Condos, short for condominiums, are individual units within a larger building or complex. Each unit is owned privately, while common areas, such as hallways, pools, and gyms, are shared among all residents. This arrangement allows for homeownership without the responsibilities of maintaining the entire property. Residents of condos typically pay a monthly fee to a homeowners' association (HOA) that manages the shared spaces and amenities. Condos can vary in size and style, ranging from small apartments to larger multi-bedroom units, making them a popular choice for first-time homebuyers, investors, and those seeking a low-maintenance lifestyle.