits against the condo association, and what are the condominium bylaws that will govern your property. In the event that you go with a condominium you will be filling out form WB-14, WI Residential Condominium Offer to Purchase, while if you decide on a house, you will be filling out form WB-11, WI Residential Offer to Purchase. Try using PDFfiller to help you get started with either of these forms, and for more detailed information on recent changes made to forms WB-14 and WB-11 check out the following You Tube video.