What It Means
Ownership of a condominium differs from ownership of a single family home in a variety of ways. The exact differences will depend on the type of condominium. Traditional ranch style condos of single or multiple units will have certain common elements typically including shared walls, roads, sidewalks, open space and sometimes clubhouse, pool and playgrounds. Multi story condos, either vacation or downtown, will likely have additional common elements such as hallways, elevators, parking. etc. Knowing your rights and responsibilities with ownership is important. Every condo project should have a plan to maintain all common elements and replace some elements as needed over time. The quality of this plan will have an effect on the value of condos within the project.
What to Watch out For
Here’s a partial list of condo elements and questions to be aware of:
- Master Deed & all Amendments
- Condo Bi-Laws(rules and regulations)
- Homeowners Association
- What are the monthly dues and what do they cover? Paid in advance or arrears?
- Is there a buy in fee?
- Self managed or management company?
- What is the financial condition of the Association?
- Are there any upcoming assessments?
- Are there any upcoming repairs to common elements?
- What’s the condition of the private road and other common elements?
- Who’s on the Board of the Association?
- When do they meet?
- Mainetenance Agreement for common areas
- Is the project considered ‘warrantable’ to a lender? This affects your interest rate…
- Insurance policy for common areas
- What is the pet policy?
- Are there any parking restrictions for homeowners or guests?
- Can homeowners do any of their own landscaping?
- Clubhouse, pool, gym rules and fees
- Have there been any flooding or drainage issues in the past?
- What’s the rental policy?
Reach out to Us
Let Michigan Condo Pros put our experience to work for you.
Michigan Condo Pros will put their 25+ years of real estate experience and hundreds of condo transactions to work for you.