Condominiums can be a great choice. They often come with a lower purchase price, less maintenance, and added facility perks. But those great advantages come with a few twists. As you search for condos for sale in Grand Rapids MI, keep these tips in mind.
1. The Basics
First, what is a condominium, really? It is a living space that you own. As a result, YOU get the appreciation and the tax benefits, in addition to getting to decorate exactly how you want to.
However, a condo is unique, because you share common areas with the other owners. Depending on the unit, you may share parking areas, roofs, walkways, pools, and more. This creates some unique benefits and challenges.
In addition, many typical maintenance tasks are handled by the association. Roof repair, lawn mowing, snow plowing, water heater fixes, and exterior paint are will typically be covered in condos for sale in Grand Rapids MI.
2. The Lifestyle
Condos create a more social experience than a similar single family house. For some people, this is great! You can wave to your neighbors as you get the mail, make friends at the pool, or create a parents group for play dates.
For others, this can be a major pain. Shared walls make for shared noise, and a 3 AM party can lead to grumpy neighbors. In addition, plenty of people see their home as their retreat from the world. It can be more of a challenge to ‘get away from it all’ in a condominium!
3. The Value
You can find some great deals on condos for sale in Grand Rapids, MI. They are often competitively priced compared to single family homes, and offer you a chance to live where you want for less money.
However, this is a double-edged sword. Condos tend to appreciate slower than single family homes, and selling a condo is often tied to the quality of the overall complex. If you have a poorly managed condominium association, it can be tough to get your unit sold.
In addition, the homes in a complex tend to be pretty similar to one another. If there are several on the market, it can be hard to make yours stand out from the crowd.
4. The Perks
Many condos for sale in Grand Rapids MI come with added perks. Some have community pools, where you can go to escape our (currently) 90 degree days. Other places have workout areas, often open 24 hours, to help you save on a gym membership. Designated meeting areas, business spaces, and covered parking spots are just some of the other bonuses available.
Many associations also host community events, like cookouts, ice cream socials, and Super Bowl parties. These can be great ways to get to know your neighbors, and enjoy social events without having to plan the details.
5. The Costs
The association will typically take care of repairs, maintenance, shared facilities, and community events. As a result, you will be charged an Association Fee to contribute to these costs. This will be on top of your mortgage and taxes, so plan accordingly! For Condos for sale in Grand Rapids, this usually varies from $100 – $400/month , depending on the location.
There may be other costs passed on to condo owners. For instance, if a major repair is needed, and there is not enough in the emergency fund, the association may require you to pay an ‘assessment’ to cover it.
6. The Nitty-Gritty
When you’re looking at condos, it is VERY important to also take a close look at the Condominium Association. In addition to your purchase contract, you will be required to agree to their bylaws.
Before buying any condos for sale in Grand Rapids MI, ask for and read a copy of all documents relating to the association’s management. You will want to know:
-How does the association handle owner requests?
-What are the fees, and what do they cover?
-What are the associations rules and regulations? Are you willing to live by them?
-How large is the condominium’s reserve fund? If it is small, repairs can get deferred, or assessments can be laid on owners.
-What are current issues the association is dealing with?
All of these things will affect your life. In addition, it will likely affect your resale value down the road. Make sure you know what you’re getting into!
The lower maintenance, lower purchase cost, and great community can be wonderful reasons to choose to move into a condominium. Just keep these things in mind, and you will make a fantastic choice.