Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.
2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.
3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.
5. Security. Many condos have keyed entries and or even door attendants. Plus, you’ll be closer to other people in case of an emergency.
6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.
7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.
8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
9. Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision.

Article Source: Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® www.REALTOR.org/realtormag    
       
Advice from your Buyer's Agent : Consrtruction matters. Since you will share in the expense of maintaining or replacing common building elements such as exterior walls, roofs etc , be sure to ask the following questions and review the condo's books, reserve fund, and other documents to get a sense of whether or not the condo has sufficient funds to see to repairs and replacements. This will help ensure that you don't get hit with an unexpected charge for repairs to common elements such as elevators, balconies, parking garages and roofing, for example.

• How old is the building?
• What are the basic construction materials?(concrete and steel lasts longer than wood framing and siding)
• Does the owners association have funds escrowed for major expenses? How much?
• Will major expense be handled through special assessments?
• Are there any special assessments pending?
• What deferred maintenance will be necessary in the short term and how much will it cost?
• Have there been problems with termites, mold, or water infiltration?