condominium

A condominium, often referred to as a condo, is a type of residential property where individual units are owned privately, while shared areas, such as hallways, pools, and gyms, are collectively owned by all unit owners through a homeowner's association (HOA). Condo owners pay fees to the HOA for maintenance of these shared spaces and amenities. Condominiums offer a blend of private ownership and community living, making them popular in urban areas where single-family homes may be less available. Owners usually have more flexibility and a smaller yard or maintenance responsibility compared to traditional houses.