For some house hunters, the thought of maintaining a house and a yard conjures up anxiety. Luckily, there are different kinds of properties to choose from that don’t entail a lot of upkeep — and come at a reasonable price to boot. One of those options is a condominium.
Not sure if buying a condo is your jam? Here’s a primer on condo living to help you decide.
What is a condominium?
A condominium, called “condo” for short, is a privately owned individual unit within a building of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, outside hallways and gyms, to name a few. While condos are typically found in high-rise buildings, you can find detached condos in some markets.
“A homeowners association typically manages the common areas and oversees the covenants, conditions, and restrictions (CC&Rs) that apply to the property,” explains Holly Leonard,