It's the last unit in that hot new condominium complex downtown, it's within walking distance of your office, and it's got your name written all over it. Grabbing for your pen, you focus your eyes on the dotted line, as the condo representative beams at the prospect of a sealed deal. In the periphery of your rose-colored glasses, you spot some writing above the all-important "SIGNATURE" and "DATE" lines. It's awfully small. Too much trouble to read. Mere elaboration on the sheer joys of life in your new condo, right. Wait! Stop! Put that pen aside, take out your magnifying glass, and read that fine print. Your budget and your sanity could depend on it. And while you're at it, ask that beaming representative sitting across from you a few questions before you sign anything.

Does the complex have a lot of units for rent as opposed to purchase? A significant population of renters means the population is more transient. The units, both interior and exterior, may not be maintained as well as in complexes with no renters. The owners of these rental units are off-premises and don't have as much at stake. So if your condo association proposes an increase in your monthly maintenance fees to cover much-needed repairs or improvements, what are the odds that those off-premise owners will agree? Pretty slim. Your best bet is a no-renter complex (sorry, wishful renters).

Where you really want to dig for information is on the subject of your condo owners' association. Find out the fees, and compare them with other nearby condominium communities. What are included in your fees, and under what conditions could they be raised? Will you receive any warning? Is the association planning a dues hike anytime soon? Those fees might look good now, but perhaps someone failed to tell you that they're going to raise significantly about a month after your move-in date.

Some condo associations have found themselves entangled in litigation with residents, the builder or both. That makes lenders run the other way, and it should make you run, too. To be fair, most associations are well-run today, and that's due partly to an increased awareness of the importance of a well-run association (and a competitive market, for that matter). Ask for any financial data you can obtain on the association at your prospective complex. Don't make any commitments before you're sure the association is in good financial health.

Is a well-known, reputable management company in charge of maintaining the condominiums? And is this evident in terms of how the outside properties look? If you spot crews on golf carts driving around the property, performing maintenance, planting flowers, etc., that's a good sign. Are the common areas clean and pleasant-looking? Visit the property a few times at different hours to make sure your instincts are on target. And although pet owners will balk, some of the best-maintained complexes are pet-free. While plenty of pet-owners are responsible, just as many aren't. And when you're dealing with communal living, sometimes management companies have to err on the side of caution.

If the complex you're eyeing is brand new, you'll want to ask the condo representative a few other questions before committing to a unit. Do the appliances in each unit have a warranty? For how long is the warranty valid? And more important, how many units have been sold so far? If the complex is almost completely filled, that's a demonstration of the good faith of its new residents. In short, it's a good sign. Not a failsafe sign, but a good sign. If you're the first prospective resident to pull up in the parking lot, wait. Don't sign anything. There's no harm in speaking with a management representative, asking questions and getting printed material, but don't sign anything now. Experts recommend that consumers avoid purchasing condos in new complexes before the community is at least 60 percent sold. If you make a commitment to a complex with a smaller percentage of sold units, you're facing some serious risks. If the remaining units don't sell, your property value plummets, or in the worst-case scenario, the development company declares Chapter 11. Guess who's left holding the bag?

Once your questions have been answered, don't sign the contract. Take it with you, and then take a stroll around the complex. (If the management rep tries to pressure you into a deal today, then you don't want to live here, anyway.) A confident rep will smile and thank you when you announce that you need to "sleep on it." It's time to take a walk around the complex and meet a few prospective neighbors. Ask them about the pros and cons of living in the complex. Do they have problems with paper-thin walls, noisy neighbors or both? Do their maintenance requests usually go ignored, or do they have to ask repeatedly? Do they have any concerns about safety, unsavory neighbors or local businesses? Take a look at common areas. Does the pool look like a fraternity party? Where is your prospective unit located in relation to such common areas? Is the unit adjacent to a busy, noisy street? Is the community gated? Will your car be safe in the assigned parking area?

This Q&A process can seem exhausting, but doing your homework can help you land the condo of your dreams. Many condominium properties are indeed well-managed; if they weren't, condos wouldn't be among the hottest property in most major U.S. metropolitan areas today. Condos provide many conveniences that homes cannot. So write down your questions, and if they're not answered to your satisfaction, move on. Plenty of condo complexes will be happy to answer them. In today's competitive housing market, they simply can't afford not to.

Published: July 8, 1999

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Editor's Note: This article reflects the opinions of Courtney Ronan only and not necessarily the views of this or any other publication, organization or Website owner.