Most of the previous comments are quite accurate regarding condo ownership, however I would add one important item to discover before buying your condo home. The Board of Directors of the HOA, home owners association, has the power to alter the intent of the CC&Rs on almost all matters.
For example in some condominium communities, Boards have taken the position that all plumbing, gas and electrical lines providing service to one specific unit only shall be the sole responsibility of the condo owner for any repairs or replacements. In other words, if the water line inside the wall is leaking in a run that serves only your unit . . . the responsibility and cost to repair it is yours.
Unfortunately Condominium Boards have broad based powers to establish rules and regulations that contradict or even change the CC&Rs without a majority vote of all home owners. You cannot predict what any given Board will do in the future, but you should pay close attention to the current rules, regulations and any changes to the CC&Rs.
Fortunately, most Condominium Boards do not make these foolish decisions, since the CC&R's are intended to be established and approved by a majority vote of all home owners.
Jim D. Feltis
Home Renovation Specialist