When it comes to home ownership in Austin, many buyers are surprised by the dynamic market they are about to enter. Competition is fierce, home prices continue to escalate, and knowledge of neighborhoods, builders, major transportation routes, employment centers, and area amenities is critical for making an informed decision on where to purchase. Deciding on the right type of home raises a lot of questions, particularly when considering a condo.
For the buyer who wants to live in or near the downtown area, a newly developed project, or in a highly desirable area, choosing a condominium may be the answer. Condos for sale in Austin come in all sizes, types and price points and are gaining popularity with those who want a carefree lifestyle. In some neighborhoods, condos may also be more affordable than a single-family home.
So what really is a condo? Condominiums, or condos, are a form of real estate ownership. A condominium is a unit within a building or complex of residences. Most homes and some townhomes are owned fee simple. The most common form of ownership, fee simple, allows for ownership of both the building and the lot. Condo owners have a shared interest in the building, but they usually do not own the land and may not own some of the amenities.
Many buyers have a hard time understanding what they are buying, and the best answer to this is; everything wall to wall and ceiling to floor. This definition is not entirely accurate. Buyers of a condominium unit also have joint ownership (and responsibility for) everything within that building or group of buildings as well as the common areas. Owners may share ownership in hallways, elevators, walkways, fencing and landscaping, HVAC systems, roofing, and amenities.
Austin condos for sale are either attached or detached. Driving through some neighborhoods, it is often difficult to tell that those single-family homes with immaculate landscaping and beautiful entryway are condominiums. Condos types include high-rise, low-rise, mid-rise, townhome, or single-family properties. Their common denominator is that sole ownership tends to include only the inside of their unit.