What you should be thinking of when buying a condo? South Eastern Michigan home buyer tips

Resale value of the South Eastern Michigan condo is important to you the home buyer.  It does not matter whether it is a Howell Condo, Rochester condominium, or a Taylor condo.  Do you know what condos are selling for in the condo complex, the building, in the city,  and in the area.  What are the trends ? What are the resale value of Metro Detroit condos if you are buying new? Are these condos easily duplicated?  Is there a glut on condos in the area?  Is it a converted apartment complex?  How old is the complex?

What are the upsides of condos?
What are the downsides of condos?

Know what the condo fees cover ?  

What are the Condo Fees?

Per month or Per year?

Does it cover?....Water__ Gas __Utilities__ Electric__Exterior maintenance __ Snow removal___ Pest Control__ Parking__ Homeowners Insurance__ Flood Insurance__ Security__ .

Interior insurance for your contents are not covered, most times it is only the exterior and you will need additional Ins. for inside and contents.

Condo master deed and bylaws need to be examined to determine what modifications can be made in your unit. Condo associations govern what can be done inside the complex.  This applies to color you can paint your door, where you can park, what lawn decorations you can have, and even what you can plant in front of your house.  Most rules usually cover on how units can be decorated outside.  (Including the color of paint and gardening) Sometimes the rules can be strict.  You must abide by the rules or you can be fined.  The fines become a lien against the property usually.  Be sure to read the bylaws/rules and that you can live within the rules and bylaws.  Don't buy a condominium thinking you can get away with major things such as extra cars or putting up a flag pole.  Those are examples but plan on living within the rules.

Security of the area and the condo association itself. Check out the immediate area during day and at night.  Parking and on site security. How much guest parking ?  Condo complexs usually have limited parking.

Condo taxes are the same as for homes if it is your primary residence, you will get the homestead exemption. Taxes are usually the only thing held in escrow by the lender if you choose to escrow. 

Condo assessments are paid by owners when a major repair needs to be done and there is not enough in condominium complex reserve account.  Ask about the reserve account.  Do they have any lawsuits pending against them.  Check out the entire condo association as to the overall condition because you pay in the end.  How long since major items such as roof, porches, paving, windows have been done?  Call a board member and talk to them.  Would they buy now?  Are there any major repairs needing to be done?  Are some on the horizon?

What do you want and need in the Condo?

City_____ Price Range____ Square footage___  Bedrooms____ 
Bathrooms ___ Fireplace___Deck/Patio___ Kitchen size__ 
Floor plan___ Closet space__  Washer/dryer on main floor__ 
Parking___ Garage___Commute time___ 
Style of condo, flat or townhouse, ___ one story or 2 story___
All on one floor___ Basement___ End Unit___ Privacy___ 
Near shopping or other services___ Gated___ 
Financing___ Taxes____, Pets___Size of Association____, 
Who can live there___Resale Value____ Pool/spa ___ 
Commom areas (parks)___ Community Building____Condo Fees___

Why should you get and have to get pre-approved for a mortgage. 

Getting a pre-approved mortgage is a great way to get started. Listing agents and sellers will not accept an offer without a pre-approval letter.  With a mortgage approval, you will be in a better position to negotiate with sellers.  This shows the seller how serious you are about the property, and it will make the seller more comfortable working with you. In a "seller's market," or where supplies are limited, a pre-approved mortgage is essential.

 I hope these condo home buying tips will help you decide some important things so we can concentrate on getting the best Condo for you. Call me to get started on finding your dream condo.