Condominium does not refer to a style but a form of ownership. With a condominium you own the space within your walls, floors and ceiling with a common ownership interest in the common areas, which are shared by all owners.

Using appreciation as a measure, condominiums in some areas have been as profitable an investment as single-family homes in the last five years. And in some markets, condos appreciated even more, according to some experts. While single-family homes have been the preferred investment by home buyers, changing demographics are helping make condos more popular, especially among single home buyers, empty nesters and first-time buyers in high-priced markets. Q: What is a good process to find a condo?

The best process is to enlist the services of a real estate agent who specializes in the type of housing you are looking for. An agent will know all current listings and non public listings. They will also aid in the decision making process. The number one reason to use an agent is that it will cost you nothing! They receive their commission form the seller.

The value of a condo or any other real estate is determined by the ultimate buyer. A seller can place any price they want for their real estate, if nobody makes an offer then that is a pretty good indicated the price is too high. Listed below are factors that will affect value. Factors that affect value;

• Location in the country
• Location in the state
• Location in the city
• Location in the neighborhood
• Condo building
• Location within the building
• Views and closeness to top floor
• Parking
• Square footage
• Number of bathrooms
• Decorating

Number one, will you be happy there. Spend some time in the area, visit local businesses and hangouts, and walk around the neighborhood. Make sure you receive condo docs and review them. Get copies of minutes from board meetings to see what issues are important and being discussed. Talk to some residents to get their opinions.

Unit ownership in both condo and townhouse projects is subject to certain restrictive covenants (deed restrictions). These are usually embodied in a recorded legal document called a "Declaration of Condominium" or "Declaration of Restrictive Covenants" which is recorded at the county Register of Deeds office. The declaration describes the nature of the project and establishes rules to govern the use of the units and common areas.

If a real estate agent is assisting you in your purchase of a condo or townhouse, the agent can probably obtain a copy of these documents. But you may want to directly consult your attorney and/or the homeowners' Association. If a real estate agent furnishes you a copy of the bylaws or covenants, you should be aware that they may not be current, since they remain subject to amendment by the developer or homeowners' association.

Owners are responsible for maintaining the interior of their units. The homeowners' association is typically responsible for maintaining all common areas and the exterior of buildings.

An association is the group that runs and manages the affairs of the condo development. Learn everything you can about the homeowners association before you buy into a development governed by one. The association's financial, political and legal conditions are very important to your investment and quality of life. When run properly, homeowners associations maintain the common grounds and keep civility in the complex. If you follow the rules, the association should not intrude on your privacy or cost you too much in association dues. Poorly managed associations can drag down property values and make living there difficult for residents. Start by studying the association's covenants, codes and restrictions and find out if you can live by them. For example, if the rules prohibit loud music after a certain hour and you like to play your CDs late at night, this may not be the place for you. Don't move in thinking you can get away with violating the rules or change them later because you may find yourself in turmoil with determined neighbors firmly in control of the association board. Find out all you can about the association's finances. Beyond reviewing the budget, talk to the association treasurer and find out if dues are expected to increase and if any special assessments are planned. Ask if special inspections have revealed problems with roofs or plumbing that may cause a dues hike or special assessment later on. Call and meet with the association president.

Association fees are the fees you pay to live in a particular condo building. Fees are normally paid monthly and are not negotiable. If you do not pay, the association can take legal action and enforce a lien and foreclosure of your unit.

Yes. The common expenses of your development may include grounds' upkeep, building maintenance, insurance premiums, property taxes and management fees. When these expenses go up, the cost is usually passed on to the property owners in the form of increased dues and assessments. The legal authority to increase dues and to assess homeowners should be set forth in the documents which govern the development.

The homeowners’ association has the right according to their association bylaws to levy a special assessment just like city governments. If there isn't enough money in reserve accounts for a maintenance expense, the association usually has no choice but to raise the association fee for a certain period of time or levy special assessment to pay for it. A well run association will have all future long term maintenance items accounted for, and reserve accounts figured in their budget.

Maybe. The law allows you great freedom to tailor the use of your property to your particular lifestyle. However, this freedom is not unlimited and is subject to certain restraints. A homeowners' association (or the developer) may be authorized by the declaration to adopt bylaws or other rules and regulations which may govern your conduct. This can substantially affect your ability to use your property. It could even restrict your ability to rent your unit to others. So before you purchase a condo, you should carefully read the rules governing the project and consult your attorney if you have any questions.

If a dispute arises between you and the association over any of the association's rules, it may be necessary to resolve the matter in court. Just because a provision appears in the bylaws or rules does not automatically mean that it is enforceable. But in most cases, a rule will be upheld by the courts if it is considered "reasonable".

Or, you may try to change the rules. Any change in the bylaws or rules and regulations of the homeowners' association requires approval by the members of the association or its executive board. Each homeowner is entitled to vote.

Yes. A homeowners' association, through its executive board, will often employ a management company to take care of maintenance, collect dues and assessments, and carry out other day-to-day responsibilities of the homeowners' association.

Condominiums have a blanket policy for building insurance and it is included in the association fee. Coverage for your personal property is not included and is optional, but recommended.

The policy on pets would be stated in the rules and regulations or bylaws. Most condominiums allow dogs and cats. In some their may be a limit in the number of dogs you may have and/or there may be a weight restriction.