Buying a condominium requires research
Condos are a popular choice for first-time buyers as well as homeowners who want to downsize because they tend to be less expensive than single-family residences. Also, they usually require less maintenance.
Condominium owners belong to a homeowners association that collects dues, usually on a monthly basis, to pay the cost of common-area liability insurance and maintenance, as well as to fund a reserve account. Precisely what is covered by HOA dues varies from one condo complex to another.
Before buying a condominium, make sure you read and understand all of the documentation, such as the covenants, conditions and restrictions. The CC&Rs could include restrictions on your use of the property that would affect your decision to buy, like no large dogs or prohibitions against renting.
You should also review the bylaws, the homeowners association budget, a delineation of what is covered by the homeowner dues, a current financial statement for the complex and minutes from association board member meetings. If you have any questions about the documents, contact one of the officers on the board of directors, or ask your real estate agent or attorney.