Your Quick Guide to Buying Condos

If you're in the market for a condominium to call your own, keep in mind the following considerations. When it comes to buying a home, a few points are unique to condos. Who Buys Condominiums? Buyers tend to be people who want to own a home but prefer a low-maintenance lifestyle. While they are often appealing to first-time homebuyers, retirees who are downsizing, investors, and smaller families, they are becoming increasingly attractive to more segments of the population. For some, the appeal is a purchase price that's typically lower than that of a detached single-family home. Others like having the homeowner's association (HOA) take care of any external maintenance, such as exterior painting, roof repairs, snow removal, and landscape upkeep. What Makes Condos Unique? A buyer owns the unit up to the walls. Everything that’s outside, including external walls, roof, outside stairs, common gardens and open areas, swimming pools, fitness rooms, and playgrounds, are under shared ownership. Unit owners hold an interest in these shared areas. The HOA, Homeowners Association, or condominium association maintains and repairs common spaces using fees collected each month from all the owners in the development. It's typical for the Association to hold meetings and communicate regularly with the community online or via mail. Ask About Fees Find out how much the monthly association fee is and what it covers. The Association places the collected fee in a fund and uses it to pay for lawn mowing, tree and plant care, and external repairs. It may also cover other items, such as your water and trash. Each development offers different amenities, so be sure to ask for specifics. Consider Size & Floor Plans Condos come in many different sizes and floor plans. For each property that you visit, check the room sizes and consider the layout. Are the bedrooms a comfortable size? Are there enough closets, cupboards, and other storage spaces in the unit? The overall floor plan should be appealing to you or your family. Once you've fully explored the inside of the unit, check the outside. Walk around the community to see if it is well maintained and research your prospective builder. Check out the common spaces to see if condo owners are using them. By carefully inspecting the unit and its surroundings and asking the right questions, you'll be better prepared to find your condominium dream home. Robertson Homes has over 71 years of building quality communities and were one of the first builders in SE Michigan to bring condominium communities to this area. Learn more about the great condominium communities currently being offered by Robertson Homes.