Condos
Definition:
A Condominium (Condo) is a privately owned unit within a larger building or complex of residential units. Condo owners share common areas, such as pools, gyms, and parking lots, and pay homeowners association (HOA) fees to maintain these amenities. Unlike renting an apartment, condo owners have full ownership of their unit, and they can live in it, rent it out, or sell it.
🔍 Did You Know?
Condo owners are responsible for the interior of their unit, while the exterior and shared spaces are maintained by the condo association.
Examples:
Example 1:
A young professional purchases a one-bedroom condo in a downtown high-rise with access to a shared rooftop pool, fitness center, and secure parking.
Example 2:
An investor buys multiple condos in a beachside resort and rents them out as vacation properties through Airbnb, generating consistent rental income.
Why It’s Important:
Condos provide an affordable entry point into homeownership, especially in urban areas. They also offer a low-maintenance lifestyle, as owners aren’t responsible for exterior maintenance or landscaping.
Who Should Care:
- First-time homebuyers seeking affordable urban housing.
- Investors looking for rental income with less maintenance.
- Developers constructing mixed-use condo complexes.
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