Novi, Michigan is an area with many condominiums for you to choose from, close to local shopping centers, main highways, restaurants and other great attractions, this area will be perfect for those who are on the go but don't want to be directly in the city. When you are looking at Novi Condos, here are two things to look out for...
1. Shabby grounds or the complex and buildings not kept up - if the buildings need painting, or the roofs need to be redone, or the condo complex looks like it needs work then be careful. If there is rotting wood on the outside of the buildings then maintenance is lacking. They may mean a financial issue. Then that Novi Condo complex may not be for you. The lack of maintenance shows that there is either a poor management company in charge or the Novi condo associationis in financial straits.
2. Unfinished buildings. If a Novi Condo complex is not finished it may pose problems for you in the future. It is harder to get a mortgage in a condo complex that is unfinished. Banks have rules on how much of a condo complex must be finished. If condo buyers can not get a mortgage then the condos must be bought cash. Being only cash buyers will lower the price of the condos complex over time. Though in this building boom it is not as big of a deal.
3. Low reserves. When you put in an offer on a condo you will want to get a copy of the financials of the complex. The items you want to look at is how much reserves does the community have.
I always tell my buyer clients to talk to the neighbors and people that live in the complex. You will learn more about the community and the complex from people who have lived there. You will learn whether you want to live there. Most residents are upfront about issues and problems.
So if you were my friend, my family, my client I would advise you not to buy a Novi condo that the complex was unfinished. Or if the complex was in poor shape. These are just my thoughts when buying a Novi condo. I hope these Novi condo buyer tips point out what you should be looking for or asking about when buying a Novi condo.
Novi is a great community to live in. If you buy a Novi home for sale or a condo you will have easy highway access to I-275 and I-96. Plus you are not too far from Northville or alll the shopping at 12 Oaks Mall. Lots of restaurants there too!.