Buying a Condo

As the weather improves and the summer months arrive, potential home buyers once again are beginning to search for their family's dream home. For more than 60 million Americans--nearly one in five--a dream home means living in Community Association housing, sharing common property with their co-owners. From busy professionals to baby boomers on the brink of retirement, from recent college grads to the recently divorced, all types of people buy into the convenience and security of condo, townhouse, or planned development community.

However, the sales claim of "carefree, maintenance-free living" comes with a price. Patrick Hohman, author of CONDOS, TOWNHOUSES AND HOME OWNER ASSOCIATIONS: How to Make Your Investment Safer, shares his knowledge about what home buyers considering purchasing a condo should be looking for, the financial risks associated with this type of ownership arrangement and what can be done to avert financial disaster and loss of value to one's property.