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November
11
11
St. Joseph, MI: 5 Condo Considerations
If you're tired of paying rent but would like to pay a bit less than a typical single-family home costs, buying a condo in Saint Joseph, MI can offer the best of both worlds for some buyers. You'll own your unit and will build equity, but outside maintenance will be taken care of. In addition, prices for condos tend to be less than those for single-family homes.
Our real estate agents suggest the following five things to look for if you're thinking about buying a condo:
- What amenities are available?
One advantage of condo living is that you may be able to enjoy amenities that many homeowners don't have. St. Joseph has some high-end condos with water views, so you may be able to have some impressive extras that might not have fit into your budget otherwise. You may also have access to other amenities such as a pool, tennis court, greenspace or fitness center. And if you like to socialize, look for a community that hosts events for its residents at the property's clubhouse. - Do residents have any concerns?
Ask current residents what they like about living in the community as well as any concerns they might have. You can also look at the minutes from the last few condo association meetings to see what's of concern to residents. For example, are there a lot of complaints that maintenance isn't taken care of quickly? Are a lot of owners behind on their dues? If this is the case, the community may have trouble paying for repairs. - What are the property's rules?
A condo association helps ensure that the property's rules are followed, and it's important to know these restrictions before you buy. You'll need to know whether you can have pets, and if so, whether there are any limitations on the number of pets and on their breeds and sizes. Can you rent your condo out? Can you plant shrubs or flowers? Depending on your point of view, an association's rules can either help maintain community standards, or they can be too restrictive. - What are the condo fees?
As an owner, you'll be responsible for monthly condo association fees that pay for maintaining and repairing common areas. You'll need to fully understand what these fees are and work them into your household budget. It's also important to understand exactly what they cover. With most condo associations, you'll be responsible for inside repairs and maintenance, and the association will cover the outside. - What does its budget look like?
It's helpful to obtain a copy of the condo association's budget. If you're buying from an owner, he or she should be able to get a copy. This will give you an idea of how well-funded the community is. Are many owners late on their dues? A number greater than 15% may be a problem. Also take a look at the repair fund, which is to be used for major repairs. Older communities should have more in their repair funds in case roofing or other items need to be fixed or replaced. Otherwise, the community may fall into disrepair or a special assessment may be levied on condo owners to help pay for the repairs.
Contact us to learn more about what to look for in St. Joseph homes for sale. We know the market and can help you find the community that's right for you.
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