Condo living often elicits images of carefree weekends sitting beside the pool, but there are some pros and cons to consider before making a purchase.

1. The Lifestyle Itself: One of the biggest advantages of condo living can also become a disadvantage. The sense of community, amenities and other features that originally attracted you to a community may change as your needs and desires change. Make sure you select a condo that truly reflects a lifestyle you will love.

2. Shared Responsibility:A condo association establishes many rules and regulations - typically by majority vote. Likewise, maintenance and repair costs are also shared by members. Things can get dicey when individual members are...