If you are in the market and a single family home isn't in your budget these days, then you may want to consider a condominium.

When buying a condo you are buying all the space contained within the walls or from studs in. There are different styles of condo units. Townhome, garden style, apartment flat or even a detached unit. There are even condex units which is a marriage between a duplex style home where each side represents a condo. The exterior of the building, landscaped areas, surrounding roads and driveways and all common areas in and outside of the buildings are owned by an association or a group made up of all unit owners.

There are pros and cons to think about as you consider if a condo will be right for you. Keep the following in mind:

Your Needs Condos typically have 1-3 bedrooms and little storage space. You'll want to think about if there are enough bathrooms and what your future space requirements will be.

The Neighborhood Just like any other home you might consider you'll want to examine the neighborhood. Is shopping close by? Public transportation? Schools?

Market Demand Ask you broker to check out the sales history of the units in the complex. Is there demand for this complex? Are the values appreciating?

Outdoor Space Some associations have indoor/outdoor pool, barbecue area, and common health fitness facilities. Many condos have very small patio or balcony areas only. If you entertain a lot or have pets or children will this be a good fit for you?

Pets Speaking of pets... many associations have strict rules about allowing pets or may have a limit to the size of the pet allowed. Be sure to check this out carefully.

Security Some condo complexes have gated security or the main door to the building may require a key code in order to enter.

Association Fees You'll want to ask about the monthly fees and know exactly what the fee includes. In most cases it is for the general maintenance of the buildings, insurance, landscaping, snow removal, pool maintenance.

Reserve Fund Ask if the association has a reserve fund for improvement or emergency repairs, etc. Are any "special assessments" planned for the near future?

Parking This is a big one! How many spaces does the unit you are considering have? Is it assigned or deeded to the unit? Is there sufficient visitor parking?

Insurance Condo owners are generally required to insure their personal belongings with home owners insurance. The association typically holds insurance for grounds and the exterior or studs out of the building.

Condo Documents and Rules and Regulations Be sure to read these documents and understand the rules of the complex. Is barbecuing allowed? Can you have a pet? At what time does the pool close? How many units are in the complex?

As you get closer to deciding if a condo is the right solution for your home needs don't forget to ask yourself how much your lifestyle will change over the next 3-5 years. Do you need more space and flexibility in your living style? If so, a single family detached home my be the best solution for you. Work with a good broker who can help you to sort through this process in determining if a condo is right for you. Good luck!