A condominium is considered to be a type of home where the units of a condominium complex are owned by an individual owner, where that owner can either live for their own personal use or the owner can rent out the condominium to potential renters that may be in need of this type of home that is being offered. When a condominium is owned by an individual owner, the owner will receive a deed to the condominium with the rights to sell or mortgage the property as they wish. Usually every owner who chooses to buy a condominium will also have a shared interest in the condo owners association with the obligation to pay a monthly due or other assessment fees for maintenance issues that cost more to deal with. Overall, condominium ownership may not be for everyone if you are wishing to have some sort of privacy.
There can be some advantages and disadvantages to owning a condominium. Some of the advantages to owning a condominium are the maintenance issues are usually dealt with by a property management company, condominiums will usually have wonderful amenities such as a gym, swimming pool, landscaping or even a concierge and condominiums are generally more affordable to buy than a single family home. There also can be some disadvantages to owning a condominium and those usually include the size of the yards for a condominium can be smaller compared to a single family home, a condominium may have less storage space because condominiums don’t usually have a garage, attic, or basement, and if there is a yard, you will usually have to share the yard with the entire community of the condominium complex.