Condos for Sale in Canton MI
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Condos for Sale in Canton MI
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More Information on Condos in Canton MI
Nightmare of mowing the lawn keep you up at night? Break out in a cold sweat when thinking about exterior peeling paint? Become uneasy at the prospect of another spring clean up when you'd rather spend your downtime at the game? Condo's may be right up your ally, but know before you buy, there's more to it then just monthly dues.
Check the Restrictions: Condos for sale in Canton MI are all required to have covenants and restrictions. Some are easy! Don't move exterior walls is an easy one. But how about birdfeeders or decorating the outside for the holidays? Many condo in Canton MI restrict what an owner can do outside their condos, however some are very loose restrictions. Be sure to read the covenants very closely when zeroing in on a complex. Working with The Perna Team we'll make sure you not only receive these but have ample time to review and ask any clarification questions.
Check the Restrictions . . . again: More than what can't be done, is what the owner is responsible to have done vs. what the complex will take care of. Many complexes in the post financial meltdown have moved the responsibility of the decks, patios, porches and windows back onto the owner. Not a big deal if you're prepared, but can be costly if the deck is in serious need of repair.
Delinquency Rates: This is important for 2 reasons. First as owners become delinquent there is a finite amount of time an association has to go after that person before a sheriff sale cleans the deed of any liens and the association looses the money entirely. Should that happen (and it's happened quite a bit in the 2008-2011 years) the loss is spread out over the other owners. Should the issue become serious and reserves fall below the state mandated minimum the association will assess each owner beyond the monthly association fee. The second reason this is an important percentage to know is for mortgageability purposes. Should the complex go above 10% delinquent. FHA and most banks will not loan on condos in the complex. The definition of delinquent the government uses is more than 5 days late on their association payment. So if 10% of the complex are over 5 days behind on any one payment it will become not only difficult to buy a condo in the complex, but more difficult to sell in the future.
Fees too good to be true?!: They probably are. Many builders keep association dues artificially low until they sell out by funding a portion of the dues on behalf of everyone. This seems costly, however the lower the dues the more attractive a complex is to purchasers looking for condo's for sale in Canton MI. The second bonus for the builder is with lower dues that same buyer can afford to spend more when them than on the private owner, and is able to buy more of the builder upgrades or pay a higher base price. There is one are builder in particular that kept the dues at $115 during the building process but than quickly shot up to $225 per month within 6 months of selling the last condo in the complex. At $110 per month that's over $1300 per year!
Renters and Rental: Lastly check the bylaws (yes one more time) to see if rentals are allowed in the complex. In some complexes with the downturn, bank owned condos investors have purchased and owners being underwater some complexes active condos in Canton MI are in are over 20% tenant occupied. As time goes on these will become known and will not rise as fast in appreciation. In addition if your intent is to purchase and then lease the condo out in the future, check the bylaws to see if this is possible. During the down market many associations have adopted non-lease or capped lease guidelines. In capped lease complexes these typically allow for 5% or 10% of the units to be leased and anyone who would like to lease above that has to go on a waiting list. This list will often be years long.
We hope the above information was helpful, and hope that should you choose to look at any of the Condos for sale in Canton MI you give us the opportunity to serve. The Perna Team has built it's business working with people and families, not working for banks and investors, and we pride ourselves on honest hard work. As we receive over 200 referrals from our past clients per year, that dedication has paid off, and are very thankful for our past client base.