What is a Condo? Everything You Need to Know to Buy One

If you’re thinking of buying a house, you may be considering a condo. Condominiums, or condos, are a popular choice for many first-time homebuyers, homeowners looking to downsize or relocate to a place like Jacksonville, FL, and those looking to purchase a home in a bigger city like New York City, NY. If you’re interested in condo life, there are some important considerations you need to make before you buy. In this Redfin guide, we’ll cover what a condo is, the costs of buying and owning one, how the buying process works, the pros and cons of condo ownership, and what to know before making an offer. What is a condo? A condominium is an individual housing unit within a multi-unit housing complex. The housing complex could contain as few as two units or more than a hundred. Each unit is individually owned and the owners are responsible for the maintenance and upkeep of their own unit. One of the most important aspects of condo ownership is that owners are also typically responsible for paying homeowner’s association (HOA) monthly fees. The HOA facilitates the maintenance and upkeep of common spaces, such as parking lots, landscaping, roofs, and recreational facilities like pools and...