Condos are great introductions to homeownership. A condo is usually similar to an apartment, and it comes with many of the same benefits that owning a house does. An affordable condo gives you the opportunity to own your own place and build equity. That said, condos have their downsides. You need to weigh the Pros & Cons to determine if condo life is the right choice for your financial situation, long-term investment goals, and personality.