Condominium Real Estate Definition In Franklin
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A inium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas.
A inium is type of living residence within a multi-unit complex where each unit is individually owned. iniums are commonly called condos, for short. The origin of the term 'inium' comes from Latin meaning "joint rule."
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
There are many reasons a person might buy a condo instead of a typical single-family house. Condos can be less expensive than single-family houses, as condos tend to be smaller. Additionally, unlike houses, condos don't come with any land. Each of those typically makes condos a less expensive option.
Living in a inium offers various benefits, including access to shared amenities such as pools, fitness centers, and communal spaces without the responsibility of individual maintenance. inium living also fosters a sense of community and often provides added security measures compared to single-family homes.
Buying a condo offers several advantages over owning or renting a single-family home, such as affordability, lower maintenance, and access to amenities like pools, gyms, and security services. Condos are often located in prime urban areas, providing convenient access to work, entertainment, and public transportation.
Etymology. inium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'.
