If you're one of the growing number of homeowners opting for a condo, you shouldn't consider the buying process any different than if you are buying a single-family home - especially when it comes to the home inspection.

With condo sales on the rise and buyers gravitating toward higher-priced units, putting the condo - and yourself - through the rigors of a home inspection will always be worth the investment.

In April, May, and June this year some 831,000 existing condos and co-ops were sold, according to the National Association of Realtors. A co-op is an apartment building in which you own a share of a corporation whose main asset is the building in which you live. If you own a condo, you own the space between your walls - condos are usually attached - and you share in the costs of the major systems and upkeep.

"We're seeing sales of condos and co-ops come off of unprecedented activity, far above any previous records," said David Lereah, NAR's chief economist. "Clearly that can't be sustained indefinitely, but sales will remain historically strong for the foreseeable future and we should set a new record for the condo market this year."

And condo prices are soaring at twice the rate of single-family homes, Lereah said. The median existing condo price in the second quarter was $139,300 - 14.7 percent higher than in the same quarter last year. The median-priced single-family home was $157,700 in the second quarter, an increase of 7.4 percent.

The median condo price is catapulting because more higher-end units are being sold, according to NAR.

"A recent NAR survey shows 42.2 percent of all condos are purchase by people over 50 years of age," said Martin Edwards Jr., NAR president. "This group consists largely of baby boomers whose kids have left the house. These empty-nesters are choosing an easier housing lifestyle, but also are seeking well-appointed units which means luxury condos are now a bigger segment of the market."

So with the surge in the condo market, it's important to pay a qualified home inspector to inspect the unit you're eyeing, as well as the entire building.

Because condo owners within a specific complex share major - and costly - systems, it's important that your inspector look outside your unit, too. You'll want the inspector to examine the complex's roofing, hearing and cooling systems, plumbing, and electrical systems. You'll also want to be sure they check for things like dry rot and the condition of the foundation.

"Because condo owners often share space with their neighbors, it's a good idea to know the entirety of what you're getting into," said Mike Casey, president of the American Society for Home Inspectors, which represents some 6,000 professional home inspectors.

And Casey has a specific tip for condo buyers.

"An informed purchaser will consult the homeowners association regarding the financial condition of the association and maintenance plan for the common areas of the project. This should include information on common area monthly fees, any projected increases or special assignments.

You may also ask to review the minutes from prior homeowners association board meetings - perhaps the past six or 12 months. This will give you a good idea of what's going on in the complex. If residents are having problems of any kind, it's a good bet they'll let it be known at a meeting. The board, and then usually a management company, are the entities that have the power to fix any problems in the common areas, including the major systems that affect all the units.

For example, if residents are having problems with leaky roofs, drainage problems, or pests, they'll take the issue to the board.

Like any other home inspection, you'll want to:

Published: October 8, 2002

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