PRO: You will not personally have to do anything the Condo or Townhome Association is required to do.  No more worrying about yard work, or exterior building maintenance.  If applicable, they will also take care of any interior common area maintenance.  

CON: You will lose control over how much the Condo or Townhome Association pays for these services, and you will be required to pay monthly fees and ongoing Condo or Townhome Assessments to cover your share of these costs.  You are still required to maintain the area inside your Condo or Townhome.

PRO: Relative to a per-square-foot price in the same neighborhood, the total Condo or Townhome Payment is normally less than a comparable House Payment.

CON: When you buy a House, normally, you get to choose the timing of when you redo items like replacing a roof or repainting your house.  If the Condo or Townhome Association has not saved enough money to do something they deem is needed, then you will be assessed your part of that deficiency.  Sometimes this can happen at the most inopportune times.  You have to always be prepared.

PRO: Because a Condo or Townhome property value is usually less than a comparable square-foot house (in the same neighborhood), the County will likely assess you less on your property tax bill.

CON: Under a comparable per-square-foot basis, your Condo or Townhome might not appreciate as much in value (over many years) as a comparable square-foot house (in the same neighborhood).  Each situation is unique.

PRO: When living in a Condo or Townhome, you have more opportunities to say "Hello" to your neighbors, and to get to know them. Because you share common areas with them, most likely, you will see them more than if you both lived in a housing subdivision.  You might find that this leads to a greater Sense of Community.

CON:  You might not like being so close to your neighbors.  For example, what if they play their music too loud next door?  No one likes to be a "party pooper", including you!  If you do not feel on good terms with them, you might prefer to avoid them, but this may be hard to do when traversing the common areas.

PRO: In many cases, Condos or Townhomes are located in areas where many people work in the daytime.  If you dramatically cut your commute time, this might allow you to spend more time with those you care about.  

CON: You and your loved ones may prefer a house and a yard, and not find a Condo or Townhome Lifestyle to be very appealing.  When given a choice, most people (but certainly not all) prefer a house and yard environment.

PRO: Outside of work, if you buy a Condo or Townhome, you MIGHT be closer to doing the things you LOVE. like fine shopping, fine restaurants, nightlife, schools, museums, and theaters; maybe you just want to live closer to family members and friends.  All these things might enhance your lifestyle.   

CON: You might prefer to avoid the "hustle and bustle" of living "closer to the action."  This is a lifestyle choice.