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Often considered an alternative to home ownerships, a condominium is a form of property where you own one unit in a development plus a share of all common areas. You can find condominiums in cities as well as suburban areas. Condominiums are often considered a first home alternative for young families and upwardly mobile young adults.

Condominiums usually don t appreciate at the same rate or the levels as detached single family homes. If you want to make a profit on your investment, carefully scrutinize the condo market in your area, the quality of the condo governing board and overall activity in your local real estate market. Don t assume that you will make a generous profit off your condo because single family homes sales are on the increase.

The governing board can often make a difference between a professional and a horrible condo experience. If you need to a strong degree of control over the outside environment such as pool areas, parking, color of the building etc., then a condominium might not be a good fit for you, or your family.

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Also, beware of communities in transition. If a community is on the decline, you can often find a lot of condo openings but you can end up losing big when you try to unload the property later on. Do your own market research and don t rely solely on your broker to figure out if the rate of appreciation would be conducive to condo ownership in your area.

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Also, watch out for oversupply. If developers get ahead of themselves and flood the market with empty condo units, it can take a long time for you to recover your investment.

However, if you live in densely packed, affluent urban area like parts of New York City, Miami or Los Angeles, a condo can yield almost the same rates of return as the average single family home.

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Do some research, get professional advice and weigh your long term goals carefully if you are thinking about purchasing a condo.

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Syd Johnson
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