Definition
A residential unit in a multi-unit building where you own the interior space and share ownership of common areas with other unit owners. Condos offer low maintenance but include HOA fees and shared governance.
Where you’ll meet it
What do I actually own, and what does the HOA control?
See it in Buying a condo or townhome · Step 1About this term
Condos are popular in urban areas and among buyers wanting minimal maintenance and community amenities. HOA fees cover building maintenance, insurance, and amenities. Condo purchases often require HOA approval and have strict rules about renovations and occupancy.
Pro Tip
Review HOA documents carefully when buying a condo. Understand fee trends and any pending special assessments.
Example
The downtown condo on the 15th floor offered city views, access to gym and pool amenities, and minimal exterior maintenance through the HOA.