Michigan Condo Real Estate
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For more info about MI Condos, contact MI Condo Realtor MARK Z.
What Is A Condominium or Condo?
Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share, such as the land, elevators, lobby, hallways, swimming pool, club house, and parking lot. Maintenance of these areas becomes the responsibility of a condominium association.
In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners. The fee covers the exterior maintenance and repairs of the buildings, landscaping costs, building insurance and road/parking maintenance. Michigan Condos consist of a homeowners association made up of the homeowners, who meet to annually discuss, create and enforce rules and regulations. If the condominium complex is too big, there is usually a management company who manages the day to day operation of the homeowners association.
Some of the perks of condo ownership include less money for homeowners insurance since they only pay for the “walls in” and personal belongings. Taxes are sometimes cheaper for condominium owners since they are divided amongst all the resident owners.
Tips In Choosing The Right Condo
Look for ownership in a well-maintained building, and pay close attention to the financial stability of the condo home owners association. Procrastinated maintenance may be a sign of financial trouble, which could result in higher maintenance fees later and problems trying to resale the property later. Older condominiums usually have higher fees because of the maintenance required to keep the building up to date. However don't be fooled by newer construction condominiums that have low initial monthly association fees. These dues will usually go up once the builder has completed his project and the management company steps in to balance the books.
5 Important Things To Consider Before You Purchase A Condo
- Get a copy of the latest financial statement from the condo association.
- Ask the board of directors which is elected by the unit owners from among themselves if major repairs or improvements are forthcoming. If so, find out how much they will cost and whether there is enough money in the reserve funds to cover them. If there isn't enough in the reserve fund, the co-owners are usually hit with an assement to pay for major repairs such as roofs, windows, or exterior siding replacement.
- Check the by-laws, rules and the covenants, codes and restrictions (CC&Rs). You may find, among other things, that they prohibit or restrict pets and the renting of units. Some may require that the board have the right of first refusal on the sale of any unit and some boards must review the lease agreement and application of any potential renters.
- Learn everything you can about the homeowners association, including legal disputes and conflicts. Start by reading the minutes of the association meetings. Current pending litigations could be cause for a raise in dues later.
- Find out the owner-to-tenant ratio. Because many condominiums are often purchased as investments, there could be a high percentage of tenants in the building. Nothing could be worse than the people living next to you or above you, not respecting your quiet time, and then every year it's different people.
Pros and Cons of Condo Ownership
Condos appeal to many single homebuyers, empty nesters, and first-time buyers that are looking for a lifestyle that is free of yard work and exterior maintenance and repairs. Condominiums are an appealing way to enter the housing market if the cost of a single-family home is out of your reach.
Many Michigan condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home or simply not available in most neighborhoods. Buying a condominium does allow equity to build, unlike paying monthly rent in an apartment complex.
A condominium type of living is not the best option for every potential homeowner. There can be a noticeable lack of privacy. For example in the common areas--the pool must be shared with every other condominium owner and the "walls are thin" among neighbors. Similar to apartment living if there is someone below you or above you, there may be a barrier to complete privacy. Another disadvantage is that you are limited any exterior changes.
Those who would prefer to own all of their amenities and maintain their own lawn and garden may want to pursue single home ownership options instead of a condominium. It can also be more difficult to sell a condominium unit as opposed to a home with acreage. Condo owners only own their units, not the ground beneath them.
Townhouse vs. Condominium
Although these two terms are used interchangeably they are two unique types of housing. Many people - including some real estate
professionals - are not aware of this distinction. The key is that
people often mistake type of house with type of ownership.
Townhouse - a single-family dwelling unit constructed in a series or group of attached units with property lines separating such units.
Condominium - A Condominium or suite of rooms designed for dwelling most usually similar to an apartment. A condominium is usually owned and occupied by the same person, as differentiated from an apartment which is usually owned by one party (a landlord) and occupied by another (a tenant). Condominium refers to actual type of ownership.
Townhomes are built as single- or
multi-story units - each with at least one separate private outside entrance.
Condos are individual dwellings within a single building, often multi-story, with several adjoining each other, often with at least one
entrance to each from a common hall or entry area like in an apartment building.
With ownership, the condominium owner
also shares tenancy with other units owners in the common areas, such
as the driveways, parking, elevators, outside hallways, recreation, and
landscapes areas that the homeowners association homeowners. A majority
of states have adopted statutes to cover the issues that are involved
with development, construction, management, and taxation of condominium
projects.
A townhouse is like a house in
that the owner owns both the structure and the land on which it sits;
but it is not free-standing, so "the land on which it sits" is limited
to the front and back yards. Townhouses are connected to one another in
a row, and are usually two or three stories tall. It is important to note that townhouse refers to the type of house and not the type of ownership. The ownership responsibility in a townhouse is the same as for a house.
Like townhouses, condominiums
are attached to one another. If you own a condo, you do not own the
land surrounding your living space. A condo owner owns only the unit
itself, which is taxed as an individual entity, and sometimes a
percentage of the common areas of the community. It is important to note that condominium refers only to the type of ownership and is NOT a type of house.
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