Buying a condo can be a great way to dive into homeownership without worrying about much of the upkeep that comes with single-family homes and town houses. Condo dwellers can also typically take advantage of shared amenities, plus having professional management to take care of building maintenance.

However, condos aren’t for everyone, so it’s best to figure out what your lifestyle and budget needs are first.

Short for condominium, a condo is a single unit within a multiple unit property. Your individual unit is privately owned, while other areas are shared — amenities that may include a park, pool, playground, gym and a dog area.

David Lee, team leader and Realtor of David Lee Group with Keller Williams Realty in Orange County, California, says that shared areas of condos are usually managed by a condo association.

“A condo owner has the title to their individual unit but shares ownership of the common areas,” says Lee. “Being a part of an association, condo owners typically pay an established monthly fee to cover their budget and expenses set by the association.”

Condo associations can differ based on the requirements of the individual property. Some may impose additional fees to cover shared expenses, such as unexpected building repairs or even adding new amenities that are approved by the condo board.


Here’s a condo buying checklist to go over as you start your search.

1. Consider your lifestyle

Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new HVAC unit or roof will be a burden? If you answered yes to these questions, condo living may be for you.

However, if the desire to have a large backyard outweighs the time you’ll need to spend maintaining it, then another type of property like a town house could be for you. Or if sharing walls with a neighbor (as well as ceilings and floors) might shatter your peace, a condo may not be the answer. Condos tend to work best for those who have no problem with apartment living.

2. Work with a realtor with experience selling condos

If you’ve decided that condo living is for you, it’s time to search for an agent who’ll have your best interests at heart.

Ideally, you’ll want someone who has had a track record of selling condos so that you can trust that this person will help you address any concerns you may have, such as reviewing the condo association documents.

The agent will know the condo developments in your area and what issues, if any, they have, including such things as financial and structural problems. They should be able to tell you if there’s been acrimony over community issues and they will know which developments have fared best in resale values.


3. Decide what types of amenities you want

Properties can offer a wide variety of amenities — some you may use, some not so much.

When chatting with your realtor, make sure to address the types of amenities you want in addition to other factors like location and budget so you can find the perfect place.

Keep in mind, too, that amenities you don’t plan to use — a pool for example — may still be worth having because when you go to resell, a condo that lacks the amenities of others in the area will be at a decided disadvantage.

4. Make sure to find an FHA-approved condo

Mortgages for condos may not be as simple as for other types of properties. That’s because in addition to the usual underwriting criteria such as your assets, credit and income, the condo building itself will come under scrutiny.

The FHA has a list of approved condo projects on their website. Conventional lenders may have similar requirements to that of the FHA, so seek the assistance of an experienced mortgage professional.

5. Research the property management company

Understanding who’ll be in charge of doing the upkeep is crucial since you want the property to be well-maintained. It can be frustrating to pay association dues only to have the amenities fall into poor condition, potentially affecting resale values or pushing dues higher.


When touring properties, ask who is in charge of maintaining the day-to-day operations. You can direct questions such as who handles resident requests and community rules to the property management company itself. Consider doing your own research on the company’s reputation.

6. Review association fees and regulations

Apart from your mortgage, you’ll need to pay association fees for the upkeep of the property and its amenities. Review those fees and ask what’s included — examples include snow removal, lawn care and cleaning common areas.

In addition, ask about regulations that you’d need to abide as a resident. Are there any noise restrictions? Or rules about booking common areas in advance? Understanding these regulations ahead of time will help you figure out whether you’ll want to abide by them.

7. Ask about special assessments

Special assessments are funds that the condo association requires to tackle a significant project — it’s typically voted on by its members (that’s you).

It may not be common, but this is something you need to be aware of because you could end up paying more in association fees to cover this cost.

When looking at properties, ask about any planned special assessments or how one might work if there isn’t one in effect. That way, you can be prepared and not get caught off guard.


If you’re thinking of buying a condo, it’s important to weigh the benefits and challenges. Here are some top things to consider.


Less maintenance

Exterior maintenance on condo buildings (often with the exception of windows) is handled by the HOA. This includes lawn and shrub care, driveways and walkways, roofs and exterior siding.

Better sense of security

Some condo buildings have security staff, and there’s clearly safety in numbers. Having many other people around can be comforting, especially to older and single people. That can be especially important if you work odd hours or travel frequently.


Depending on the condo community, you may have access to top-notch amenities like a grilling area, business center, pool, dog park, covered parking, clubhouse and more, and the cost of enjoying these perks is shared among all residents.


Investment risk

You are all in ownership of the property together. If one or many fail to pay their dues, the entire community may suffer financially. Likewise, if a condo owner goes into foreclosure, units could begin changing hands at a deep discount.

Parking, storage issues

Many condo buildings don’t have assigned parking so you may get annoyed having to lug your groceries a long way to your unit. Storage will often to limited to a small closet or two and there may be no outdoor storage space at all.

HOA rules, fees

One of the biggest complaints about living in a condo community is that HOA rules can be restrictive, regulating everything from trash pickup to what types of items may be stored on your patio, how many pets you can have and whether you can rent out your unit.