What ownership structure is often associated with properties that have shared facilities like pools and gyms?

Condominium ownership is specifically designed for properties where individuals own their individual units while sharing ownership of common areas and facilities, such as pools, gyms, and landscaped grounds. This structure is ideal for people who seek the advantages of home ownership along with the benefits of shared amenities without the maintenance burden typically associated with stand-alone properties.

In a condominium association, unit owners collectively manage the shared spaces and amenities, which can create a sense of community and help in maintaining the property. The rules and guidelines governing the use of shared facilities are typically outlined in a legal document known as the bylaws of the condominium association.

This distinctive feature of shared ownership in common areas sets condominium ownership apart from other types of property ownership. For example, townhouse ownership often implies a separate structure and may not include shared facilities, while freehold estates typically represent complete ownership of a property, including the land and any improvements without shared amenities. Leasehold estates involve leasing property rather than owning it outright, which again differs from the cooperative nature of condominium ownership.