A condominium is a form of ownership in which an individual owns their specific unit, typically the interior space, while sharing ownership of common areas like hallways, grounds, and amenities with all other unit owners. A homeowners association manages the shared property.
Condo owners pay HOA dues to fund maintenance, insurance for common areas, and shared amenities. Because the association handles exterior and common-area upkeep, condos appeal to buyers who want ownership without full maintenance responsibility.
Buyers should review the association's financial health, rules, and dues before purchasing, and lenders may have specific requirements for financing a condo. Condominium is a form of ownership rather than a building style, so condos can be apartments, townhouse-style units, or detached homes.