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Look for the pitfalls when doing your condo search.

Step 3: Know What to Look For

Be a smart shopper. Here's what to ask once you've narrowed your search, says Amanda Sawyer, a Prudential Douglas Elliman broker who specializes in the hot Manhattan condo market:

• How many units are owner-occupied?
  "If a large percentage are owned by investors as second homes or rented out, it can have a negative effect on the value of your property," she says.
  
  
• How is the building maintained?
  "When you buy a condo, you own the common areas," she says. "Badly maintained common areas can be a red flag that perhaps the homeowners association is not running the building as well as it should."
  
  
• Is there an application process?
  Sawyer says in Manhattan this step is becoming more common because it protects the owners by making sure others are financially qualified to live in the building.
  
  
• Who is the developer/builder?
  Check reputations and other developments. "Remember, you are in essence buying a building," she says.

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