Condominium
A condominium (also known as a "condo") is a private residency you can rent out tenants which is usually found in a residential structure or community.
The term "condo" gets thrown around a lot, but what exactly does it mean? Let's dive into the definition, how condo ownership works, and some examples.
Definition of a Condo
A condominium, often shortened to "condo," is a privately owned residence within a larger building or community. Condo owners hold title to the interior of their individual unit, while sharing ownership and responsibility for common areas of the property.
How Does Condo Ownership Work?
Individual Ownership: You own everything within the walls of your condo unit. This means you're in charge of your own space.
Common Areas: As a condo owner, you share ownership of common areas with other residents in the building or community. These areas might include:Lobbies and hallways
Elevators
Gyms, pools, or clubhouses
Landscaping and outdoor spaces
Homeowners Association (HOA): Most condo communities have a Homeowners Association. The HOA manages the common areas and enforces community rules and regulations. Condo owners pay monthly HOA fees to cover these maintenance costs and management of common amenities.
Examples of Condos
Condos come in all shapes and sizes. Don't get the image of a high-rise apartment building stuck in your head. Here are some common examples of condos:
High-rise Apartments: The classic image of a condo, located within a multi-story building with many units.
Townhouses: Attached homes, often in rows, where each unit is a separately owned condo.
Detached Condos: Standalone condo homes within a planned community. These might look like traditional single-family residences, but operate on the condo ownership model.
Converted Condos: Older buildings, sometimes originally apartments or even commercial spaces, which have been repurposed and sold as individual condo units.
Is a Condo Right for You?
Condos can be a great option for people who want the benefits of homeownership with less maintenance responsibility than a traditional single-family home. However, living in close quarters with neighbors and paying HOA fees are important factors to consider before making the leap into condo ownership.
If you have further questions about condos, their cost, or the buying process, consulting with a real estate agent specializing in condos is a great place to start!