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Questions to Ask about Condominiums

If you're looking into condominium sales in hopes of moving into one, you're probably aware already that this is a potentially life-changing decision. It's an important next step for many who decide they no longer wish to rent an apartment or lease their housing. Before you buy that attractive waterfront condo for sale, there are some vital questions you need to ask before you sign the dotted line.

  • How much money is in the reserve fund?
    The reserve fund is the money kept available for repairs and maintenance. As a general rule, the older the building, the more money should be in the fund. If the fund gets too low, you may face rising monthly fees.

  • What regular fees are assessed?
    Condos usually collect a monthly fee, called an assessment, from each unit to help with general upkeep. These can vary substantially, so make sure they will not pose a burden on you. But low fees can also cause problems because a luxury waterfront condo can fall into disrepair if there are no funds to maintain it.

  • Is the condo association run by the owners or an outside management company?
    Many condominiums are managed by the unit owners themselves. Others hire outsiders experienced in real estate management. Self-managed condos often have relatively low monthly fees, but they can run into problems when neighbors can't agree on housing regulations. If the condo is run by a professional management company, you should check their credentials.

  • What restrictions are in place?
    Because you will be sharing common elements, such as pools and laundry rooms, you need to check the rules and regulations governing these. Like apartment buildings, you may face restrictions on parking privileges and pet ownership, among other things. You may not be allowed to rent or lease your unit to others when and how you wish.
  • Community Associations Institute
    The leader in providing education and resources to the volunteer homeowners who govern community associations and the professionals who support them. Get valuable resources by joining our association today!
    MAP
    Write review for this local business

    STANDARD LISTINGS:   CONDOMINIUMS-AND-TOWNHOUSES IN/NEAR DETROIT
    Indian Village Manor Condominium Association
    1 review: *****
    8120 E Jefferson Ave Ste A, Detroit, MI 48214
    (313) 824-7704 Write review for this local business

    "the HOA needs some revisions and intervention. The HOA wants to current residents to carry the burden of those whose homes are in foreclouseure ..."
    Kinyon Woods Condimunimus
    1 review: *****
    22243 Kinyon St, Taylor, MI 48180
    (313) 292-4832 Write review for this local business

    "These condos, even though are bought individually, are run by three people who make up their own "laws of the condos" and treat the owners like renters. Even though a good location - not worth it. ..."
    Crystal Loft Condominiums Write review for this local business
    3100 Woodward Ave, Detroit, MI 48201
    (313) 832-4610  
    Carlton Condominium Association Write review for this local business
    2915 John R St, Detroit, MI 48201
    (313) 831-1236  
    Riverfront Condominium Assoc Write review for this local business
    300 Riverfront Dr Ste 9A, Detroit, MI 48226
    (313) 393-4920  
    Gramont Manor Write review for this local business
    120 Seward St, Detroit, MI 48202
    (313) 874-2861  
    Hydepark Co-Operative Write review for this local business
    1969 Hyde Park Rd, Detroit, MI 48207
    (313) 393-3177  
    Park Shelton Associates Elevator Write review for this local business
    15 E Kirby St, Detroit, MI 48202
    (313) 870-9755  
    Leland Loft Condo Assoc Write review for this local business
    1395 Antietam Ave, Detroit, MI 48207
    (313) 567-1866  
    Parc Condominium Association Write review for this local business
    1941 Orleans St, Detroit, MI 48207
    (313) 259-4692  
    Spinnaker Tower Condominium Association Write review for this local business
    3320 Spinnaker Ln, Detroit, MI 48207
    (313) 259-4592  
    Detroit Towers Condo Assn Write review for this local business
    8162 E Jefferson Ave, Detroit, MI 48214
    (313) 824-3547  
    Shoreline East Condominiums Write review for this local business
    8200 E Jefferson Ave Apt 101, Detroit, MI 48214
    (313) 824-8288  
    Morgan Development LLC Write review for this local business
    106 Sand Bar Ln, Detroit, MI 48214
    (313) 822-9740  
    Motor City Suites Write review for this local business
    8200 East Jefferson Avenue, Detroit, MI 48214
    (313) 782-3566  
    Boston Commons Condominiums Write review for this local business
    2817 Seaton Circuit W, Warren, MI 48091
    (586) 758-3513  
    Dearborn Towers Condominium Write review for this local business
    22700 Garrison St, Dearborn, MI 48124
    (313) 561-0097  
    Skylofts Marketsquare Condominium Write review for this local business
    101 Curry Ave, Royal Oak, MI 48067
    (248) 547-6810  
    Providence Green Apartments Write review for this local business
    25500 Greenfield Rd, Oak Park, MI 48237
    (248) 457-5579  
    Main North Lofts Condominium Association Write review for this local business
    360 N Main St, Royal Oak, MI 48067
    (248) 548-3202  
    Troy St Loft Condominium Association Write review for this local business
    614 S Troy St, Royal Oak, MI 48067
    (248) 399-0827  
    Palmer Woods Estates Write review for this local business
    4402 Bayberry Ct, Warren, MI 48092
    (586) 558-7630  
    President Village Condominiums Assoc Write review for this local business
    29358 Hoover Rd, Warren, MI 48093
    (586) 574-1094  
    Universal City Estates Write review for this local business
    28290 Universal Dr, Warren, MI 48092
    (586) 576-1966  

    Condominiums are a great alternative to renting an apartment or townhouse because you will be the sole owner of the condo. Condominiums are basically apartments for sale or sometimes lease to own. Condominiums can have multiple bedrooms, be in high rise buildings downtown, and often times come with laundry facilities either in the condo itself or on the property. Newer luxury or contemporary condominiums sometimes come fully furnished and almost all of them have full kitchens.

    Condos often offer 24 hour security services for their residence so people can feel safe while they are at home or on vacation. Real estate agents play a very important role in condos for sale which is often different from when people lease property. Real estate agents will put listings online, in papers, and sometimes even magazines that appear in hotel lobbies. New condos are also featured in home magazines to show kitchen or bedroom styles and can also be featured in architecture magazines to debut new high rise designs.

    People who want to sell, do inspections, or appraisals on condominiums often need to be licensed by the state or county they work in and sometimes you need a realtor's license to sell a condo depending on the state you live in. Inspections and appraisals are often required or at least highly encouraged when buying a condo.

    Condominiums offer individuals and consumers various options for living and investing. They are a good alternative to renting or leasing because a person will own the property instead of paying monthly rent payments.



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