Home Buyer's Option is a term used to describe the purchase of a condominium, which is a type of housing that is owned individually but is part of a larger building or complex. The term 'CONDO' is an abbreviation of the word 'condominium, ' and it is typically used to refer to a unit in a multi-unit building. Condos are often seen as a more affordable option for home buyers, as they are usually cheaper than single-family homes and offer amenities such as shared pools, gyms, and other facilities.