What is a condominium?

A condominium is defined as an individually owned housing unit within a multi-unit building. This setup allows owners to possess their specific unit while sharing common areas such as hallways, gardens, and recreational facilities with other residents in the building. This distinction of ownership is a key characteristic of a condominium, differentiating it from other types of living arrangements, such as apartments which are typically leased rather than owned.

In a condominium, owners belong to a homeowner's association (HOA) that governs the community and manages maintenance of the common areas, creating a unique aspect of community living. This form of housing appeals to many individuals seeking homeownership while benefiting from shared amenities and reduced maintenance responsibilities compared to owning a single-family home.

Understanding this definition highlights the differences with other options, such as shared living arrangements rented from a landlord, which lack ownership and the associated rights. Cooperative housing involves shared ownership of the entire building rather than individual ownership of a unit, while a manufactured home refers to homes built off-site and transported to a location, which does not fit the condominium framework.