Home > Blogs > Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239 > Michigan Homes for Sale

Pros and cons of buying a condo

By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Real Estate Agent with Real Estate One 6501304423

April 01, 2008 01:13 AM

The pros of buying a Michigan Condo

1.) Don't have to worry about hiring contractors to take care of outside maintenance or building problems. You never have to worry about taking care of the grass, or the snow. You never have to take care of the roof issues or the road. The condo association and it's board make the decisions, hire the contractors, follow up on the work.

2.) The cost of insurance is cheaper because you are just insuring the contents of the condo. Your personal belongings. The condo building is insured by the association through a group policy. ( You pay for the insurance through your association dues) The association insurance payment most like is cheaper because it is a group rate. And you will never get cancelled yourself from the group.

3.) Many Michigan Condos often offer amenities (community pool, community club house etc.) Many Michigan condos have club houses you can sit in or rent out for family parties or on the occasions you need a bigger spot. Usually very reasonable and have lots of parking. It is nice to have an inground pool that you can go to and not take care of.

3.) No Outdoor Maintenance of the grounds what so ever. If a tree or a shrub dies then call the association

4.) Earn Equity just like a home so there is no difference there.

5.) You get to deduct interest payments and PMI from your taxes (just like a house)

6.) In Michigan many times you often get more for your money when buying a Michigan condo. A single family detached home in the same area will usually cost at least 20 to 30 percent more because of the land. By buying a Michigan condo you don't actually own your own roof or land by yourself. There is a greater number of condos on a smaller piece of property than if it was a single family home. It gives you the ability to increase your buying power. A two bedroom condo may cost 25 percent less than a two bedroom detached home and also include a swimming pool, tennis court and fully-equipped exercise room.

Michigan Condo Cons

1.) You have no control individually over when or how much outside maintenance costs. If you are a nitpicker about having your grass cut on Friday then a condo may not be for you. The condo board makes the decisions on when maintenance gets done, and who they hire. If you want to be involved then you have to get elected to the board.

2.) You must live by rules and regulations of the condo association. You may not be able to put things out in the yard or paint the front door a certain color. You may have to park in a certain area. Some condos don't allow pets, or to rent the condo out. Before you buy a Michigan condo be sure to read the condos rules and regulations to see if you can live with them.

3.) Condo Fees. You will have monthly association dues. That cost is determined by the board and you have to pay it. It covers building insurance and paying all of the outside maintenance costs. You may be able to maintain a single family residence cheaper than your association dues because you may cut the lawn yourself and shovel the snow yourself.

4.) You mayhave unexpected special assessments. This usually happens when there is a major renovation such as new roof, new balconies, new cement work or new windows put in all the condos. This could be several thousand dollars and add to your monthly association fee.

5.) In Michigan condos generally don't appreciate as much or as fast as a single family home. You will get a better return on your investment if you buy a single family home in Michigan. In other states I don't know but Michigan condos have not appreciated as much as homes.

6.) Boards make the decision. You do not make an individual decision on maintenance or new rule changes. You have no control over the decisions on the complex. You are just one vote of many people.

7.) Michigan condos are generally more difficult to sell than single family residences.

BOTTOM LINE IS IF YOU DON'T LIKE RULES, ARE VERY INDEPENDENT, OR LOOKING FOR LARGE APPRECAITION THEN A CONDO MAY NOT BE FOR YOU.

IF YOU ARE LOOKING FOR A MICHIGAN HOME THAT YOU DON'T HAVE TO WORRY ABOUT THE OUTSIDE UPKEEP BECAUSE YOU ARE BUSY, DON'T STAY THEIR YEAR ROUND, OR DON'T HAVE THE ABILITY TO DO IT THEN A CONDO MAY BE RIGHT FOR YOU.

Here are some of the people that like condos: Many retirees because they can't physically take care of the yards. Single moms with children that don't have the time or the ability to take care of the inside of the house and the outside. (plus they have a pool for the kids). Adults that a busy with their jobs and have no desire to spend their weekend taking care of the outside painting, lawn cutting.

There are many great deals in Michigan condos right now in great school districts and great areas. Email me your requirements and criteria and I will send you listing of condos that fit your needs. Info@RussRavary.com To search Michigan homes and Michigan condos for sale go to my website www.RussRavary.com Or for more Michigan home buyers tips.

May life treat you and your family well. Have a great day. Russ Ravary