Before making the decision to purchase a condo, there are a number of questions you should ask as there are pros and cons in condo living, as there are anywhere else.

If possible, speak with other home owners in the community. Ask them whether they like living in the complex – or not. Find out why they feel the way they do.

Look at the common areas and the amenities. Is the complex well kept? Is the landscaping well maintained? Do they have a club house, pool, fitness center?

Read the by-laws and pay close attention to the CC&R’s (Covenants, Conditions and Restrictions) as these rules and regulations govern what can and cannot be done in the complex. If you find them too restrictive to your lifestyle, it is better to pass on condo living. If you find them a comfort and in keeping with your own attitudes toward home ownership, condo living may be a good fit for you.

Find out the amount of the monthly association fees and what these fees cover. Based upon expenses of utilities and contractors working for the association, they may increase each year and you must pay these fees as regularly as you make your mortgage payment.

What is the percentage of renters to owners in the community?

What major repairs and/or renovations are planned for the immediate future? Is there a sufficient reserve fund to cover these improvements? If not, home owners may be liable for a charge- called a Special Assessment – to pay for such improvements.