A condominium, often referred to as a condo, is a type of residential property where individual units are owned privately, while common areas are shared among all residents. These common areas can include amenities such as swimming pools, gyms, and gardens. Condominiums are typically found in multi-story buildings or complexes, providing a community living experience. Owners of condominiums pay monthly fees to a homeowners association (HOA) that manages the upkeep of shared spaces and enforces community rules. This arrangement allows residents to enjoy the benefits of homeownership without the responsibilities of maintaining the exterior and common facilities.