A condominium is not homeownership in the truest sense. When you buy a condo, you own only what is inside the walls of your unit. Outside of those walls, the residents of the complex share ownership in a cooperative bound by a contract. That cooperative can be an advantage of buying into a condo. But, there are areas you must explore to your satisfaction before you make your purchase.
When you buy a condo, you buy into an investment shared by all of the residents of the complex. That relationship is cemented by the CC&R–the Covenants, Conditions and Restrictions. The CC&R governs just about everything in the complex, including whether you can have pets, whether you can paint your condo different colors and when you can have parties. Every condo complex has a group that enforces the CC&Rs, so it’s a good idea to review the document thoroughly before signing it. Once you do, there’s no turning back. You’re bound by that document.