Buying a condo is a big decision -- not just in terms of your financial and housing future, but also as a lifestyle choice. There are a lot of perks to owning a condo that you don't find with a detached single-family home in the suburbs, and also some drawbacks that are dealbreakers for some home shoppers. Before you put a down payment on a condo in a big city, there are a few things you need to think about and decisions you need to make. Here are 19 tips for condo-buying before you sign any contracts or hand over any money. **Consider the social aspects** Generally speaking, living in a condo is a lot more social than buying a detached home in the suburbs or even in the city. You'll be sharing some common areas with neighbors, running into them at homeowners association (HOA) meetings, seeing them in the hallways, dealing with individual properties that have adjoining walls, and more. **Determine your ideal building size** Some condo developments have only a handful of units, while others host dozens across multiple buildings. **Old vs. new** Many people think of condos as new, modern developments, but especially in larger cities, that simply isn't always the case. **Dig into the HOA** The HOA is a hugely important part of purchasing any condo because it's the entity that sets the common rules for the condo. **Do some recon on the maintenance company** The HOA is responsible for hiring the people who maintain the building. **What amenities are important to you?** Some condo-dwellers couldn't care less about the "extras" that come with their condo, and that's perfectly fine! **Know the rules** One nice thing about living in a single-family home that you might not get in a condo is the fact that you can make your own rules. **Controlling for noise pollution** A condo is shared with other residents, which means you'll probably have some walls and hallways in common with other people. **Pets, kids, and other possible life changes** Even if you're satisfied with the condo's rules today, think about how your life might change in the future. **Understand the risks** There's always a risk to homeownership, and owning your own condo is no different. **Find out each condo's renter-to-owner ratio** Renters tend to treat their spaces differently than an owner would. **How's the parking?** You might not own a car, but if you have friends and relatives who do -- and they want to come visit -- it's still a good idea to ask about parking facilities. **Development and zoning nearby** There might be a gorgeous view of the city skyline or one of the beautiful natural features near your city -- but how long will it last? **Price condo insurance** Condo insurance is a little different from homeowners' insurance. **Ask the appliance questions** Are appliances included in the price of the condo, or will you be bringing your own? **Security and privacy** Condos tend to be at least a little less private than a single-family home. **Not all units are created equal** Even in a condo building where all units have more or less the same floorplan, some units are going to be more desirable than others. **Decide what you'll do about extra storage** You might have possessions already that won't fit comfortably into a condo unit you're considering. **Think about the future** If you're happy in your current job and relationship status, you don't foresee any major life changes on the horizon, and you plan on staying in your current city for at least the time being, then investing in a condo (or a home in general) is likely a good financial move on your part.
