Condominium, << `kon` duh MIHN ee uhm, >> is a type of multifamily housing in which each dwelling is a separate piece of real estate. Many condominiums resemble apartments. But individual “apartments” have different owners, often the people that live in them. The building’s halls, stairways, grounds, and other common areas are owned in common by the owners of the individual units.
Condominiums attempt to combine the advantages of owning a single-family home with those of renting an apartment. For example, condominium owners receive the same tax advantages as homeowners. They also share expenses for services used by all the residents. A condominium association, funded by fees from the owners, typically makes decisions regarding the maintenance of the building. The association may also enforce certain rules that govern how owners may use their property.
