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A condominium, often shortened to condo, is a type of housing where individual units are privately owned, but the common areas are owned and maintained jointly by all unit owners. This can include things like the building’s exterior, hallways, and parking garage.

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Condos are a popular type of housing because they offer the benefits of both owning a home and renting an apartment. Condo owners have the freedom to customize their unit to their liking, and they also have the security of knowing that their investment is protected by the condo association. However, condo owners also have to pay monthly condo fees, which can be a significant expense.

Here are some of the pros and cons of owning a condominium:


Customize your unit to your liking.

Own your own home.

Security of knowing your investment is protected by the condo association.

Often located in convenient locations.

Condo fees can be tax-deductible.


Monthly condo fees can be expensive.

Subject to condo association rules and regulations.

May have to pay special assessments for major repairs.

Less privacy than a single-family home.

May have to share amenities with other condo owners.

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