To get a good handle on the concepts of condos and co-ops and the differences in the two follow this link.

There are many types of condos on the market – regular condos, brownstone row houses, detached condos and site condos to name some. The last category, the site condo, is what builders have been using since the 1990’s to avoid the delays and costs of platting out subdivisions. Almost all of the homes that you might look at that have been built in the last 10-15 years are likely to be site condos, no matter what price.

A site condo complex is one in which all of the units (houses) are detached and separate from one another and where you actually own the site (the land) too. There are still common elements, normally the streets and perhaps a park or shared area of landscaped ground at an entrance. There is also always an association and association fees. In the case of site condos, the association exists mainly as a vehicle for collecting the money to maintain the common areas, especially the streets. The association by-laws may be fairly simple and straight forward, but they may also have provisions which limit your ability to do things to the outside of your house, i.e. paint color, landscaping or additions, maybe even limiting decks or patios, and they may also govern things such as whether you may have pets out in your yard or how many pets you may have. You should carefully look over the “Master Deed” and By-Laws for the association before committing to a house in a site condo complex.

Read a few articles about condos at the bottom of this page and get comfortable with the things that you should be looking for beyond just what the house looks like, if you end up looking in a site condo complex. Your Realtor will make sure that you get a copy of the master Deed and By-Laws in time to factor those into your decision. Also ask your Realtor how the condo re-sale market is in your area. Many condo buyers, especially first time home buyers, end up trying to sell and move on to a house within 2-3 years of buying their condo. That may be a tough sale in your area, especially if there is lots of new building of condos going on, so ask at the front end so that you get a realistic picture of the prospects of selling your condo when you are ready to move up to a house.

More on condos and Co-ops