What is a condominium?

A condominium is a type of housing where individuals own their individual unit within a larger complex or building. Owners have shared ownership of common areas and amenities within the complex or building. This type of homeownership offers a blend of individual ownership and shared community living.

Ownership Rights

Condominium owners own their individual unit and have a shared ownership interest in common areas such as swimming pools, fitness centers, parking lots, and common green spaces. Owners have the right to sell, rent, or transfer their unit as they see fit, within the guidelines of the condo association.

Shared Amenities

One of the key features of a condominium is the availability of shared amenities that residents can enjoy. These amenities may include gyms, clubhouses, community pools, and landscaped gardens. These shared facilities are maintained by the condo association or property management.

Differences from Other Types of Real Estate

Condominiums differ from apartments in that owners hold their individual units as opposed to renting them. In comparison to townhouses, condominiums typically have shared walls with neighboring units and often have multiple levels within the same building.

In conclusion, owning a condominium offers a unique blend of independence and community living, with shared ownership of amenities and common areas, making it a popular choice in the residential real estate market.