If you buy a condo (or even a single family home in some parts of Orange County) you automatically become a member of the homeowners association.

The dues cover common-area operating and maintenance expenses for everything from chlorinating the pool and lighting the grounds, to landscaping. The inevitable repairs to condos, such as painting the exterior and replacing the roof, are also covered.

Yet many people complain at adding $200 or more to their monthly mortgage costs. But consider this …

1) Condos cost less to maintain than detached homes. If you owned a detached home, you'd have to foot the entire bill for replacing your roof or getting an exterior paint job - but you can split these expenses with the other 99 owners in a condo community.

2) Condos have amenities that you couldn't otherwise afford. How many people do you know that can afford a tennis court, a swimming pool, and a fancy exercise club membership? Most homeowners can't afford expensive goodies like these. But when the cost is shared among all the owners in a condo community, the impossible dream is suddenly your hedonistic reality. There's luxury in numbers!

While $200/month or more for an association fee may seem high, experts recommend that you set aside 1% of your purchase price to maintain a single family home every year. And that's pretty close to what most association dues cost anyway -- you do the math!

So, sit out on the patio tonight and enjoy a beverage ... because you won't have to cut a check for the landscapers, the pool man, the painting contractor, or the roofer!

You can rest easy knowing it's all being handled for you ...