When browsing condos in Michigan, you find yourself at a bit of a crossroads as a potential homebuyer. Today’s real estate market is a fast-moving one, but even so, condo buyers must ensure that a property meets their needs before committing to a purchase contract.
So, the question, “what should I be thinking about during my search for condos for sale near me?” Condo owners vary, which means some elements of the answer will be different from one person to the next.
However, there are some general questions to ask when buying a condo that should make you more confident about your purchase. Below, you get to explore each of these and why they fit into the overall picture of condo ownership.
How Does a Condo Compare to an Apartment?
Imagine you’ve viewed some solid listings of apartments and condos in Chesterfield Township, for example. A part of your decision-making process should be a look at the condo vs apartment contrast and how each may or may not be appropriate for you.
In most cases, apartments will be rented. The chances are that if you’re considering a unit in a condo complex, you’re purchasing it. So, affordability is an example of something to think about.
Maintenance fees also come into play. Since units in condo developments are the responsibility of the owner, you will have to bear the costs of all major repairs. Unlike condo complexes, the apartment complex owner will handle these.
Amenities aren’t necessarily bound to an apartment or condo development. Either of the two may feature tennis courts, for example.
Condo rules are typically non-existent, allowing owners to decorate them freely. While apartment decorating is certainly within the realm of possibility, there will likely be more restrictions on what you can do.
What Are the Benefits of Living in a Condo?
If you decide to purchase one of the many metro Detroit condos for sale, what kind of benefits should you expect?
First, the condo market is way more cost-effective than the traditional housing market, which appeals to those who want better affordability.
Your master insurance policy is probably going to be cheaper too since it’s only meant to cover the inside of your space. Typically, the monthly fees associated with the condo take care of insuring the complex.
Another of the most significant benefits of condos is the general sense of community. You can get together with and meet your neighbors in the communal spaces present.
While there are exceptions to the rule, buying a condo typically means having appliances since they often come pre-furnished. When you buy a house, on the other hand, you almost always must furnish it yourself.
You’re encouraged to check out the previous blogs on this topic for a more comprehensive outlook.
What Questions Should I Ask When Buying a Condo?
Don’t get too excited when you see condos for sale in Michigan unless you’ve asked the right questions of the condo corporation. The questions to ask are:
- How much are the condo fees?
- What do the monthly condo fees cover?
- Do I need to purchase my own insurance?
- What’s the history of the condo community?
- Are pets allowed?
- What rules govern condo living here?
- What kind of special assessments may be coming up?
- Is there any pending litigation? If so, what kind of legal fees are facing the condo association?
- What exactly do I own?
What Do the Condo Fees Cover?
Monthly condo fee requirements are pretty synonymous with ownership of one of these units. Many condo complexes have very vocal condo associations that will make it pretty clear what the fees go towards.
Commonly, you find that the allocation goes towards maintenance (of the whole building and complex), laundry, cleaning services, and more! There may even be a reserve fund for handling unforeseen expenses.
Note that these condo fees are sometimes called homeowners association fees or HOA fees.
Can I Customize My Condo?
So you saw some attractive-looking condos in Macomb County and you decided to buy one. Can you add your personality to it?
Generally speaking, you have a lot more free reign here to do what you want with your condo, so long as it’s not affecting others.
Remember that buying a condo means you own it. So, if decorative freedom is one of your biggest considerations in purchasing one of the Macomb County condos available, you can rest easy.
Is This a Good Investment?
This is a pretty subjective question. Again, it boils down to what would constitute a good investment for you. Obviously, no one wants to be struggling with a property that’s going to end up bringing in a lot of debt.
Still, there must be a baseline to answer this. Is it that you want to know if going the condo route will allow you to save money?
For one thing, you’ll be paying less to buy a condo than even traditional single-family homes. However, considering how internal maintenance works, you may end up spending quite a bit, especially if there are a lot of repairs to be effected.
While the advantages generally make a condo a pretty cost-effective purchase, have a look at the previous blog here for an even more detailed explanation.
Are Pets Allowed in the Condo?
Pets can be handled wildly differently from one condo complex to the next. In one case, pets may be welcomed and even encouraged. Elsewhere, however, you may find that there are explicit references to the fact that pets aren’t allowed.
For the latter, you’ll need to think about if you are OK living at a property that doesn’t permit your keeping animals.
Realistically, the consideration really only matters to the subset of persons who are interested in having pets around.
How Large Are Condo Communities?
The term “condo community” here could be interpreted in two ways. First, there’s the actual size of the community, which isn’t too hard to ascertain. However, it is something you can ask if you wish.
On the other hand, there’s the community in the sense of the other homeowners. Perhaps you want to know that there is a host of people for you to meet and learn about activities you never even dreamed you would take part in!
Have a look here at what the community prospects look like at The Seaton Place.
Is Buying a Condo Good for First-time Homebuyers?
Thankfully, you don’t need to live in a lap of luxury to enjoy good amenities. However, remember to think of yourself and what you will need almost to a selfish degree.
For example, there may be parking spaces available for the resident, but what about visitor parking? Perhaps your significant other or family members will be coming to visit you from time to time.
If that is the case then having 0ne parking space for residents is not going to cut it. Other potential amenities to think about include a fitness center, pool, tennis court, rooftop terrace, etc.
The best part is that you can enjoy using all of these without needing to concern yourself with the upkeep since your homeowner’s association fees should cover it.
Why not check out the previous blog on this topic for greater insight?
The Bottom Line: Condo Association and More
A condo can be a great investment, particularly because of its affordability, especially when compared to traditional housing. Perks such as only needing insurance for your personal belongings and internal property are also great.
Nevertheless, the purchase of a condo is not the kind of thing you can dive into without thinking things through first.
For example, you may want to know where the condo association’s financial health stands, the amenities you get, what the rules and regulations are, etc.
The Seaton Place can certainly provide all the answers you need. Call 810-637-1501 for more information or fill out the web form provided with your questions.