Leisure Village, Fox Lake — True Cost of Ownership

Lake County | Fox Lake | Established resale community | Units $100K–$200K | HOA ~$225/mo

Leisure Village is among the oldest established 55+ communities in the Chicago market — it predates most of the communities in this research guide by decades. That age creates a specific buying profile: resale-only, no new construction, units that reflect the design standards of when they were built. The purchase prices are among the lowest in the entire Lake County 55+ market at $100K–$200K, which partially offsets the county's ~2.5% effective property tax rate. On a $150K unit, the annual tax bill is roughly $3,750 — low in absolute terms even in a high-rate county.

HOA reserve fund due diligence is critical for older communities. A community built decades ago has aging infrastructure — roofs, common area systems, recreational facilities — that requires capital expenditure over time. The HOA's reserve fund should be adequately funded to cover these costs without special assessments. Before closing on any unit at Leisure Village, request the most recent reserve study and look at the funded percentage. Underfunded reserves in older communities are not uncommon, and special assessments can add $2,000–$10,000+ in unexpected costs. This applies to any older condo community, not uniquely to this one — but older communities carry this risk more than newer ones.

The $225/mo HOA at an older attached community should cover more than the equivalent fee at a newer single-family community — building insurance, exterior maintenance including older roof systems, and common area upkeep. Verify line by line what the fee includes and what it excludes before making the purchase decision.

Monthly Cost Breakdown

Cost Item	Est. Monthly (Low)	Est. Monthly (High)	Notes
HOA fee	$215	$240	Building insurance and exterior maintenance likely included
Property tax	$208	$417	Lake County ~2.5%; on $100K–$200K units
Interior insurance (HO-6)	$30	$55	Interior/contents; building covered by master
Utilities (electric, gas)	$90	$160	Water may be in HOA; verify per unit
Total monthly (excl. mortgage)	~$543	~$872

Lake County Tax by Unit Value

Purchase Price	Annual Tax Est.	Monthly
$100,000	$2,500	$208
$135,000	$3,375	$281
$165,000	$4,125	$344
$200,000	$5,000	$417

10-Year Projection — $145K Unit

Cost Item	10-Year Estimate
HOA fees (3% annual increase from $225/mo)	~$31,200
Property tax (~$3,625/yr)	~$37,600
Interior insurance (~$42/mo)	~$5,000
Utilities (~$125/mo)	~$15,000
Total non-mortgage cost (10 yr)	~$88,800

Questions on Leisure Village?

Connect with a Lake County buyer agent for current listings and — critically — the HOA reserve study at Leisure Village.

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