WHAT IS A CONDO?

A condominium or a condo is a type of real estate where individual units are owned by separate individuals, while common areas and facilities are collectively owned and maintained by all the unit owners. In simple terms, a condo is a multi-unit complex where each unit is individually owned, while the land and the building's common areas are shared by all the owners.

Condo owners have more autonomy and control over their property than apartment renters, as they have the ability to make changes to their unit's interior, as long as it does not affect the structure or the common areas. Condo associations are usually formed to manage and maintain the common areas of the building, such as swimming pools, fitness centers, and outdoor spaces. These associations are usually overseen by an elected board of directors, who are responsible for ensuring that the community runs smoothly and efficiently.

One of the primary advantages of owning a condo is that the responsibility for maintenance and repairs is shared among all the owners, thus reducing individual financial burdens. Condos are also often located in desirable urban locations, making them a popular choice for young professionals and retirees who seek a convenient and low-maintenance lifestyle.

In conclusion, a condo is simply an individually owned residential unit within a larger building or complex, where the owners jointly own and maintain the building's common areas and amenities.