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.