A condominium, also known as a condo, is a type of real estate property that consists of individually owned units within a larger building or complex. It is a form of housing where multiple residential units are vertically or horizontally stacked, sharing common areas and amenities.
Each individual unit in a condominium has its own owner, who has sole ownership and responsibility for that specific unit. This ownership typically includes the living space within the unit, as well as any private balconies or patios that may be associated with it. Common areas such as hallways, elevators, swimming pools, gyms, and parking lots are shared and jointly owned by all the unit owners.
Condominium ownership combines aspects of homeownership with aspects of shared property ownership. As an owner, individuals have the right to sell, mortgage, or rent out their unit, subject to the rules and regulations established by the condominium association or homeowners' association.
The management and operation of the shared common areas and amenities are typically overseen by a condominium association or homeowners' association, which is funded by the unit owners' monthly fees or assessments. This association ensures the maintenance, repairs, and upkeep of the building or complex, as well as the enforcement of rules and regulations.
Condominium living offers a balance of privacy and shared spaces, appealing to individuals who desire ownership with less maintenance responsibilities compared to traditional single-family homes.
