How to hunt for a condo to buy

Choosing a condo to buy is no easy decision.

A major factor in the choice will be whether the condo meets your list of must-haves — It could be quartz countertops or the right number of bedrooms. Maybe you are interested in party rooms that can be rented out or being part of a walkable community.

But you'll also want to check on the conditions of the building — whether a roof or other major repair work is needed — and review the homeowners association's finances.

Make your list

You may already have a list prioritizing what you must have in a condo and what you would like. If not, sit down with your real estate agent and draw one up.

Start by determining the number of bedrooms you want. It’s the first data point on many listings. Condos typically come in one-, two- or three-bedroom sizes. Of course, the ones with fewer bedrooms tend to cost less.

Keep in mind that a condo is not only a home but also an investment. Someday, you will move and need to sell it. The most marketable condos for families are ones with three bedrooms. Even if a family has only one child, the other room can be attractive as a home office or studio. Two-bedroom and one-bedroom units aren’t as versatile.

Also consider how many bathrooms you want. If you live by yourself, you may think a single bathroom is all you need. Again, the more bathrooms you have, the more marketable your condo will be when you sell.

Listings often state that there are half-bathrooms. That’s a room with just a sink and a toilet. It does not have a shower/bath.

Parking is another consideration. A condo community will likely allocate a certain number of parking spaces to you, so if you have a two-car household, you may not want to buy a condo where residents get one spot. A quick call to the condo’s office should give you an idea of how many spots you would get. Also, ask if there is an extra fee associated with the spot.

You may eat out a lot, but prioritize a unit with a modern, spacious kitchen. These are also big resale points. A modern kitchen may have features such as stainless-steel appliances, quartz countertops, sleek cabinets and even an island.

If you were buying a single-family house, you’d decide how large a lawn you want to care for. Condo units don’t have their own backyards — residents share common areas that are maintained by a homeowners association.

Condo communities usually have amenities that only members can use. They include swimming pools, workout rooms, playgrounds, community clubhouses or spaces that residents can rent and even charging stations for electric cars. Decide what you must have and don’t want.

You may want to inquire about the number of residents who rent units. Communities with a higher percentage of homeowners tend to be more stable than one with a lot of renters.

Pro tip: Consider how far the community is to your workplace and how long the commute will take. You may even want to drive it during rush hour to see what it’s really like.

Where to hunt

Selling a house or townhouse means putting up a sign in the front yard with the name of a real estate agent and their contact information. Some signs have a packet of flyers describing the property. Condos don’t have that, so driving around a neighborhood will not help you.

Homes.com maintains a comprehensive database of property listings nationwide. It includes condominiums and can be filtered down to the granular level, such as one-bedroom condos in Topeka, Kansas, that are within a mile of a university.

The Homes.com database also has information on the condo community’s area, including a description of a specific neighborhood, crime statistics, school statistics that are linked to national school databases, whether it’s in a flood zone and even walkability (how far it is from shops, restaurants, and movie theaters).

Tour the building

If you find a condo that you like, your next step is to visit the unit at an open house (a public event) or a showing, which is limited to you and your agent.

You'll also want to inquire about the community's amenities. Many communities offer swimming pools and health club/workout facilities. They also may provide a dog park, playgrounds for children, secure rooms where residents can have their packages deposited, electric vehicle charging stations or even a bath for washing a dog or other pet. Make sure amenities are in good working order.

When you visit the condo and building, take note of their condition. Owners are responsible for the maintenance of their unit and share in the cost of maintaining common areas. Here’s what to look for.

Cracks in walls: Hairline cracks may appear small and can often be easily covered by a paint job. But they can lead to serious problems. Check around windows, doors and basement walls for movement or gaps.
Uneven floors: Can be a sign of settling or water damage. Go through each room and see if doors swing open or close on their own.
Roach/termite infestations: Look for traps, droppings or holes. Look under sinks, in basements, attics and behind appliances. Check for termite tubes along foundation walls and wood framing.
Water damage: Look for discolored spots on ceilings or walls. Brown stains indicate past leakage. The condo community is responsible for repairing the leak, since it comes from a structural component. They may be responsible for repairing the ceiling, depending on the HOA bylaws and rules. Also check for bubbling paint or warped drywall, especially around windows, bathrooms and under sinks. Musty smell can mean hidden mold.
Windows: Note their condition, checking for broken seals, drafts or rot in wooden frames. Also see if they are single- or double-pane. Double-pane windows improve energy efficiency and boost resale value.
Heating/cooling systems: Check the age (10 to 15 years typical lifespan) and maintenance of your unit’s heating, ventilation and air conditioning system.
Plumbing: Check when the water heater was installed (it should have a sticker on it with that information). Typical units last eight to 12 years. Check for rust, leaks or corrosion.
Kitchen appliances: Age and condition? Check energy ratings and functionality. Inspect for rust, dents or worn seals. Turn stove burners and ovens on and off. Note the age and condition of the dishwasher and refrigerator.
Electrical panel: It should be up to code, with circuit breakers, and have sufficient capacity for modern appliances, with a minimum of 100 amps. Standard is 200 amps.

Now check the exterior of the building.

Drainage and grading: Water should flow away from the foundation. Inspect the gutters and downspouts to ensure they are functioning properly and directed away from the building. Look for puddles near entrances and exterior walls.
Exterior siding and paint: Look for peeling, cracks or rot.
Roof issues: Look for worn shingles and areas with discoloration on the roof. If it's hard to see, consider using a drone (your agent or a friend may have access to one).
Security: building access controls, surveillance, and emergency protocols.
Noise control: Soundproofing and layout.
Qualified for government loans: Is the building approved by the U.S. Department of Housing and Urban Development for Federal Housing Administration, Veterans Administration, or United States Department of Agriculture loans?

Review homeowners association documents

If the condo seems like a good fit, you’ll want to be aware of the community's rules. These are set by a representative group in the community called a homeowners association. The community office should have them available to review. They include:

Declaration of condo: Also known as a master deed, it defines what is shared among community residents and what you own individually when you buy a unit.
Bylaws: These govern how the homeowners association operates, election procedures and how assessments are collected.
Rules and regulations: These set the daily rules that residents live by, such as pet policy, parking, and amenity use.
Financial documents: They cover HOA fees, reserves, income and expenses.
Covenants, conditions and restrictions: They regulate the ways residents can use their properties (like renting it out) and the process for getting a renovation approved by the HOA.
HOA meeting minutes: They detail the issues raised at past meetings.
Legal risk documents: They detail any lawsuits against the condo community or its HOA.
Insurance documents: They verify how the condo community is insured and provide the name of the insurance company.

If you're planning to use a mortgage from the Federal Housing Administration, U.S. Department of Veterans Affairs or U.S. Department of Agriculture, you might want to find out if the building is approved for those loans. Check the financial status of the homeowners association. Does it have an adequate reserve of cash in case of an emergency repair? Does it plan for projects for which it will assess an additional fee to residents? Has the fee risen in the past few years? Do residents know of any large projects that will result in a fee increase? Check the rules that residents must follow if they live there, such as noise restrictions or outside decoration rules and consider if they fit your lifestyle.
Ask residents about their experiences in the community — is the homeowners association quick to fix something if it breaks?

Pro tip: Visit the community in the day and night. The character/noise level may be very different during nighttime hours.

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