We have all made mistakes in our lives, some we admit to and some we don't. However, making mistakes when buying a condominium can be anywhere from annoying to devastating for a home-buyer. If you are considering buying a 'condo,' here is a list of FIVE mistakes commonly made by people that you can avoid:

Know your costs before you even start to look for a condo and keep those costs updated during the process. Be prepared for monthly expenses that include not only your mortgage/trust deed payments, but also your Home Owner's Association ('HOA') Dues, taxes and supplemental taxes, insurance, utilities, and maintenance costs.

Find out if the majority of people living in the complex are renters or owners. Often condo owners rent out their units when they move on to a house. Having a higher rented to owner occupied ratio affects what type of lenders will lend in the complex, how well the complex is maintained and what your re-sale value will be .

In most states, the seller is responsible for providing the buyer with the Home Owner's Association Rules and Regulations. The buyer is responsible for reviewing those and signing off on them. Buyers though, often 'skim' over them, because they are swamped with so much paperwork. But the rules and regulations can be important and can contain prohibitions on pets, penalties for late payment of dues, special assessments, and more.

Do the Homeowners Association dues cover trash pickup? Is the water individually metered or not? If the wood is corroded on your deck, do you have to repair it or does the HOA? Know these things, and more, so you can plan for those possible 'extra' expenses.

Most buildings are constructed differently within the same code requirements, even within the same community. A builder could start out using one type of insulation, then switch to another type in later phases. So, spend some time in the unit you want to buy. The ideal time is after 5pm, because that is when most people are home from work and this will allow you to hear or not hear your potential neighbors.

The bottom line is, do your due diligence: review those disclosures and HOA documents, understand how your HOA works, and get an inspection done with a qualified licensed inspector. Remember, not all condominiums are created equal and the responsibilities for owning one changes with each community.

Mistakes are common in life, so why not learn from others; there is no need to repeat others' mistakes and repeat their pain. Avoid common mistakes made by condo owners and your home owning experience will be much more pleasurable.