To Compost or Not to Compost...That is the Question!

One thing I have been thinking about doing is composting. I know it is a good fertilizer, but I am concerned about the cost and smell. I live in close quarters to my neighbors and would need to buy an enclosed composter. They are pretty expensive and I am just not sure I am ready to commit that amount of money and not know if it will be a pain and annoyance or if it would be something I could do without incident.