A condominium (or condo) is a type of real estate property where you own your individual unit—like an apartment—but share ownership of common areas with other residents.
Here’s how it works:
- You own the interior of your condo unit (your walls, floors, and space inside).
- You share ownership of common areas such as hallways, elevators, the gym, pool, parking lot, and garden through a homeowners’ association (HOA).
- You pay monthly HOA fees to maintain those shared spaces and cover building upkeep.
Related: Is owning a condo real estate?
In short — a condo is a mix between private home ownership and community living.