A buyer purchases a specific unit inside a multi-unit building and also acquires an undivided interest in the common areas. That arrangement is a condominium. The owner holds a deed to the unit; a homeowners association manages the shared elements.

Monthly association fees cover maintenance of roofs, elevators, landscaping, and reserves. Rules govern pets, rentals, renovations, and use of amenities. Financing is widely available, though some lenders scrutinize association finances and owner-occupancy ratios.

Condominiums offer a path to ownership with less exterior maintenance than a single-family home. They can also impose restrictions that feel limiting. Resale values track both the individual unit’s condition and the overall health of the association.

• Individually owned units with shared common areas
• Governed by a homeowners association
• Monthly fees fund maintenance and reserves
• Subject to association rules and regulations