A condo, short for condominium, is a type of residential property where individuals own their specific unit but share common areas with other residents. These common areas can include amenities like swimming pools, gyms, and gardens. Condos are often found in multi-story buildings and can vary in size and style. Owners of condos typically pay a monthly fee to a homeowners' association (HOA) that manages the maintenance of shared spaces and enforces community rules. This arrangement allows for a more communal living experience while still providing the benefits of homeownership, such as equity and personal space.