Owning a condo can be a great investment, but there are some potential pitfalls to consider. Condo fees can add up quickly and may increase over time without warning. Additionally, rules and regulations of the condominium association must be followed including HOA fees which are quarterly or monthly fees required for services, or you could face fines or other penalties. You may also have limited control over renovations or changes to your unit due to restrictions set by the association. Lastly, if you ever decide to sell your condo, it is important to understand that resale values may not always match what you paid for it originally.