Buying A Condo In Madison: Key Things To Know

Thinking about a condo in Madison but not sure where to start? You are not alone. Condos can offer walkability, lock-and-leave convenience, and great locations across Dane County, but the details matter. In this guide you will learn how condo ownership works in Wisconsin, what fees and taxes to plan for, how financing differs, what to review before you waive contingencies, and which Madison areas fit different lifestyles. Let’s dive in.

Madison condo market at a glance

Condos across Madison and Dane County stayed active and competitive through 2025, with median sale prices around the low-to-mid $300Ks and relatively short time on market. Well-priced, well-documented listings can move quickly, especially downtown and near the Capitol. This means you want a strong pre-approval and a plan to act fast when the right unit hits the market.

Not every segment moves at the same speed. Older or larger units at higher price points can allow more negotiation, and inventory varies by neighborhood. Your best strategy is to define must-haves, confirm your budget, and be ready to review the condo’s documents as soon as they are available.

How Wisconsin condo ownership works

In Wisconsin, a condo is a legal form of ownership, not a building style. You own your unit plus a shared interest in the common areas. The Wisconsin Condominium Ownership Act, found in Chapter 703 of the statutes, sets the rules for how associations operate, what must be disclosed, reserves, records access, and owner rights. You can review the statute directly in Wisconsin Statutes Chapter 703.

Key condo documents you will see

• Declaration or master deed defining units and common elements
• Condominium plat (map), bylaws, and rules and regulations
• Annual budget and reserve account details
• Amendments, board policies, and recent meeting minutes

These are typically packaged in a resale disclosure packet. Under Chapter 703, you have rights to association records, which helps you understand the building’s health and governance.

Conversion and disclosure notes

Near campus and in rental-heavy areas, you may see buildings that were converted from apartments. Wisconsin law includes specific notice and disclosure protections for these situations. If you are eyeing a recently converted building, make sure you receive and understand those disclosures, as outlined in Chapter 703.

Costs to plan for: HOA fees, taxes, insurance

What HOA fees usually cover

Condo fees typically pay for exterior and common-area maintenance, landscaping, snow removal, some shared utilities, master building insurance, management, and amenities like a gym or pool. A portion should fund reserves for future capital repairs. Associations may also levy special assessments for large or unexpected projects. For a plain-English primer on what fees include, see this overview of condominium fees and coverage.

What fees look like in Madison

Fees vary widely by building, size, and amenities. In Madison, many garden-style or smaller communities show dues in the low hundreds per month, while buildings with elevators, extensive amenities, or lakeside locations can be higher. As you compare units, review what utilities are included and how the association budgets for reserves.

Practical tip: evaluate the full monthly cost, not just the mortgage. Add principal and interest, property taxes, HOA dues, and your individual condo insurance (HO-6 policy). If parking is separate, include that too.

Property taxes and where to verify

Madison taxes vary by assessed value and several levies, which can differ by parcel. Do not rely on a single “city tax rate.” To check the exact assessed value and the components of the tax bill for a specific address, use the City of Madison Assessor lookup.

Condo financing: what is different

Financing a condo is different from financing a single-family home because lenders also review the project’s health.

• FHA loans. FHA requires that the project be approved or that the unit qualify for single-unit approval in certain cases. Ask your lender early whether the building meets FHA rules. You can learn more about FHA’s policy changes in HUD’s update on FHA condo approvals and single-unit approvals.
• Conventional loans. Fannie Mae and Freddie Mac look at owner-occupancy ratios, HOA delinquency rates, adequacy of reserves, pending litigation, and commercial space in the building. If issues are present, the project can be labeled non-warrantable, which narrows loan options and may change down payment or rate. See Freddie Mac’s guidance on condominium unit mortgages and project eligibility.

Action step: before you waive a financing contingency, have your lender complete the condo questionnaire and confirm project eligibility.

Due diligence: documents and inspections

A careful review of the building’s records is just as important as your in-unit inspection. Use this checklist before you remove contingencies.

Request these documents

• Current budget, most recent financials, and reserve study or reserve account statements. Thin reserves are a top red flag. Owner access to records is addressed in Chapter 703.
• Board meeting minutes from the past 12 to 24 months to spot planned projects, fee changes, and recurring issues.
• Master insurance summary, including coverage limits and deductibles. Lenders expect certain levels of coverage for project eligibility, which aligns with Freddie Mac project requirements.
• Engineering or repair reports, elevator logs, mechanical maintenance histories, and any notices of pending special assessments or litigation.

Inspect the right things

• In-unit home inspection. Have a qualified inspector evaluate plumbing, electric, HVAC, windows, and appliances. Add radon, mold, or other tests if appropriate for the building’s age and systems.
• Building-level review. For mid-rise or high-rise buildings, ask about roof condition, façade maintenance, recurring leaks, and elevator service records. Consistent issues here can lead to costly special assessments.
• Parking and storage. Confirm whether parking is deeded or assigned, where it is documented, and whether there are separate fees. Do the same for storage lockers.
• Lifestyle rules. Review bylaws for pet policies, rental limits, smoking rules, and any restrictions that would affect your plans.

Governance and management

Ask who manages the association. A professional manager and an active, transparent board are positives. Review the management contract, fee structure, and how often financials are shared with owners. If records are hard to access, use your rights under Chapter 703 to request them.

Neighborhood trade-offs across Madison

Each part of Madison offers a different condo experience. Here are common patterns buyers weigh.

Downtown and near campus

You will find maximum walkability to the Capitol, State Street, and UW–Madison. Expect more compact floor plans and a mix of older conversions and mid-rise buildings. Parking can be tighter, and some buildings have a higher share of rentals. If a property was recently converted from apartments, expect additional disclosures per Chapter 703.

Monroe Street and Dudgeon-Monroe

This corridor blends small condo communities and townhomes with a residential feel. You get strong access to neighborhood retail, coffee, and parks, with a location close to campus and the lakes. Buildings tend to be smaller-scale than the downtown core.

West side

The west side features more garden-style and newer condo developments, with easier parking and often larger square footage for the price. Commutes by car to major employers can be straightforward. Fees vary by community and amenities, so compare inclusions.

Lakeside living

Condos near Lake Monona, Lake Mendota, and Lake Wingra often carry a premium for views and proximity to parks and recreation. If you plan to modify shorelines or docks, review local shoreland and DNR rules early. Start with the Wisconsin DNR’s overview of shoreland planning and permitting.

Quick buyer checklist

• Get pre-approved and share your lender’s contact with your agent.
• Ask your lender to check condo project eligibility for FHA and conventional.
• Request the full resale packet early: budget, financials, reserve study, minutes, master insurance, and any special assessment notices.
• Order an in-unit inspection and, for larger buildings, ask about roof, façade, mechanicals, and elevators.
• Build a full monthly budget that includes mortgage, taxes, HOA dues, insurance, and any parking fees.
• Verify parking, storage, pet rules, and rental policies in the bylaws before you write or waive contingencies.

Ready to buy with confidence?

When you have a clear plan for financing, a sharp eye on the building’s health, and a neighborhood that matches your lifestyle, buying a condo in Madison can be a smart and enjoyable move. If you want a local guide who knows the buildings, bylaw fine print, and lender requirements, reach out to Madison Lifestyle. We will walk you through options, review documents with you, and help you move at the right pace.

FAQs

What do HOA fees usually include for Madison condos?

• Fees often cover exterior and common-area maintenance, landscaping, snow removal, some shared utilities, master building insurance, management, amenities, and reserve funding for future repairs. Always review the budget to see what is included and how reserves are funded, and see this summary of condominium fees and coverage for typical categories.

How does FHA approval work for a Madison condo purchase?

• FHA loans require that your building be approved or that your unit qualify for single-unit approval in specific cases. Have your lender check project status early; HUD explains the policy in its FHA condo approval update.

How can I verify the property taxes for a specific Madison condo unit?

• Use the City of Madison’s Assessor site to look up assessed value and the detailed tax bill for any address. Start with the City of Madison Assessor lookup.

What makes a condo “non-warrantable” in Dane County financing?

• High investor concentration, low reserves, litigation, excessive commercial space, or high HOA delinquencies can cause a project to be non-warrantable, which limits conventional loan options. Ask your lender to review Freddie Mac’s condominium project eligibility and confirm status before you waive financing.

Which documents should I review before waiving contingencies on a Madison condo?

• Request the current budget, financials, reserve study, board minutes, master insurance summary, and any engineering or repair reports. You have records access rights under Wisconsin Statutes Chapter 703.

What should I know about lakeside condos and shoreland rules in Madison?

• Lakeside properties can have stricter environmental and building rules. If you plan shoreline, dock, or exterior changes, consult local permitting offices and the Wisconsin DNR’s shoreland planning guidance early in your process.