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Condo or house? This is a tough decision. And a trick question. You like the idea of yard on all four sides a buffer from the neighbors. But you don't like the idea of mowing the lawn. You desire privacy. But you like to socialize too. A pool would be nice. But the cost is way above your budget. Here's a secret to help you make up your mind. You can have both!

A condominium is simply one of a group of privately owned units of real property that is part of a property owned jointly by the property owners. The condo owner buys the unit as one would a house, and receives the deed. The organization (all the owners) generally maintains the grounds, common structure(s) and, if a multi-unit building, the roof, foundation, external walls, common inside areas, such as elevators, and infrastructure. The individual owner maintains the inside of the unit. While condos are usually apartments, condos can be any structure. Houses and villas, called "detached condos", are a fast growing segment of condo ownership. The real question should be "condo or not?".

We chose our 2 bedroom single family house because it was part of a condominium property. We own the house and maintain it. But because we share the costs, we have a big pool, lots of yard, paved access roads, gardeners and groundskeepers. We have the best of both worlds.

Before buying any condo property, two factors are most important. The biggest consideration is the total cost of ownership. To pay for all those amenities, you pay condo fees. The fees can include just the basics ground and structure maintenance, for instance. Other associations may cover additional services, such as pest control, cable or satellite service, and waste removal. When determining the cost benefits, you need to be sure you know what fees you will be paying outside of the condo fee. Also keep in mind that, as costs rise, so will your condo fee.

Another hidden cost that can affect your wallet is the assessment fee. If you purchase a house, outside of a condominium association, you're going to check the condition of big ticket items. Does the roof need replacing? Is the plumbing out of date? How much extra will those repairs cost? The same is true for a condominium association. In the case of a condominium apartment building, that roof can be much bigger, and costlier. Before buying you need to find out what major costs are on the horizon to determine if you can afford them.

Insurance costs must also be considered. Condominium insurance is a hybrid

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