If you're in the market to buy a home and are looking for fewer maintenance requirements, or perhaps a typical single-unit home isn't in your budget, then you may want to consider a condominium.

By definition, when you buy a condominium, you're buying all the space contained within the walls. The condo unit may be in the form of a townhouse, apartment flat, or even a detached structure. The exterior of the building, the landscaping, surrounding roads and driveways, and common areas are all owned by an association, a group made up of all unit owners.

There are many things you'll want to consider, many pros and cons to think about as you ponder whether a condo is right for you. You'll want to keep the following things in mind:

• Your needs. Condos typically have two or three bedrooms and little storage space. You'll also want to think about whether there are enough bathrooms, particularly if you have children on the verge of adolescence who will likely be spending more time in the bathroom getting ready for school. Consider future space requirements as your household evolves.

• The neighborhood. Just like any other home you might consider, you'll want to examine the neighborhood. Can you commute? How are the schools? Is shopping nearby?

• Market demand. Ask your broker to check out the sales history of the units in the association. Is there demand? Are the properties appreciating? How do the units at one property compare with like properties?

• Outdoor space. Some associations have a community pool, barbecue area, and common health club or exercise facilities. On the other hand, many condos have an extremely small patios and balconies, which might not be a good fit for someone who enjoys entertaining guests outside, has pets, or has children who need more play space.

• Pets. Many associations have rules about pets. Some don't allow pets; others impose limitations on the size of the pet.

• Security. Some developments have electronic gates that require a user code to enter.

• Association fees. You'll want to ask about the monthly fees and whether increases are planned. These fees may pay for general maintenance of the buildings, insurance, landscape and grounds upkeep, pool maintenance, security, and various administrative costs.

• Reserve funds. Does the association collect money each month to pay for big repairs and improvements? Is the reserve fund adequate? Are any "special assessments" planned?

• Amenities. Does the property come with amenities such as pools, tennis courts, health clubs, etc? Does the condo association own these facilities or has the developer retained control? Are there additional costs to use on-site facilities?

• Parking. In many areas parking is a major issue. How many spaces per unit? Do you pay extra if you have more vehicles? Is parking assigned? Etc?

• Maintenance. Most of the exterior maintenance, including roofing and painting, is typically included in the cost of the association fees. But you'll also want to look closely at what you can and can't do. Some associations won't allow you to plant your own shrubs or plants outside your front door, or accent the trim of your door in a new color.

• Rental units. Lenders will charge higher rates to finance condo properties with a high percentage of renters. Speak with brokers and lenders for details.

• Insurance. The association typically covers the insurance for the grounds and exterior. However, condo owners are generally responsible for insuring their personal belongings.

• The association's past. Associations generally hold regular board meetings in which financial, maintenance, and legal issues are discussed and acted upon. Review the minutes from the meetings over the past year or so to see if there have been any issues of contention or re-occurring problems that don't seem to be cured (leaky roofs, break-ins, etc.).

• Paperwork. Be sure to check condo documents such as the declaration, rules, and bylaws.

• Governance. A condo association is a form of government and there are more rules and standards than with a fee-simple, stand-alone house. If you really want to play loud music every night till 2 AM and paint the front door orange, a detached home may be a better option.

• Specific needs. Ask about the issues that are important to you. Can you have a pet? What about a home office? Can you grow vegetables in the back?

As you finish weighing the pros and cons, you may want to cap off your deliberations by asking yourself how much your lifestyle and household may change over the next five or so years. Will you need more space than the condo offers? Can you buy now and rent later? As an alternative, what about a smaller house a little further from downtown?

For more articles by Michele Dawson, please press here.

Published: January 15, 2002

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