Last week we spent some time in discussing the ownership structures of condominium associations. These types of housing represent an enormous change in the way real estate has been developed over the last 30 years. Many people, who may have been resigned to renting their entire lives, have found that they can 'get in on the ground floor', by purchasing in a condominium complex.

Granted, it is not the little Bermuda cottage with a garden and water rights, but it is a terrific start to building equity in your future financial security. Even so, when the suggestion has been made in a financial planning conference, the idea often has been outright rejected.

"I'm not living next to a bunch of other people! What if I don't like them and they are rude and noisy?" Precisely. This is why the original of this series of articles appeared more than six years ago.

It was obvious to me then that given our tiny land mass, and the rapid acceleration in housing prices, this was a concept that would just explode.

There are great condominium complexes out there, and some not so terrific. I can immediately think of a few that everyone knows and likes, but they cannot be named.

Conflict of interest, even though I receive nothing for promoting this housing product.

You must be a serious shopper, though, and find the well-built, harmonious, financially sound ones, however, by doing your own research.

Let's start with the neighbours and everyone's collective financial responsibilities. Continuing from last week: b) What happens if the absentee owner cannot keep a tenant in the unit? This is a double whammy. He/she may not be able to meet the mortgage payment either; the unit lies empty and starts to take on that abandoned look.

c) Research sales turnover. Are units Empty for longer than market average? High turnover in rentals indicate that there may be problems with the complex itself. Ask more questions.

d) Generally, the more units that are owner-occupied, the more stable a complex. Everyone, when owning his or her own home that they have worked, scrimped, and saved for, has pride of place.

Caveat: You do not want to be placed in the position of providing interest free loans to carry costs for absentee owners.

Neglected units may affect the value of your unit. All owners must be vigilant in detecting defaulting on liability owners, and put procedures in place to assess fees immediately. Fees, fees, and more fees. Condominium owners are assessed monthly.