Why You Should Buy a Condo

Do you hate yard work, loathe shoveling the driveway and detest fixing leaky shingles? Then perhaps a condo is the choice for you. Many people begin to consider condos when they want to transition from renting, but aren't ready to make the leap into a full-sized residential home with all of the maintenance hassles. Downsizing is also a popular reason that people shift their gaze towards condominiums.

So what are the benefits to buying a condo?

·   Lower Price? Obviously this benefit varies considerably depending on the area that you live in, the newness of the condo and the overall market. However, in many areas you can move into condo ownership for considerably less than purchasing a residential home. For instance, there are many condos currently listed in the popular East Lansing area for under $100,000. It's much harder to find a home in this desirable location for a similar price.

·   Shared Maintenance: This is a huge perk to potential condo buyers, especially those who abhor home improvements. No longer do you have to devote weekends to weeding, mowing and trimming the hedges. In Michigan, snow removal can also be a huge burden that condo owners get to avoid.

·   Less Responsibility: Condos can be a great option for people who travel and want to be able to leave their home for months at a time. The network of other condo owners helps you rest easy knowing that your home is secure.

·   Community: Unlike many modern apartment complexes, condominiums tend to foster a greater sense of community because the people that live around you may be neighbors for years to come. You may also attend association meetings together and interact at clubhouses, condo pools and other spaces that create a greater sense of unity.

Potential Condo Pitfalls

·   Association Dues: These monthly fees cover a variety of costs including lawn care, garbage service, snowplowing service and other condo costs. However in some cases, these fees can be greatly inflated to pay for additional amenities or improvements. If you purchase a condo, you are required to pay these fees even if you don't necessarily agree with the improvement or use the amenities. They can also increase over time or suddenly rise dramatically if an unforeseen expense occurs.

·   Group Ownership: When you buy a condo, you essentially move into a group ownership situation. Therefore, any changes that you feel are necessary must be agreed on, usually by a condo association board. If you have any disputes with board members or don't like the way they handle the condominium decisions, you may find yourself living in conflict.

·   Rented Units: If you purchase a condo that has many owners who rent their units, you may run into trouble. Condo associations may find it harder to enforce condo regulations with renters and if a tenant stops paying their association dues, the owner-occupied condo owners may have to pick up the slack.

Questions to Ask Before Buying

1.Is the building in good shape? It can be easy to overlook this when purchasing a condo because you are more focused on your individual unit; however, you are purchasing a percentage of the whole structure and if it has major necessary repairs or issues, you will be paying for them down the road. Find out when the structure was built and by whom and if there are any foreseeable repairs upcoming.

2.What rules and regulations govern the condo? Most condos have a board of group of owners who oversee the repairs and running of the condominium. Read all of the association paperwork thoroughly to ensure that you can support the current rules that owners are expected to follow.

3.Are there any owner disputes? Find out whether the Association is resolving homeowner disputes and if so, what are they? This can help you understand what types of issues the condo owners are dealing with and may also be a red flag if there are a range of complaints.

If you currently reside in the Greater Lansing area of Michigan and are thinking about purchasing a condo, please get in touch with me at MyRealtorRob. As an East Lansing realtor, I can answer all of your questions about condo ownership and show you a variety of fantastic deals on condos that are currently on the market.

A good neighbor is a fellow who smiles at you over the back fence, but doesn't climb over it.

-Arthur Baer