What is a Condo? The perfect hybrid between a house and an apartment. Condos are similar to houses in the way you own your home, but different in that you share ownership of the land, building, and common areas. Condos are similar to apartments in that you live in proximity to your neighbors which is excellent for forming a close community with those sharing some of the same amenities and property costs. Why not live a less maintenance life by living the condo life?