buyers: WHAT YOU NEED TO KNOW
A Little on Buying Condos…
Condos have always been popular for the baby boomer generation. However, as our lives are becoming more and more busy, along with the growth of the downtown area of our cities, condo living has grown in popularity across most demographics in West Michigan.
Over the years, the team at Michigan Condo Pros has sold condos in almost every neighborhood in West Michigan. This experience gives our clients valuable insight and knowledge of the individual projects history and current status along with what those knowledge could mean to them.
Our experience in the intricate details of developing, building, managing and running Homeowners Associations in condo neighborhoods is also an asset to buyers.
our expertise: WHAT YOU SHOULD KNOW
What to Watch out For
Put simply, we know what to watch out for. Not all Associations are created equally. Over the years we’ve seen a lot of issues either with the properties or associations. Here is a small partial list:
Homeowners association without money to make repairs (which usually means assessments)
Overbearing rules and regulations.
Unrecorded maintenance agreements
Improper engineering causing flooding (and consequently decreased property values)
Lawsuits with developers, associations, neighbors, etc.
Poorly built roads
New construction brings a whole different set of precautions. Questions like these:
What’s the financial condition of developer?
Condition of roads from construction trucks?
Do lenders consider the project warrantable? This effects your financial terms
Does the builder/developer have a contract or reservation agreement that favors them?
Are the HOA dues in line and will they increase after construction is complete?
When does your earnest deposit become nonrefundable?
Is there any accountability for the builder to maintain closing schedule?
What specifications are built in the base price?
Does the builder have fair budgets and allowances for flooring, fixtrures, etc.?
Let the Experts Be Your Guide
Michigan Condo Pros will put our experience to work for you. Contact us if you’re looking to buy!
Michigan Condo Pros will put their 25+ years of real estate experience and hundreds of condo transactions to work for you.