When asked ‘What is the Best place to live, play, and relax?” – there’s only one answer. Hot Springs, Arkansas!
Yet, when you ask “Which Neighborhood is the Best Choice for Buying a Waterfront condo on Lake Hamilton?” There are many answers! Here are a few factors to consider:
1. Location - There are basically 3 segments of the lake – 7 South, 70 West & 270 West. 7 South is considered the most desirable area for tourists, with property values in this area on the top end. The majority of the favorite restaurants and attractions can be found here too. 70 West is another good area, which tends to spread out into more rural areas as you travel further west. The third segment is the 270 West area, where you can find some of the more affordable lake homes. This area attracts many people who enjoy more of a country feel.
2. View - The bigger, the better and of course that means money. And keep in mind the lake drawdown is November through March so it’s often wise to shop in the winter to know what your winter lake view will be.
3. Boat Slip – Some condos come with a dock and that adds another $25,000 value (approximately).
4. POA monthly fees – These fees vary among complexes with an average fee around $325/month. This covers all of the exterior maintenance on the buildings, grounds, pools, gated entries, etc. and some include your water. This fee is often higher in the complexes with fewer units.
5. Rental policies – This is a BIGGIE, depending on your plans for the condo. Every complex has a different rental policy so if you plan to buy with intentions to earn income from nightly rentals, you need to make sure you buy in a complex that allows this.
If you are thinking about buying a lake condo, we would love to help. We can answer all of your other questions, and help you find the perfect fit.
If you would like to learn more about the various waterfront condominium complexes on Lake Hamilton in Hot Springs, simply click the links below.
Search all waterfront condos currently on the market in Hot Springs below ...