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The Basics of Condominium Ownership in Ann Arbor

There are a great many benefits to purchasing a condominium in Ann Arbor. If you’re considering buying a condo, you’re likely to have questions. Here are a few answers to get you on the road to one of today’s hottest trends in home ownership – condominium living!

What is a condominium, and why should I buy one?

A condominium is a form of home ownership in which individual units of a larger complex are sold, not rented. These units may be renovated apartments, townhouses, or newly-constructed units. Contrary to popular belief, the word ‘condominium’ does not apply to the type of unit itself, but the legal ownership arrangement. Buying a condo provides all of the benefits of home ownership, at a price very competitive with the majority of rentals. Now is the time to stop paying your landlord’s bills, and begin building something for yourself!

What are “common elements,” and who is responsible for them?

Common elements are areas of the property that are used by all residents. These can include, but are not limited to, laundry rooms, halls, walkways and lawns. Each condo owner has an undivided ownership interest in the common elements. While condo sales are underway, the developer or a professional management company usually runs the day-to-day operations of the property. After 75% of the units are sold, the developer passes these responsibilities on to the condominium owners, who elect directors and officers to handle the future operations of the complex. The directors can either manage the property themselves, or seek the services of a professional management firm.

What are the benefits of condominium ownership?

In a condo, you are the owner – you have total control of what you do with your space. Do you want to paint a mural in your living room? Thinking you’d like some really exotic carpeting in your bedroom, or hardwood floors in the dining room? These are all your choice in a condominium. Additionally, as with any other purchased home, condo owners are building equity with every payment made.

Martin Bouma is your Ann Arbor condominium expert. We offer a Condo Hotline, where you can learn about all of the condominiums available in the area. We will find Ann Arbor real estate that’s exactly right for YOU. Whether you’re buying or selling a home, the Bouma Group can answer all of your questions about real estate in Ann Arbor, whether you’re interested in Washtenaw County, Saline, or a specific Ann Arbor neighborhood.

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