What do you mean by condominium?

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.