What Is a Condominium in Real Estate?
A condominium (condo) in real estate is a type of property ownership where you own an individual unit within a larger building or community, while sharing ownership of common areas like hallways, pools, and parking lots. Condos are popular for their low-maintenance lifestyle and community amenities.
🏙️ How Condominium Ownership Works
When you buy a condo, you receive a deed for your unit — just like traditional homeownership — but you also become a co-owner of shared spaces. A homeowners association (HOA) manages these areas and enforces community rules.
- Private ownership: You own your specific unit interior.
- Shared ownership: Common areas like roofs, gyms, and grounds are jointly owned.
- HOA fees: Monthly dues fund maintenance, insurance, and amenities.
HOA rules and fees vary widely, so always review the community bylaws before purchasing or listing your condo for sale.
💡 Pros and Cons of Condo Ownership
- ✅ Pro: Lower maintenance compared to single-family homes.
- ✅ Pro: Access to amenities like pools, fitness centers, and gated security.
- ⚠️ Con: Monthly HOA dues can increase over time.
- ⚠️ Con: HOA rules may limit renovations, pets, or rentals.
📍 Selling a Condo FSBO
If you’re selling a condo For Sale By Owner (FSBO), your MLS listing must include key details like HOA fees, amenities, and any restrictions. When you list your condo with Brokerless, our team ensures your listing complies with local MLS rules for condominium disclosures.