Condo

A condominium, or "condo," is a type of real estate where individual units are owned within a larger building or complex, along with shared ownership of common areas like hallways, elevators, and amenities. Owners pay monthly fees for the upkeep of these common areas, as well as insurance and building maintenance. This setup offers a blend of individual privacy and shared community living, and it is often more affordable than a detached house. Condos are especially common in urban environments and vacation destinations.

Condo meaning with examples

• Sarah loved her new condo in the city. The monthly fees covered the gym, pool, and maintenance, making it easy to live there. The compact space was perfect for her single lifestyle, and she enjoyed the convenience of being close to shops and restaurants. She valued the security of having neighbours nearby and the building staff's presence.
• Before purchasing his condo, John carefully reviewed the HOA rules. These guidelines dictated pet policies, parking regulations, and allowed changes to his unit. Knowing what the homeowner's association was responsible for and what the monthly fees covered was a priority when John was looking to invest.
• The couple decided a condo was ideal for their retirement. They could travel and not worry about yard work or exterior maintenance. The security and shared amenities also suited them better than a large house that would quickly start to feel empty.
• The real estate market for condos has seen growth in recent years due to their affordability. Many first-time buyers and young professionals choose condo living as an accessible entry point into the real estate market. The availability of condos in desirable areas, such as close to public transport, are in high demand.
• The developer broke ground on a new condo complex. The planned features included spacious units, balconies, and a rooftop terrace. With the shared common areas, the investment of maintaining the amenities would fall on the homeowner's association.