A condominium is a dwelling in a multi-unit building that is differentiated from an apartment through ownership. Condos are popular in urban areas, but any multi-unit building can be a condominium if individuals are allowed to purchase units. While condo owners can modify their unit’s interior, use and management of common facilities and areas, such as hallways, elevators, heating systems, and exterior spaces, are controlled by a governing body that represents the interests of all the condo owners. Typically, owners pay monthly condo dues which in turn fund common area maintenance costs.
Elements of design:
- A unit in a multi-unit building with ownership rights
- Owner has rights to modify the interior of unit, not common spaces
- Monthly dues to the Home Owners Association (HOA) covers pre-determined maintenance costs
- Owner is subject to follow the rules based on the bylaws determined by the HOA