Part 7/10:
Insurance: We purchased a fully rehabbed house with a relatively new roof (with a 10-year lifespan remaining), which helped lower our insurance premiums. Our annual insurance cost is around $2,800, which was better than expected.
No HOA Fees: Living in Central Oak Park, we avoid HOA fees that often accompany community amenities, although this means dealing with longer grass from some neighbors.
Navigating the Condo Market and Insurance Challenges
The tragic Champlain Towers collapse in Surfside, Florida, has led to tighter regulations on condo inspections, especially for buildings over 30 years old and three stories high. This has made condos less desirable and more expensive to maintain, affecting resale value and mortgageability.