What is a condo?

A condo, short for condominium, is a type of property ownership. It is a unit in a multi-unit building or complex in which the individual unit owner has ownership rights to the inside of their unit, but the common areas, such as hallways, elevators, and amenities, are owned and maintained by a homeowners association or a corporation. The association is usually made up of all the unit owners, and it is responsible for maintaining the common areas and enforcing the rules and regulations of the complex. Condo owners are usually required to pay a monthly or annual fee to the association to cover these costs.

Condos can take the form of apartment buildings, townhouses, or even detached homes. They can be found in both urban and suburban areas, and are often popular with first-time homebuyers, retirees, and people looking for a lower-maintenance lifestyle.

When you purchase a condo, you have to purchase the unit, as well as share in the common area, and you are also subject to the rules and regulations of the association and often pay monthly condo fees to cover costs such as shared maintenance. Some of the rules that can be imposed by the association include restrictions on pets, limits on how you can use the property, and guidelines for maintaining the exterior of your unit.

It's important to review the association's bylaws and covenants before purchasing a condo to understand the responsibilities and obligations of ownership. It's always a good idea to work with a real estate agent, they can help you understand the pros and cons of purchasing a condo and help you make an informed decision.