Despite some drawbacks, condos are a fast-growing part of the housing
market. They accounted for almost 13 percent of total existing home
sale in 2003, up from 9.6 percent a decade earlier, according to the
National Association of Realtors®Condominiums can be attractive to
buyers looking to shed some maintenance demands and living a different lifestyle.
Empty nesters and single professional seem to be the most attracted to Condo's but there are some things to consider, so be sure to do some research.As a financial decision, you have to understand that your return on investment may not be the same as a buying a single-family home because the market does fluctuate a lot moreLook at the condo association documentation, bylaws and any restrictions there may be. Animals are a big issue; some associations do not allow any pets while others may limit size or quantity.Find out what you are going to get for your monthly fees. Does it include any utilities or building insurance? Look at the history of special assessments and take a close look at the amenities. Are they in good shape? Is there a written plan for their maintenance? The condo with the lowest monthly assessment may be most attractive at first, but could end up costing you in the long run. If the association does not look at the future, large additional assessments may be put on each condo owner making for a hardship for some.Another factor is the resale.
Condos tend to take much longer to sell. If there are several Condos for sale at the same time, it may even take longer. First floor bedroom Condos tend to move much faster because the audience is much broader. Other factors are the number of units that are renter-occupied vs. owner-occupied, stairs, elevators, laundry facilities, separate entrances and updates.All in all, condo living can be a wonderful experience for some. It is a lifestyle change that can end up giving you many more free hours to spend reading and relaxing instead of doing exterior maintenance and yard work on those beautiful sunny days or snow shoveling on those bitter cold winter days. Some condos even have activity centers where the residents get together for cards or other fun activities. If condo living seems right for you, call me and let's find the condo that fits your needs ….586.294.5055
Specializing in Grosse Pointe, St. Clair Shores
Harrison and Chesterfield Twp, Harper Woods