SOme things to consider:
* COndo fees are not tax-deductible like interest expense, so you're not going to be able to "capitalize" it
* Check and make sure the condo association is solvent. Many associations reserve the right to levy special fees if a catastrophic event or major repair comes up. It sucks to immediately have to pay thousands (unplanned)
* On the same note -- when was the last time the roof was done? Painting? Windows? Water mains? Any other large ticket items coming up? Does the assn have enough money to cover the expense?
* What are the expenses the assn is planning for? When? Are they meeting their saving targets?
* What is the history of the condo assn fees? Do they rise every year? How are increases decided? How much warning is provided?
* Read the condo charter and see if anything makes you nervous.
* Request the last two condo assn meeting minutes -- can you tell anything about how these people make decisions, live together, etc. from the minutes? How often do they meet? Do you think the schedule will agree with you?
* Check out the resale values for similar units in the assn -- what was the average appreciation? Many condos appreciate more slowly than a house. (and how long do units stay on the market?)
* Are there any rules about pets? Renting out your condo if you choose to keep it as an asset? How long you have to wait until you sell it?
* What services do you get for your condo fee? What are the services' frequency? (I've had friends find to their chagrin that mowing was only covered weekly or bi weekly and they had to do any interim maintenance)
* Do you have the ability to plant your own flowers/garden if you want? Are there any rules that must be met?
* Ask about noise control agreements among assn members.
* Is any form of insurance included in the fee? What will you have to insure -- entire property or from the interior walls inward (only slightly more than possessions and interior appliances). There can be a big difference in cost.
* Is there any difference in loan cost (and/or interest rate) for the condo vs. a house? In some states/some brokers there is.

Also keep in mind that the condo assn has the ability to place a lein on the property for unpaid fees, and you *can* loose your condo for missing payments. Not that this would be planned, or anything.......but certainly good to know!

Good luck.

PS -- Your realtor should be able to time your househunting to coincide with when the houses come on the market for the week, and thus give you a chance to bid....if s/he is doing their job. You might want to check with another realtor if you are dissatisfied.

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