Which type of property ownership typically involves limited common areas shared among unit owners?

Condominium ownership typically involves limited common areas that are shared among the unit owners. In a condominium, individuals own their individual units outright but share ownership of common areas, such as hallways, pools, and recreational facilities, with other unit owners. This shared ownership is managed by a homeowner association (HOA), which takes care of maintenance and management of these common areas.

The concept of limited common areas is crucial to condominiums, as certain areas may be designated for the use of specific units, such as balconies or storage units, while still being part of the overall condominium property. This arrangement allows for a balance between private ownership and communal living, making it a distinct and popular choice for many buyers looking for a residence that combines aspects of both.

In comparison, timeshares typically provide access to property for a specific time period and do not include shared ownership in the same way as condominiums. Cooperatives involve ownership of shares in a corporation that owns the building, rather than direct property ownership, which significantly alters the nature of shared spaces. Single-family homes are individual properties owned outright with no shared areas, making them fundamentally different from condominiums.