Real Estate Term of the Day: Condominium

Real Estate Term of the Day: Condominium

CONDOMINIUM – a system of ownership of individual units in a multi-unit structure, combined with join ownership of commonly used property (sidewalks, hallways, stairs, and other COMMON AREAS) (Barron’s Dictionary of Real Estate Terms)

A condominium complex can offer a more affordable housing opportunity in highly dense areas and is perfect for homeowners that don’t want the responsibility of the exterior maintenance that a single family home requires.  Owners of a condo do not own the walls of their unit, but have the rights from the paint in and basically own the air space of the unit.

Don’t be fooled, a condo can look like a town home (or row home).  The differing factor of a condo vs a town home is based on the type of ownership and not the aesthetics of the unit.  One of the easiest ways to tell if a property is a condo or a town home is to look at the address.  If the address has a unit number it is most likely a condominium.  It is very hard to look at a unit and know if it is a condo or a town home (see below a picture of a townhouse-style condo).

Townhome Style Condo

Confused?  Contact me if you would like me to explain this concept in-depth!


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