Some Points to Consider in the Quest for a Condo

Consider not investing in condominium complexes in which rental units top 25 percent. Property management companies also become a bit anxious when the renter percentage exceeds that level.

Gang activity is often associated with rental units, but it is a problem that can just as easily result from relatives of an owner occupying a condo unit. Don't underestimate the social problems that can result from gangs. They are significant and not easily solved even through close cooperation with local police. Ask the property management company whether there is gang activity on the property.

Something most people may not think about is the number of people residing in one unit. Typically, if you are buying a condo, you are single, or perhaps a couple with a child or two. Ask about the limitations to the number of occupants per unit. Sometimes an owner will open sleeping space to individuals. It is possible, as absurd as it may seem, to have 15 to 30 adults living in one-bedroom or two-bedroom apartments.

In addition to problems that anyone can easily imagine, more people means more utility use by that unit, while the condo fees are static -- each unit is assessed at a fixed rate.

The result is that one heavily populated unit may be using four to five times the water and energy of the other units in the building. That extra utility use is subsidized by the other units, contributing to budget shortfalls that can lead to steep annual increases in fees.

What type of security does the condo association provide, if any? Are security guards on the property? If so, when and with what frequency? Are security cameras in place? Does anyone watch them? Are there alarms? Is it a gated community?

· Parking. No issue aside from safety or a large, unannounced assessment will make condo residents bristle the way parking does. In fact, parking problems can rival all other condo issues. (Poor handling of the parking policy is what prompted me to run for election to the condo board.)

Will you have an assigned space? How are extra vehicles handled? What is the policy for accommodating guests?

In reviewing the condo's parking policy, inquire about how junked and unlicensed vehicles are dealt with. Is towing strictly enforced, and who may request that a car be towed? Are there any limits to the number of vehicles that may be associated with one unit?

· Management: Find out how often the condo association board meets. Are the meetings open to all owners? Are the meetings' minutes posted and distributed to owners? Whether they are or not, ask for copies of the minutes from the last two meetings before you settle. They can provide valuable insights into problems within an association. If there are social problems, they will be discussed at the meetings. So will physical problems such as plumbing backups.

· Legal matters. Finally, condo associations or management companies usually are required at closing to provide new buyers with a copy of the association bylaws. Ask for them in advance, and read them thoroughly before you settle on the purchase of your new home.

If people must wait for you to read them, let them wait. You may find unreasonable restrictions on children, for example, or even on normal personal habits that you take for granted.

There's plenty more to consider, but asking questions before closing could go a long way to helping you decide what is right for you.