Home BuyingHomebuying Glossary
Condominium
Also known as Condo
A privately owned unit within a larger building or community, with shared common areas.
In plain English
When you buy a condo, you own your individual unit outright but share ownership of common areas (hallways, roofs, pools, landscaping) with other unit owners, typically managed through an HOA.
Why it matters
Condo living usually means lower-maintenance ownership but comes with monthly HOA fees and less control over shared building decisions than a single-family home.
Where you'll run into it
Guides and tools on TheBuyingPath that cover condominium in context.
Related terms
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