Ann Arbor Condo Information
Ann Arbor Condos: Many Exciting Choices. Get It Right.
There are well over 100 condo communities in Ann Arbor alone. Each development is centered around the unique needs of its owners and has a distinctive set of accommodations and special features that make it exceptional.
No matter what your interests or needs may be, you can find a development to suit you. Your Ann Arbor Realtor will be able to assist you with narrowing down your search.
There are exciting condominiums in surrounding areas as well. Check out Ypsilanti Real Estate and Dexter MI Real Estate for additional options.
Ann Arbor Condos vs Single Family Homes:
If you own a condo, you do not own the land surrounding your living space. You will own only the unit itself, which is taxed as an individual entity, and sometimes a percentage of the common areas of the community. Communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association,which takes care of all day-to-day management tasks. This is one of the key advantages of condo living — all of the joy of using the amenities, none of the hassles of maintaining them. Condominium owners pay a monthly fee to the association, which also sets the rules for the community.
Ann Arbor Condominium Buyer Tips:
There are several items that you should look into prior to purchasing a Condo.
- Make sure you understand the role of the Home Owners Association (HOA).
- Know what your duties and responsibilities are under HOA guidelines.
- Review the HOA financials and make sure that they have reserves.
- Check the HOA history of assessments to see what has been done.
- READ the Covenants, Conditions and Restrictions (CCR) prior to purchasing.
Ann Arbor Condo By-laws vs. Rules & Regulations:
There is a difference between your By-laws and your Rules & Regulations, so make sure that your Ann Arbor Real Estate Agent explains them to you fully. Your By-laws will tell you how the association is set up and managed as well as what they’re responsible for and what the owner’s responsibilities are. The Rules & Regulations are usually more of a working document, addressing individual .behaviors; restrictions that have been passed regarding owner vs. tenant occupancy rates, etc. It is important that your Real Estate Agent obtains copies of both the By-laws and Rules for you to review prior to purchasing a condo.
If you want solid advice from reliable Ann Arbor Realtors that know the marketplace contact us today at 734-660-0105 or firstname.lastname@example.org.