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Understanding the difference between a condo and a multifamily residence

MRI Software

By understanding the pros and cons of each property type, youll feel confident making a decision that aligns with your goals. A condo, or condominium, is a privately owned unit within a larger multi-unit building. Multifamily properties face stricter financing rules, particularly for commercial properties with five or more units.

Finance 52
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What is multifamily property?

MRI Software

The HOA can provide added amenities and maintain the property’s exterior and common areas. Condo A condominium, known as a condo, is a private residence within a larger complex or building where each unit is individually owned. These units can range from high-rise buildings to townhouse-style layouts.