Condos, short for condominiums, refers to a type of residential real estate or housing arrangement wherein specific units within a larger building or complex are individually owned by different individuals or entities. These individual units can be apartments, townhouses, or even detached houses, which are part of a larger shared property. Typically, a condominium development includes common areas or facilities, such as lobbies, elevators, swimming pools, gyms, gardens, and parking spaces, which are jointly owned and maintained by the condo owners through a homeowners association.
The ownership structure of condos is distinct from traditional homeownership as it entails owning a specific unit along with a proportionate interest in the shared common areas and amenities. Condo owners have the right to use and enjoy their individual units, as well as the shared spaces, subject to the rules and regulations set by the homeowners association. This form of housing offers a compromise between the autonomy and affordability of owning a private residence, while also benefiting from shared amenities and upkeep of common areas.
Condo ownership often involves the payment of monthly fees or assessments to cover the costs of maintaining and managing the shared spaces and services. These fees go towards expenses such as landscaping, repairs, insurance, security, and utilities. The specific rights and responsibilities of condo owners are typically outlined in a set of legal documents, including the declaration, bylaws, and covenants, which govern the operation and management of the condominium association.
Condos have gained popularity in urban areas, offering a convenient and lower-maintenance housing option, particularly for individuals or families seeking the benefits of communal amenities, such as fitness centers or concierge services.
