A condominium is categorized as a multi-family residential real estate. It is composed of housing units where each homeowner owns their individual unit space and all share ownership of common areas such as amenities and facilities. Commonly, each unit share walls but there are also some that do not. Unlike, single-family homes, condominium owners share only a single plot of land for the entire community or building.
The main benefit of condominium living is that exterior, as well as common area, maintenance and insurance is managed by the condominium association and is funded through homeowner dues collected. Although space is limited in this type of residential property, the number of amenities and facilities gives the homeowner vast options for recreation and entertainment just a few steps away from their homes.
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