When looking at condos in Grand Rapids, the first thing to check is when the building was constructed and whether it has undergone recent structural inspections. This question becomes even more important in neighborhoods like downtown or East Town, where many condos are converted from old warehouses or factories. Even within Grand Rapids, the newly built condo complexes in East Grand Rapids and the downtown redevelopment buildings show significantly different histories of structural inspections and maintenance burdens.

Recent market data shows that condos in Grand Rapids are trading at an average listing price of around $250,000 (Movoto, 2026), while the median listing price for all homes in Grand Rapids, including condos, is $335,000 (July 2026, Redfin). This means that condos are relatively more affordable compared to single-family homes, which may attract rental investors, but it's important to consider that future costs can vary depending on the building's maintenance condition.

The HOA fees for condos in Kent County have a median monthly value of $281. Across Michigan, the median is $125, with an average of $210 (hoacosts.com, 2026), indicating that Grand Rapids condo fees are somewhat higher than the state average. Older buildings often have higher maintenance costs reflected in the fees due to the upkeep of structural elements like exteriors, roofs, and plumbing, making it common for older condos to have higher fees than new ones.

There are three main items to check in order. First is the status of the reserve fund. The Michigan Condominium Act (MCL 559.205) requires that the association set aside at least 10% of the annual budget in a non-cumulative reserve, making it important to know whether past associations have adhered to this standard, especially for older buildings. Second is whether there have been any special assessments in recent years. If a structural inspection reveals that major repairs are needed, it is common for special assessments to be levied if the reserve is insufficient. Third is the availability of financing. Fannie Mae has raised the criteria for warrantable condos from a 10% reserve to 15% with the 2026 guideline revisions, and if a condo does not meet this standard, it may be difficult for buyers to obtain conventional loans.

The criteria for being classified as non-warrantable are more specific than one might think. Common reasons include if the percentage of units with unpaid dues exceeds 15%, if rental units exceed 50%, if reserves are less than 10% of the budget, or if there are pending lawsuits (according to Fannie Mae and Freddie Mac selling guidelines). Downtown redevelopment buildings often include commercial spaces, and if the proportion of commercial space is excessive, this can also be a reason for non-warrantability, so it should be checked before purchase. There are significant variations by neighborhood. Condos in East Grand Rapids or Cascade tend to be newer with shorter reserve performance histories, while downtown redevelopment buildings, being older, rely more heavily on reserve study results for decision-making.

Rising insurance premiums are another aspect to consider. In recent years, condo insurance rates have been rising nationwide due to increased reinsurance costs and litigation risks (iii.org). Older buildings may face stricter insurance requirements or significantly higher premiums, which can lead to increased maintenance fees or special assessments. In cities like Grand Rapids, where there are many redevelopment buildings, it's safer to verify this information through the association meeting minutes and recent insurance renewal records.

If you are moving from another state, you may find Michigan's property tax assessment methods unfamiliar. The millage rate varies by county and school district, so even with the same listing price, actual property taxes can differ by location. Families considering school districts may want to refer to the evaluations of the Forest Hills or East Grand Rapids school districts, but since school district boundaries change frequently, it's advisable to check the assigned school for the specific address before purchasing.

This article is intended to provide general information, and it is essential to verify the structural inspection results and the financial status of the association for each building before making an investment decision and to consult with professionals.