“It’s like an apartment, but you get the ownership.” This could be the answer that most people give when asked what is a condo. Yes, it is primarily the type of ownership that makes a condo different from an apartment. A condominium, commonly called a condo, is a dwelling unit owned by a person or a family in a building or community with multiple units. When it comes to the land and common use areas of the condo project, they are commonly owned by all the condo owners. Though condos are largely part of high rise buildings like apartments, detached condos like townhouses, duplexes or detached houses also exist. Nowadays condos have become the most preferred real estate investment option. People prefer condos over houses because they are cost-effective, safer and need less maintenance. The buying procedure for condos is similar to the procedures of any other residential property. You will have to pay a monthly or annual fee for maintenance and amenities. This fee is determined based o...