Thinking about a condo or a single-family house in Bloomfield Township? You have great options, and the right choice depends on how you want to live, what you want to spend each month, and how much maintenance you want to handle. This guide breaks down costs, financing, upkeep, and resale so you can compare your options with clarity. You will also find checklists to use before you make an offer. Let’s dive in.
Bloomfield Township at a glance
Bloomfield Township sits in Oakland County with convenient access to Woodward Avenue, Telegraph Road, and the I-75 and I-696 corridors. That keeps commutes to suburban job centers like Troy, Southfield, and Auburn Hills practical for many buyers. Neighborhoods are established with mature trees, local parks, and access to public and private schools. If you value convenience, green space, and a calm residential setting, both condos and houses here can work well.
Cost comparison: price and monthly spend
Choosing between a condo and a house starts with your budget and your comfort with monthly costs. Look at price, property taxes, insurance, and HOA dues together to understand your true payment.
Purchase price and HOA dues
- Condos often have a lower entry price than single-family homes in similar areas. In affluent suburbs like Bloomfield Township, high-end condos can approach or exceed house prices, depending on size and finishes.
- Compare price per square foot and add HOA dues to your monthly budget. A lower purchase price with higher dues can equal a similar monthly cost to a house with no dues.
Property taxes in Oakland County
- Property taxes are tied to assessed value and local millage rates, whether you buy a condo or a house.
- Each condo unit has its own assessment, separate from the association’s common elements. For accurate estimates, review county and township tax information for the specific property you are considering.
Insurance: HO-3 vs. HO-6
- Houses typically use a homeowner’s policy that covers the dwelling, personal property, and liability.
- Condo owners usually carry an HO-6 policy for the unit interior, improvements, personal property, and liability, while the association holds a master policy for common areas and the exterior. Verify what the master policy covers and what deductibles the owner must carry.
Maintenance and lifestyle trade-offs
Your day-to-day experience will feel different in a condo compared with a house. Think about time, privacy, and control.
What a condo takes off your plate
- Associations often handle exterior maintenance, landscaping, roof projects, snow removal, and common-area insurance.
- Amenities like a fitness room or pool may be part of your dues.
- You trade some control over exterior choices for lower daily maintenance.
What a house puts in your hands
- You control the land, exterior, and most improvements, which can support value-add projects over time.
- You are responsible for all repairs, replacements, and yard work, which can be less predictable.
- Outdoor space and privacy typically increase versus most condo options.
Financing and approval factors
Financing a single-family home is usually straightforward compared with condo project reviews.
Condos and lender scrutiny
- Conventional loans are widely available for both property types. For condos, your lender may review the project’s owner-occupancy ratio, investor-owned share, HOA delinquency rate, reserve levels, and any litigation.
- FHA or VA loans may require the condo project to be approved. If a project is not on an approved list, you may need a different loan structure.
Houses and fewer project restrictions
- Single-family homes generally avoid project-level restrictions. Your approval depends more on the property condition and your finances.
Resale and long-term value
Both condos and houses can perform well in Bloomfield Township, but their drivers differ.
Appreciation patterns
- In many markets, houses appreciate faster because land is a large part of the value. That can hold true locally, though results vary by micro-neighborhood and property type.
- Quality condos in desirable locations can also sell well, especially if the association is healthy and fees are balanced with amenities and services.
What boosts condo marketability
- Strong HOA financials and adequate reserves
- Clear policies on parking, pets, and rentals
- A track record of timely maintenance on common elements
What HOA dues really cover
Every association is unique, so read the documents closely.
- What’s commonly included: exterior maintenance, landscaping, snow removal, trash, amenities, common-area insurance, and reserves.
- Key questions: Do dues include any utilities like water or heat? What are the reserves and when was the last reserve study? Have there been special assessments in the last five years?
- Insurance check: Confirm master policy coverage and the owner’s deductible responsibilities so your HO-6 policy fills the gaps.
Legal and transactional differences
Buying a condo adds a layer of association governance and documentation. Michigan’s condominium law outlines how associations are created and managed.
Documents you should review
Before you commit to a condo, obtain and read:
- Declaration/CC&Rs, bylaws, and rules
- Current budget, recent financials, and reserve study
- Meeting minutes for the past 6–12 months
- Insurance certificates and master policy summary
- Statements on special assessments, delinquencies, and any pending litigation
- Owner-occupancy statistics, rental and pet policies, and parking rules
Special assessments and liens
- Associations can levy special assessments for larger projects. These can change your monthly costs and affect resale.
- High HOA delinquency rates can impact financing for future buyers. Ask for current figures.
Short-term rentals and occupancy rules
- Many associations limit rentals with caps or minimum lease terms. Some restrict short-term rentals. Always confirm current policies and local zoning rules before you buy.
Inspections and condition
Inspections help you understand risk and upcoming costs.
For houses
- Order a full home inspection covering roof, foundation, HVAC, electrical, plumbing, and drainage. Add septic or well inspections if applicable.
- Ask about water intrusion history, easements, and any planned assessments from township or county sources.
For condos
- Inspect the unit interior, systems, and appliances.
- Evaluate the condition of common areas and major components like the roof or building envelope. Review any available engineering or condition reports for older buildings.
Closing costs and fees
Both property types share standard closing costs, but condos can include extra association-related fees.
- Condo-specific items may include an association questionnaire, estoppel or payoff letter, transfer fees, and move-in or move-out fees.
- Verify which party customarily pays each fee in the community and build these into your budget.
Quick checklists before you decide
Use these questions to get clarity before you write an offer.
If you are leaning condo
- What is the monthly HOA fee and what does it include?
- When was the last reserve study, and what is the current reserve balance?
- Any special assessments in the last five years or planned projects ahead?
- Owner-occupancy ratio, rental policies, and pet rules?
- Any litigation, high delinquency rates, or building-wide repairs pending?
- What does the master insurance policy cover and what is the unit-owner deductible?
- Is the project eligible for the financing program you plan to use?
If you are leaning house
- Age and condition of the roof, HVAC, electrical panel, plumbing, and foundation?
- Any signs of water intrusion, grading or drainage issues?
- Utilities: municipal or private systems like well and septic, and when were they last serviced?
- Any easements, restrictions, or zoning rules that affect future additions or structures?
- Recent utility bills, repair records, and warranties available?
Which is right for you?
Choose a condo if you want lower daily maintenance, a predictable monthly fee, and amenities, and you are comfortable with association rules. Choose a single-family home if you want full control of your property, more outdoor space, and potential for value-add projects, and you are prepared for variable maintenance costs. In Bloomfield Township, both paths can work well if you match the property to your lifestyle and budget.
Ready to compare real options and run a true monthly cost analysis? Reach out to the team at Mark Kattula Real Estate Group for local guidance and a side-by-side breakdown tailored to your goals.
FAQs
Are condos cheaper than houses in Bloomfield Township?
- Often, yes for similar locations and sizes, but it varies. Compare list price and HOA dues to understand your net monthly cost.
Will I pay less property tax in a condo than a house?
- Not automatically. Each condo unit and house has its own assessment. Check the specific property’s assessed value and millage rates.
How do HOA fees affect my mortgage approval?
- Lenders add HOA dues to your debt-to-income ratio and may review the condo project’s reserves, delinquency rate, and policies, especially for FHA or VA loans.
What insurance does a condo owner need?
- Most condo owners carry an HO-6 policy for the unit interior, improvements, personal property, and liability. Confirm what the master policy covers.
What are the biggest risks unique to condo buyers?
- Association-level risks like special assessments, project litigation, high delinquency rates, and financing limits if the project does not meet lender guidelines.
