My husband and I bought a condo in 2003, and we still live in it. I know this isn’t universal, but we would have been much better off financially if we hadn’t bought it. This is not to say that YOU shouldn’t buy one, but you should take a very, very close look at the building’s finances and maintenance history. I would find someone - an attorney or someone like that - a neutral 3rd party, who is familiar with condos in your area - to help you.
Specifically, you should look at what maintenance has been done on the building, and when, and what is likely to need to be done in the future. How old is the roof? How old is the siding? Windows? Are there going to be any big projects necessary in the time that you anticipate owning? How much are these projects going to cost? Once you know that, you can look at the building’s finances, and see if they have enough saved to cover those projects (or if the dues bring in enough over the annual operating cost that they’re currently saving up to be able to cover the costs). If not, RUN AWAY.
It’s also useful to look at the percentage of units that are owner-occupied vs. renter-occupied, because generally owners will care more about the building, their neighbors, etc. Also, there may be a cap on the number of units that can be rented out at one time - if you’re thinking about renting yours out, you’ll need to know that. There may also be a requirement that renters must lease for at least 6 months or 12 months.
You should also look into other things that may be required of owners: do you have to serve on the board every x years? Do you have to put in so many hours of work around the building every year? What’s the process if you have a loud/obnoxious/whatever neighbor? Are you allowed to put up a satellite dish? Can you pull up the carpet and put down hardwood? Read the CC&Rs (covenants, codes, & restrictions) VERY CAREFULLY. Talk to your potential neighbors, if you can.
Generally, owning a condo gets you most of the hassles of home ownership (appliance breaks? no landlord to call!) and most of the hassles of apartment living (neighbor throws parties till the wee hours!), without the benefits of either (i.e., you can’t add onto your condo like you could a house; you probably won’t have much of a yard; you can’t just call the landlord to deal with whatever problems come up; etc.) In some buildings, the “apartment living” part is minimized - maybe you’ll have great neighbors, or it’s such a well-built building that you don’t hear them at all, and you all become great friends.
We have had some fantastic neighbors, who will be lifelong friends, and some not-so-great neighbors. As I said, we would have been better off financially if we hadn’t bought this place, but our lives would have been so dramatically different (we wouldn’t have gotten our cats, and who knows if/when we’d have had our son? And we would never have met our neighbors, let alone become such good friends with them.) that I can’t honestly decide if I wish we hadn’t bought it. You might find a great building that you LOVE, and that is well-managed. But you should do A LOT of homework beforehand, so that you go into it with your eyes open - I wish we had.
Our story is that we bought in a small, 8-unit building in 2003, and in 2004 the HOA had a reserve study done. The study found that the building was going to need significant work (new roof, new decks, new windows, new siding, etc.) within 10 years, and that the current dues weren’t going to come close to covering it (thank you, original owners who didn’t care to start saving way back when!). The HOA could either A) raise dues DRAMATICALLY to save for the needed work, or B) require a special assessment, where each unit would pay their percentage of the construction costs, and do the work right then, so that the people who were paying could actually enjoy the nice new stuff on the building. We all decided on option B. That meant that my husband and I had to get a home equity loan for $30,000 the year after we bought. That wouldn’t be possible today, obviously, with the way the housing market is, but it was then - so we did it. Of course there were construction issues, and one neighbor sued the HOA, and there was all sorts of drama. It was messy and expensive, and now we’re stuck here until the market improves enough that we can break even when we sell. This sort of horror story is… not uncommon with condos, but it isn’t universal, either. If you do your homework beforehand, you should be all right.
Good luck!