Condominiums are a great way to enter the wonderful world of home ownership! A condo is perfect for:

1. First time buyers with little to no down payment, looking for affordable payments.
2. People who work a lot and don't have time for lawn care & maintenance.
3. Transitionary people who may want not stay for a long time.

Condominiums started to boom during the 1980s when the face of homeowners changed. Suddenly there were single parents, first time buyers, and single women entering the market who couldn't afford a single family home, but still wanted to buy property. The easy and affordable solution was a condo - and their popularity is still high today.

When looking to buy a condominium, the most important thing you want to do is carefully review the condo documents, including the yearly budget. This is usually requested when you put in an offer on the condo you are interested in, and should be put in the offer as a contingency, such as "contingent upon review and acceptance of condo docs and budget within 10 days".

You will want to carefully review the condo rules and regulations to make sure that there are not any rules that you cannot follow. For instance, if you have a dog you will want to make sure they are allowed. Don't just go by what your realtor says - if she says dogs are allowed, but the rules say they aren't, the rules will always win out.

Regarding the budget, it is important that the condo association have a healthy amount of money set aside for repairs and emergencies. Many condo's like to keep their condo fee low in order to keep the homeowners happy, but when it comes time to make a major repair if there is no money in the bank the only way to pay for the work is to have a special assessment that all owners must pay. Some assessments have been in the many thousands of dollars, and you have no choice but to pay it; if you do not pay the assessment a lien will be placed on your property.

Remember how condo's became popular in the 1980s? Well, that means that many are now about 20 years old, and that means that it's time for all of the major work to be done - - roofing, siding, road paving, etc., are all extremely expensive. A 20 year old home or condo is like a car with 100,000 miles on it - - it costs money to keep it up.

Once the condo docs are out of the way, it's important to note that when you purchase a condo you must be willing to follow the rules. If you are the type of person who likes to paint their front door purple and put pink flamingo's on the front yard, you will most likely be unhappy in a condo. In order to keep property values up, all units must be kept the same; many associations will even tell you where to go when you need to replace your doors or windows, and exactly what to buy.

It is also important to be involved in the condo association - attend the meetings and stay informed as to what is going on. They are spending your money, so make sure you know what it's being spent on!

Good luck and happy hunting !

Learn more about this author, Lissa Deminie.
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