In some ways, buying a condo is similar to buying a detached house. For example, no matter what kind of residence you're buying, the property should be thoroughly inspected as a contingency of the purchase. Also, you should personally check out the neighborhood. Just as the value of any one house is integrally dependent on property values in the neighborhood, so is the value of a condo dependent on the desirability of the complex of which it is a part. The best way to get information about a condo complex is to talk to some of the residents.
Condos tend to be less expensive than detached houses in the same area.
Condos are a good choice for busy professionals, or retirees, who want to be close to expensive urban centers, but don't want to pay an exorbitant price for a detached house.