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A condominium, often referred to as a condo, is a type of residential real estate where individual units are owned by separate individuals or entities, while common areas and facilities are jointly owned and maintained by all residents. This form of ownership is distinct from traditional apartment rentals, where tenants do not hold ownership rights. Condominiums are commonly found in urban and suburban areas, particularly in regions with high population density or limited land availability.

The concept of condominium ownership originated in the early 20th century, with the first recorded condominium development appearing in the United States in the 1920s. The legal framework governing condominiums varies by country and jurisdiction, but most systems establish a condominium corporation or association that manages shared resources, enforces rules, and collects fees from residents to cover maintenance and operational costs.

A condominium typically consists of a building or complex containing multiple units, each with its own interior space, such as a living room, bedrooms, and kitchen. Owners are responsible for the interior maintenance and upkeep of their units, while the condominium association handles exterior elements, landscaping, security, and shared amenities like pools, gyms, or parking facilities. Condominiums often include rules governing noise levels, pet ownership, and other aspects of community living to ensure a harmonious environment.

One of the primary advantages of condominium living is the balance between ownership and shared responsibilities. Owners enjoy the benefits of homeownership without the burden of full property maintenance, such as roof repairs or lawn care. Additionally, condominiums often provide access to amenities that would otherwise be unaffordable for individual homeowners. However, potential drawbacks include higher monthly fees compared to renting, potential restrictions on personalization, and the risk of association fees increasing over time.

Condominiums are a popular housing option for individuals seeking a low-maintenance lifestyle, urban convenience, or access to community amenities. Their appeal continues to grow, particularly in cities where space is limited and alternative housing options are scarce.