If the time is right for you to jump into the real estate market and buy a home, you may want to think about investing in a condominium. Buying a condo means fewer maintenance requirements, and, in some cases, a more economical investment compared to a typical single-family home.

By definition, when you purchase a condo, you become the owner of all the space contained within the walls. The actual physical structure of the condo unit can vary from a townhouse, apartment flat, or even a detached structure. The building’s exterior, the landscaping, nearby roads and driveways, and common areas are all owned by an association, a group formed by all unit owners.

As you ready yourself to make an investment in a new home, there are particular elements to consider especially if your next purchase will be a condominium. You'll want to keep the following things in mind:

Your needs. The common floor plan of a condo includes two or three bedrooms with little storage space. You'll also want to think about your needs as an individual and/or as a family; are enough bathrooms, particularly if you have children on the verge of adolescence that will likely require more time in the bathroom getting ready for school. Do you have a hobby that requires significant storage space? Consider your current and future space requirements as your household evolves.

The development. Just like any other home you might consider, you'll want to examine the neighborhood and the neighbors. Does the development contain predominately young families or seniors or working professionals, or a rich mix of ages? Can you commute? How are the schools? Is shopping nearby? Makes yourself available to mingle with your prospective neighbors and ask thoughtful questions regarding the area.

Pets. Many associations have rules about pets. The rules can range from not allowing pets altogether to restrictions on the size and number of animals kept within a household.

Maintenance. The association fee typically covers the cost of the exterior maintenance, including roofing and painting. Pay special attention to what unit owners are allowed to do. Some associations exercise tight control and will not allow you to plant your own shrubs or plants outside your front door, or accent the trim of your door in a new color.

Outdoor space. Some developments have extensive common amenities for owners including a community pool, barbecue area, and health club or exercise facilities; while other communities may offer no common areas and extremely small patios and balconies. Such an arrangement may not be a good fit for folks who enjoy entertaining guests outside, have pets, or have children who desire larger areas for play.

Amenities. Would you prefer your prospective development to include amenities such as pools, tennis courts, health clubs, or would you prefer not to have such elaborate features? If the amenities are present, does the condo association own these facilities or has the developer retained control? What, if any, are the additional costs to use the on-site facilities?

Parking. In more densely populated areas, parking is a significant issue. Would you prefer to have a private garage, public garage, designated spaces or off street parking? How many spaces do you require? Is there an additional fee to maintain a secondary space? Is parking assigned? Is there adequate visitor parking for events?

Security. Some developments have electronic gates that need a user code to enter while other properties may have a 24-hour security guard still others may offer no security devices at all. What are your requirements?

Market demand. Ask your real estate broker to analyze the sales history of the units in the association. What is demand based upon current market conditions? Are the properties increasing in value? How do the units at this property compare with other like properties?

Association fees. Ask about the monthly fees and whether increases are anticipated. These fees typically pay for general maintenance of the buildings, insurance, landscape and grounds upkeep, pool maintenance, security, and various administrative costs.

Reserve funds. Does the association collect money each month to pay for big repairs and improvements? Is the reserve fund adequate? What are the next anticipated large repairs? Are any "special assessments" planned? Have there been any recent improvements within the development which may have depleted the reserve fund?

Rental units. Lenders will charge higher interest rates to finance condo properties with a high percentage of renters. Speak with your real estate broker and financial institution for details.

Insurance. The association typically provides insurance coverage for the grounds and building exteriors. However, condo owners are generally responsible for insuring their personal belongings.

The association's past. Reputable associations generally hold regular board meetings were issues regarding finances, maintenance, and legal issues are discussed and acted upon. Review the minutes from the meetings over the past year to determine if there have been any significant issues of contention or re-occurring problems that have not had appropriate corrective action (leaky roofs, break-ins, etc.).

Paperwork. Be sure to review condo documents such as the declaration, rules, and bylaws.

Governance. A condo association is a form of government and there are more rules and standards than with a stand-alone house. If you really want to play loud music every night till 2 AM, keep a menagerie of animals or paint the front door purple, a detached home may be a better option.

Specific needs. Ask about the issues that are relevant to you and your family. Can you have a pet? Can you operate a business in your home? Can you maintain an herb garden in the back?

As you finish weighing the pros and cons of condo living, you may want to end your deliberations by asking yourself how much your lifestyle and household may change over the next five years. Will you need more space or freedoms than the condo offers? Can you rent now and buy later? Alternatively, what about a smaller house with more green space a little further from downtown?