What is a Condo?
Do you REALLY know what a condo is? A lot of people assume it is an apartment-like home, but that is actually far from the truth. You might be surprised when you find out the REAL definition of what a condo is. You can read the video transcript below, if you'd prefer.
Greetings. I think one of the most misunderstood words in real estate, even by agents, is condominium or condo, for short. Most people presume it is a style of construction and they think of a hi-rise or a townhome. But that’s incorrect. Condo is not a style of construction, but instead is a type of ownership. Yes, hi-rise and townhome are very common types of condos. But anything can be a condo. Offices, warehouses, even traditional-looking detached homes can be condos (and we have a lot of these neighborhoods in the Austin area). In general, with a condo, you don’t own land under your property but instead you own a common share of all the land under the entire complex. There are also nuances with how ownership of common elements are handled, but that’s another topic for a longer video. In short, you should definitely understand what a condo is before buying one, and I’m always happy to teach you all about it. I’m Craig Smyser with 1835 Realty.