Vacation home in Monroe or Brown counties (Bloomington: renting, HOA fees)

[HCSF]

We live in Indy and are thinking of getting a small second home (say 2 bedrooms/2 bathrooms) either in Monroe or Brown county. We want to use that as a base so that we can visit Lake Monroe and nearby state parks more easily. We might also stay there for a week or two from time to time. The following are some of our concerns/questions:

1. Controlling monthly cost: is the property tax significantly higher in one of the counties? Anything else cost related other than the property tax?

2. Eagle Pointe in Monroe seems to have some small condos. But they look old yet HOA fees are crazily high. Is it really worth paying the HOA fees? How are they even used? Or probably it's a better idea to get some SFH with no HOA at all? Any hidden cost other than utilities?

3. What about safety? Any areas to avoid?

4. Homes with lake views are usually quite expensive. Is it worth the money, or as long as the lake is in walking distance it'll be sufficient?

5. Many homes seem to be on the market for a long time. Will resale be an issue? Also, the current home prices seem very high. Probably we should wait?

Not very familiar with the area, visited the nearby state parks and Bloomington a few times, and are still debating whether getting such a vacation home is a good idea. So any info/comments could be useful. Thanks.

[rrah]

My responses are in bold. For what it's worth, I was (past tense) a realtor in Monroe County for 8 years. I've not worked as an agent for ten years or so, but I keep up to date as a hobby these days. Once in awhile my work would take me to Brown County.

Originally Posted by HCSF

We live in Indy and are thinking of getting a small second home (say 2 bedrooms/2 bathrooms) either in Monroe or Brown county. We want to use that as a base so that we can visit Lake Monroe and nearby state parks more easily. We might also stay there for a week or two from time to time. The following are some of our concerns/questions:

1. Controlling monthly cost: is the property tax significantly higher in one of the counties? Anything else cost related other than the property tax? Property taxes are capped state wide. There won't be a lot of variance, but maybe some. It may also vary by township or fire district so not an easy question. You will have monthly utility bills whether you're there or not. I'd personally plan on paying for a security system if my place was going to be vacant for long periods of time. It would provide a level of comfort to me, not because of any safety issues.

2. Eagle Pointe in Monroe seems to have some small condos. But they look old yet HOA fees are crazily high. Is it really worth paying the HOA fees? How are they even used? Or probably it's a better idea to get some SFH with no HOA at all? Any hidden cost other than utilities? See above.

I live a mile or so from Eagle Pointe. Yes, the condos are old. Yes, the fees are high--always have been. In Eagle Pointe there is a master fee for the Pointe Service Association. Each of the 17 "villages" also has an HOA fee. In some of the villages there is a pool and or tennis courts. There is also the main pool. The fees also pay for a private security force. Without going into a long history, a few years ago the main HOA voted to buy and run the club house and golf course. It had been mismanaged for years.

3. What about safety? Any areas to avoid? Honestly, because I know the areas I kind of find this humorous. No.


4. Homes with lake views are usually quite expensive. Is it worth the money, or as long as the lake is in walking distance it'll be sufficient? Only you can decide if a water view is worth it. Walking distance or even a view isn't going to let you walk to the edge of Lake Monroe in most places--especially not Eagle Pointe. It's not that kind of lake. If you want to access the water you'll need to go to one of the state parks or a few areas that are accessible known to locals.

5. Many homes seem to be on the market for a long time. Will resale be an issue? Also, the current home prices seem very high. Probably we should wait?

I'm not sure what homes you're looking at that have been on the market for a long time. Homes in decent shape are selling rapidly (within days) in Monroe County. It's a seller's market. Last year my house realistically increased in value by at least 30%. Monroe County has always been one of the more expensive counties in the state for a lot of reasons. Brown County tends to be a bit of a slower market, especially vacation homes. BTW--if you're thinking about renting it at times, you need to have some kind of permit in Brown County. This is a few years old, but is still relevant. https://indianapublicmedia.org/news/...egislation.php

If you have the crystal ball that shows the future of housing prices, please share with the rest of us. Personally I don't see much of a price decline happening in Monroe County. I don't watch Brown County as closely.


Not very familiar with the area, visited the nearby state parks and Bloomington a few times, and are still debating whether getting such a vacation home is a good idea. So any info/comments could be useful. Thanks.