Buying a condo can be a great way to become a homeowner, especially if you want less maintenance and access to community amenities. But not all condos are the same. Before you sign a contract, it’s important to know what to look for when buying a condo. From location and fees to the condition of the building and the rules of the homeowners association (HOA), this guide covers everything you need to make a smart decision.
1. Location, Location, Location
Just like with any real estate purchase, location matters a lot when buying a condo. A good location makes your daily life easier and helps the property keep its value.
Key things to consider:
- Proximity to work, school, and shopping
- Public transportation options
- Walkability and neighborhood safety
- Noise levels and street traffic
- Future development nearby
Look at the neighborhood during different times of the day to get a full picture.
2. Monthly HOA Fees
Every condo comes with a homeowners association (HOA), which collects monthly fees to maintain shared spaces like hallways, elevators, pools, and landscaping.
Ask about:
- How much the fees are
- What the fees cover (utilities, trash, amenities, etc.)
- How often fees have increased in the past
- If there are any upcoming special assessments
High fees aren’t always bad if they cover a lot. Just make sure you understand what you’re paying for.
3. HOA Rules and Restrictions
HOAs don’t just collect fees—they also set rules. Before buying, review the condo association’s bylaws, rules, and regulations.
Look for:
- Pet policies (some condos limit size or breed)
- Rental restrictions (can you rent it out later?)
- Renovation rules (are you allowed to remodel?)
- Noise policies and quiet hours
If you don’t agree with the rules, that condo might not be the right fit for you.
4. Reserve Funds and Financial Health
You don’t want to buy into a condo building that’s low on money. A healthy reserve fund means the HOA is prepared for repairs or emergencies.
Check:
- HOA’s budget and financial reports
- Reserve fund balance
- Any history of unpaid dues or legal disputes
- Planned future repairs (roofing, plumbing, elevators, etc.)
You can request a copy of the HOA’s financial documents during the buying process.
5. Condition of the Building
Before buying a condo, look beyond just your unit. The condition of the whole building can affect your comfort and long-term costs.
Inspect:
- Common areas like hallways, elevators, and lobbies
- Exterior maintenance—paint, windows, roofing
- Security systems and lighting
- Parking areas, garages, or bike storage
If anything looks worn down or poorly maintained, it could signal future problems—or upcoming costs.
6. Amenities and What They Really Cost
Amenities like pools, gyms, and clubhouses sound great, but they can also raise your monthly fees. Think about whether you’ll actually use them.
Ask:
- What amenities are included?
- Are they well-maintained?
- Do you need a key or card for access?
- Are they included in the HOA fee or extra?
If you rarely use the amenities, it might not be worth paying extra for them.
7. Parking and Storage
Parking can be a dealbreaker, especially in busy urban areas. Make sure you understand exactly what’s included with your unit.
Check:
- Is there a deeded parking spot or assigned space?
- Is guest parking available?
- Is there a garage, carport, or uncovered lot?
- Is there extra storage space (closets, cages, lockers)?
If parking isn’t guaranteed, you may need to pay to rent a space or park on the street.
8. Noise Levels and Privacy
Condos share walls, ceilings, and floors, so noise can be a bigger issue than in a single-family home. Pay attention during your visit.
Watch for:
- Thin walls or floors
- Proximity to elevators, garbage chutes, or busy roads
- How well doors and windows seal out noise
Visit the unit during busy times (evenings or weekends) to get a true feel.
9. Past and Future Property Value
Buying a condo is an investment. Research how the value of the unit—and the building—has changed over time.
Look at:
- Recent sale prices of similar units
- Average price per square foot in the area
- How long units typically stay on the market
- Upcoming developments or city improvements
Ask your agent for a comparative market analysis (CMA) to guide your decision.
10. Size, Layout, and Floor Plan
Even if the square footage is right, a poor layout can make a condo feel smaller than it is.
Evaluate:
- Open vs. closed layouts
- Storage space and closet size
- Natural light and window placement
- Bathroom and kitchen access
Try to visualize how your furniture and lifestyle will fit in the space.
11. Inspection and Disclosures
Always get a home inspection before buying. Even though condos have fewer exterior issues, your unit can still have hidden problems.
Inspections may cover:
- HVAC system
- Plumbing and water pressure
- Appliances
- Electrical wiring and outlets
- Signs of leaks or mold
You should also receive a seller disclosure form listing known issues.
12. Insurance Needs
Condo insurance is a little different than homeowner’s insurance. The building is usually covered by the HOA’s master policy, but you’ll need a personal policy too.
Look into:
- What the HOA’s master policy covers
- What you need to cover (interior walls, appliances, personal belongings)
- Flood or earthquake insurance if in high-risk areas
Make sure your mortgage lender’s requirements match your policy.
13. Buying a Condo vs. Other Options
Some buyers debate whether a condo is the best choice compared to a house or a townhouse.
Condos may be best if:
- You want less maintenance
- You’re okay with sharing walls
- You want to live in a central or urban area
- You want amenities like a gym or pool
Condos offer flexibility—but only if the rules and lifestyle suit you.
14. Don’t Skip the Fine Print
Buying a condo means buying into a shared community. That comes with legal responsibilities.
Review carefully:
- HOA documents
- Meeting minutes
- Rules and covenants
- Budget reports
Have your real estate agent or attorney explain anything that’s unclear.
Final Thoughts
When it comes to buying a condo, you’re not just choosing a place to live—you’re choosing a lifestyle. Take the time to research the property, understand the HOA, and inspect the unit and building. It’s better to ask questions now than deal with surprise costs later.
Whether you’re buying your first home or downsizing from a larger house, knowing what to look for when buying a condo can help you feel confident in your purchase. And once you’re ready to move in, you’ll know you’ve made the right choice.
