When you buy a condo, you must inspect the entire building — not just your unit. You need a professional property inspector on your real estate team because the structural and mechanical condition of a property greatly affects its value. What's the condition of expensive common area components such as the roof, heating and cooling systems, plumbing and electrical systems, elevators, foundation, and the like? Are amenities such as tennis courts, swimming pool, and health facilities in good shape? Because you're buying part of all the common areas in addition to your individual unit, you need a professional opinion of the entire complex's condition.

Check the building's soundproofing by asking other owners whether they're bothered by noises emanating from units above, below, or beside their unit. The building has a ventilation problem if you can smell other people's cooking odors in your unit or the hallways. If you discover that expensive repairs or replacements are needed and the condominium's reserve fund doesn't have anywhere near enough money to cover the anticipated costs, don't buy a unit in this complex. Sooner or later, the owners will be hit with a special assessment and/or a big dues increase.