Scoring the Best Nest

Real estate pro gives inside tips on buying condos, town houses

You're about to put a down payment on a new place to live. But what's the right choice? Condo? Town house? Single-family home? Vintage Airstream? Houseboat?

Choose your new property wisely, and you'll be living in your dream home. Buy a real estate lemon, and you could wind up making lemonade in a place you hate.

Real estate expert Robert Irwin has been advising wannabe property owners for 35 years as an agent and as the author of the popular "Tips and Traps" book series. The latest installment, the second edition of "Tips and Traps When Buying a Condo, Co-Op or Townhouse" (McGraw-Hill, 2006), went on sale Dec. 1.

In the book, Irwin suggests sharing ownership of property is a bit like marrying into a family: A lot of other baggage comes with your choice to live in that haute Logan Circle loft condo or that stylish town house enclave in Bethesda.

Here, Lynn Thorne checks in with Irwin, getting his opinions on the joys and pitfalls of the shared-ownership world.

Is a condo a safe investment at this point?

A lot of people prefer it as an investment because of the amenities, the most important being the maintenance-free aspect. That's particularly good for those who are busy professionals or retirees who like to travel.

The newer models tend to be larger. They used to be 1,400 to 1,500 square feet. But a lot of new condominiums are 2,000 square feet or more. [They offer] upgrades like granite countertops and hardwood floors, and other features like tennis and golf [facilities], pools, spas -- all of which are maintained by someone else. All of that is terrific from a resale point of view.

With the market changes, some people may be considering renting their property out instead of selling it. Any advice for them?

Renting is more difficult with a condo than a house for a lot of reasons. There are restrictions about "For Rent" signs. Conflicts can occur when you have a tenant, because they're required to maintain the unit and go along with the rules and regulations of the association. If you tell your tenant to be quiet after 10 p.m. and they don't, the HOA [home owner's association] comes after you as the owner, not the tenant. It's just more difficult to handle a rental in a condo.

You've lived in several shared-ownership buildings and served on their boards and such. From your personal experience, what's the most common trap?

The biggest problems I've seen are conflicts between the HOA and members -- and it's usually because of different expectations. A member may want to do something, and there may be a rule against it. Or the HOA may pass a rule [that prohibits an owner from doing something] and they go head-to-head. It gets pretty contentious and heated. It can be anything -- a parking place or the color of the paint. I've seen a huge argument over a port-a-potty on a golf course. These things tend to be trivial in nature, but because of the personalities involved, they take on a huge stakes.