Condominiums

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: Related: Is owning a condo real estate? In short — a condo is a mix between private home ownership and community living.

Yes ✅ — owning a condo (condominium) is considered real estate ownership. When you buy a condo, you own your individual unit (the interior space of your apartment), just like owning a house. You also share ownership of the building’s common areas — like the lobby, pool, gym, roof, and hallways — through the homeowners … Read more

Yes, you can permanently live in a condo — many people do! 🏙️ A condo (condominium) is real property that you own, not rent, so you can live there as long as you want—just like owning a house. The only difference is that: Related: Is it harder to get a mortgage for a condo? So … Read more

Yes — getting a mortgage for a condo can be harder than for a single-family home. 🏢 Here’s why: 🔍 1. Lender Risk Lenders see condos as higher risk because you’re not just buying your unit — you’re also tied to the financial health of the entire building and homeowners association (HOA). 💰 2. HOA … Read more

Yes — when you own a condo, you usually make monthly payments, but what you pay for depends on your situation: ✅ In short: Yes, expect a monthly bill — usually a mix of mortgage, HOA fees, and some utilities.

Here are the main disadvantages of owning or living in a condominium (condo): 🏢 1. Monthly HOA Fees 🧾 2. HOA Rules and Restrictions 🧱 3. Limited Privacy 🚗 4. Limited Parking or Storage 🛠️ 5. Less Control Over Maintenance 💸 6. Resale and Market Risk 🔍 7. Special Assessments 🏙️ 8. Less Outdoor Space … Read more

Yes — but it depends on the condo and how the association is set up. Here’s the breakdown: Utility Who Usually Pays Notes Electricity You Almost always paid directly by the unit owner to the utility company. Water & Sewer Sometimes the condo association, sometimes you Often included in the monthly condo fees, but not … Read more

Condominium vs Apartment Feature Condominium (Condo) Apartment Ownership Individually owned by private owners Owned by one entity (usually a company or landlord) Occupancy You can own or rent a condo You can only rent an apartment Management Managed by a homeowners association (HOA) Managed by a property management company Maintenance Fees Condo owners pay monthly … Read more

An example of a condominium is a high-rise apartment building where each unit is individually owned, but common areas like the lobby, gym, and swimming pool are shared and maintained collectively by all the owners through a homeowners’ association (HOA). Related: How much does a commercial real estate investor make? For instance: