 A condominium is a perfect for the homeowner
with a busy schedule who doesn’t have
time to mow grass and take care of
maintenance.
Condos are popular with single people, young
couples, retired persons, busy
professionals, and students working on
degrees at Michigan State
University or Cooley law school.
Condominiums
frequently feature amenities such as a golf
course, swimming pool, fitness center,
nature areas, or simply a great location. Some may be close to shopping
and
educational institutions such as those above
the retail shops in East Lansing, while
others may offer an urban style of living
near entertainment and business in downtown Lansing.
If you choose to purchase a condominium you will have
complete ownership of a single unit within a
multiple-unit building or complex along with partial ownership of
shared areas such as lawns, gardens, walkways, parking
facilities, pools and community buildings.
Your
financial responsibility will include payment of
municipal taxes on
your unit, insurance to cover
personal liability and the contents of your unit, and a
monthly condominium fee to cover such things as lawn
care, snow removal, building insurance, and exterior
building maintenance.
Condos are
available in many styles and prices. A
single bedroom apartment style unit may be priced
below
$50,000, while a stand alone ranch unit may cost over
half a million dollars.
The exterior maintenance of the complex is shared with
the other owners and a portion of your monthly fee goes
into a reserve account for future repairs. Some
complexes will include utilities such as water, garbage
removal,
and sewer in the monthly fee. Fees and coverage
vary from complex to complex.
NOTE:
Monthly Association fees can vary from $85
to $400 depending on the location, size and
amenities.
The average association fee in the Lansing -
East Lansing area is
between $150 to $240. |
Condominium
drawbacks
Condominiums are less private than single family homes and noise
may be a problem. Quiet lounging on your deck
may not be a
relaxing experience if nearby neighbors
are playing music you don't enjoy.
By necessity, your condominium association will have rules and
regulations that control living conditions for the general good of
the complex. Some rules may be a burden to you. There are frequently
restrictions controlling the size and number of pets, and how much
gardening you can do on the grounds adjacent to your unit. Parking
may be restricted to a single vehicle with additional fees for a
second car. Should you choose to rent your unit, there may
be a
restriction preventing occupancy by anyone other than the owner.
The association's operating budget
is extremely important to the operation of the complex. Monthly
association fees
are expected to cover services and periodic maintenance. If this
budget has been mismanaged, you may be
hit
with
a huge improvement assessment shortly after moving in.
|
IMPORTANT: Before purchasing a condominium unit, ask to
review the Master Deed, Association by-laws, restrictions, and the
Association budget. Review these documents carefully
and don't be afraid to ask questions. |
 Site
Condos
Site
condominiums
and the lots
they're
built on are
considered
in the real
estate
market to be
equivalent
to platted,
single
family
subdivisions.
The homes
and
lots are
identical to
single
family
subdivisions
except
for their
legal
description.
Site Condos
are popular with
Michigan
home developers due to a costly,
time consuming process
of platting
subdivisions.
Site Condos sit on privately owned lots just
like any single family residence
and should
not be
confused
with typical
condominium
developments
that have
Home Owner
Associations
that share
common
elements.
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