If you do nothing else, find out how well the condo is SOUND PROOFED. Trust me on this, you'll thank me! It's either that or hope for really quiet neighbors (do quiet neighbors even exist?).
If you have pets, or plan on having a pet, make sure to read the condo rules regarding them! My old condo was pretty good about them (we were allowed up to two, 2 dogs or 2 cats, or 1 of each. Dogs had to be under 50 pounds). But some places can be strict, or may not allow them AT ALL. Works both ways, if you hate pets, you want a condo that bans them or severly restricts them.
Research and obtain condo insurance (like homeowners insurance, but for condos). If you neighbor starts a fire, it's your stuff that's going to burn! A lot of mortgage companies will require you to get this anyway, but it pays to research it ahead of time so you aren't surprised by it later.
Don't forget about property taxes. They are usualy tons lower for condos than for houses, but you'll have to pay something. Figure that in to your monthly payment estimate.
Speaking of monthly payments. Do not assume that just because a bank is willing to lend you the money, that you can actually afford the monthly payment. Banks are lending people WAY more than what they can really handle. You need to decide what is the absolute most you can pay per month. And it's not just the mortgage, it's the condo insurance, association fees, and property taxes (and PMI if you're forced to take it). Add up all of those, and THAT'S your monthly payment. Work it into your budget, can you handle that on top of credit cards, car loans, student loans, utilites, gas/insurance for your car, food, and entertainment?
Another tip for condo buying. Buy a two bedroom, and shoot for 1 and 1/2 or 2 full bathrooms if you can swing it. MUCH better resale value! Don't forget to look at the parking situation. Do you get a garage? Assigned parking space? Is there good parking for guests? Drive by the area late at night, does it seem safe? You can also call the local police department (non-emergency line!) and tell them the condo development you're interested in, they may be able to tell you if it's a good area or not.
Listen to your real estate agent if they have suggestions on other areas to look at. When I bought my place, there was a specific town I wanted to be in. The agent talked me into looking two towns over and I got twice the condo for a lot less money. My drive work turned out to be the same, as now I was far enough away to make taking the expressway an option. In the town I wanted, I'd have taken side streets, my commute was 30 minutes either way!
If you're looking for a book to read, I suggest "Home Buying for Dummies". It really breaks down the process and gives definitions to all those scarey real estate terms!
