Q: Who takes care of maintenance? A: Condominium owners form and belong to an association that takes care of tasks such as roof maintenance, siding, upkeep, and grounds keeping. The association owns and maintains common areas which might include tennis courts, party rooms and swimming pools.

Q: Where does the money come from for these things? A: Owners pay maintenance fees to the association for upkeep and to create a reserve fund sufficient for important projects such as roofing replacement. Owners serve on the association board to establish and enforce rules. Some associations might be very strict about what owners can and cannot do. Make sure that you look over the rules and regulations before you commit to a purchase. Many condo’s have pet restrictions and rules against renting out units.

Q: What about homeowners insurance? A: Your condo association has a master insurance policy that covers the outside of the building's structure, including the roof and common areas from the pool to sidewalks. The master policy will not insure the inside of your particular unit or any of your personal belongings. You must take out a separate homeowner’s policy to cover these things.

Q: Do condos prices rise in value as fast as single-family homes? A: The Northwest Multiple Listing Service reports condo value trends rising as fast as or faster than single-family properties. These trends can change but for now condos look like a good buy for many years to come.

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