Condos make up a small part of my market, but every time I list or sell one I learn more and more.

1.  Condos are governed by covenants and bylaws and are enforced by the condo association.  When considering a purchase these documents should be reviewed prior to signing a contract; because you would want to know about any restrictions as well as what the HOA fees include.

2.  Reserved fund - this fund is used to make repairs of common areas.  However if a major project is necessary; for instance repaving of the parking lot each unit owner will get a special assessment; this will be added to the monthly HOA payment.

3.  Maintenance - there is usually a property management company hired to take care of the complex.  It might be a good idea to investigate the management company.  I recently listed a a unit which was in excellent condition however the hallway was not well maintained, torn carpet.  The owner indicated the work should have been completed months ago but was still not done.  This  affected the sale , the condition of the hall was a turn off for many potential buyers.

4.  Amenities - these differ from complex to complex, ranging from play area and swimming pool to tennis court and fitness center.

5.  Storage - Some condos have separate storage units  with lockers as well as garage, others have storage in the basement.s

6.  Laundry - Some allow washer and dryer in the unit, others have a coin operated laundry in the basement.

Condos are perfect for people downsizing because they don't want to take care of a house or as an investment made by parents to insure their  student have a place to live while at college. Also Popular  with young professionals.

Keep in mind you will be living close to someone else so hope and pray you will get along.