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One of the most popular and affordable real estate options are to buy a condo in Grand Rapids, MI. Condo, which is short for Condominium, is somewhat like a perfect mix between an apartment and a house. There are many advantages to buying a condo versus purchasing a home. It allows homeowners to invest and build equity by owning and not renting but also offers low maintenance responsibilities and luxury amenities versus renting an apartment. Also the high level of security and low insurance and property taxes make condos a desirable and valuable purchase.
Many condos come with an array of great amenities which can include swimming pools, Jacuzzis, golf courses, clubhouses, study areas, tennis courts, fitness facilities, and open sidewalks for jogging and walking. These things are usually very expensive to build within a home so having these offerings included with your condo is a huge feature.
Home Maintenance is done by the Home Owners Association
With owning a condo, you won’t have to struggle with such tasks as mowing the lawn, weeding, cleaning out the pool, raking the leaving, watering the grass, etc. Yet, most condos are still surrounded by beautiful plants, flowers, and trees with nice maintained lawns. You won’t have to worry about wheeling out your trash can every week for the garbage pickup; instead all your trash can be easily thrown away in the trash can provided by the condominium. The continuous maintenance provided to you will save you a bunch of free time and money.
Condo Security is Professionally Managed
Most condos have private security that frequently patrols the area to ensure that you are safe at all times. The security is easily accessible and usually has a number that you can call if there are any issues. The availability of security will give you a safer community to live in and allow you to feel much safer within your condo.
Lower Insurance and Lower Property Taxes
Owning less property with a condo will cut your costs as it leads to lower insurance costs. When you own a condo, the home owners association (HOA) typically maintains the rebuild costs of the condo building and structure. If it were to burn down the building insurance would pay to rebuild rather than the individual unit owners that would only be responsible for the contents in their unit. The required insurance for condo owners is called HO6 Walls-in-coverage which insures everything from the wall in on the unit.
In many cases the condo you are considering buying will cost less and be valued as less than the home you are considering in a particular area. A lower priced condo will cut the costs of your property taxes and save you money every year. The property taxes you will pay to the government will still be tax deductible just like a single family home.
List of Best Condos in Grand Rapids, MI:
- River House Condos: http://www.grriverhouse.com/home
- The Fitzgerald: http://www.thefitzgeraldresidences.com
- Union Square Condos: http://www.unionsquaregr.com
- Boardwalk Condominiums: www.boardwalkgr.com
- Towers Residential Condos: www.plazatowerscondominiums.com
- Thirty-Eight: www.38-gr.com
Location of Real Estate is Important
The location of the condo can be very important and is sometimes the reason why people decide to own a condo over a home. In many locations it will be less expensive and easier to find a condo in the area you choose to live. Condos in ski towns, beaches, and other desirable areas give owners the opportunity to live in excellent location while paying a fraction of the cost of purchasing a house.
Whether you are looking to move downtown or buy a home in specific school district, buying a condo may be the best way to own a home with an affordable payment. Living downtown in a large city is nearly impossible to afford if you are looking for a single family residence. Purchasing a condo can be an affordable way to own a home in the heart of downtown for your city of choice.
Get a Mortgage Preapproval to Buy a Condo in Grand Rapids, MI
Riverbank Finance specializes in condo loans in Grand Rapids, MI. Now is a great for buying a condo with grand rapids mortgage rates near historic lows. To get started in owning a slice of real estate downtown, call 800-555-2098 for your free preapproval. Get answers to your question and calculate, “How much home can I afford?” Start by entering your information below and we will help to calculate an affordable price range for you and your family.