Condos, are private units that are a part of a larger complex. While ownership includes everything inside the walls of your condo, for some condo communities, you may not own (and therefore have control over) the exterior features of the property such as siding, roofing, and the nearby grounds. When it comes to condos, sometimes you share walls with others and sometimes you don’t.
Cost, convenience, and a sense of community plays a large role in why someone may opt for purchasing a condo over a single-family home. Owning a condominium is a great first step into homeownership and it’s a popular choice for first-time homebuyers. According to research done by CoreLogic, evidence suggests that “…condo sales will play a more significant role in the mortgage origination market in the next few years.” This trend will be driven by Millennials who are just now entering the home buying market. Others use condo communities as a way to down-size or age in place knowing that all landscaping and common areas will be meticulously maintained for them. Owning a condo will most likely require you to become a member of an Homeowners Association (HOA) which takes care of the shared spaces within any given neighborhood.
If you are thinking about buying a condo, you have a few options to consider. Condos come in a variety of styles; they aren’t just a one size fits all kind of property. Here are a few common styles you may come across in your home search.
- High-rise Condos: These are condo units located in buildings of up to 30 or more stories. These condo buildings may be located in the urban centers of large metropolitan areas. They can easily be found in major cities like New York, Chicago and Los Angeles. High-Rises in Hampton Roads are usually clustered at the Ocean or Bayfront, downtown Norfolk, downtown Portsmouth, or at the Westin Residences at Town Center.
- Mid-rise Condos: These are condo units located in buildings of anywhere from 4 to 10 stories. They may be found in hotspots with shopping and dining close by. Looking for a brand-new mid-rise condo on the bay? Check out the Point Chesapeake On The Bay right next to the Lesner Bridge!
- Low-rise Condos: You may find these condos in suburban areas close to schools and shopping. Low-rise condos are sometimes referred to as apartment-style condos. Aesthetically, they appear to be no different from apartment buildings. Like apartment buildings, residents share amenities like a clubhouse, pool, and tennis courts. But unlike an apartment building, residents own their individual units and also have equal ownership interest in the common areas.
- Townhouse or Row House Condos. Condos of this style look like your standard townhouse, but the difference is in ownership. While owners of townhomes own the exterior walls of their home and some of the surrounding land, condo townhome owners own only the interior of the unit.
- Quadraville: Quadraplex communities consist of 4 residences to a unit, usually all on one level. You can find these home styles clustered in the Bayside and Salem area of Virginia Beach or in the Greenbrier and Western Branch areas of Chesapeake. Common areas in the Quadraplex communities are usually managed by a Property Owners Association or a Home Owners Association. Not sure what the difference is between the two? Check out our list of 10 Real Estate Terms You Should Know Before You Buy in Hampton Roads.
All of the condo styles mentioned above are known in the industry as “attached” condos. Each unit shares at least one wall with one or more units. Detached condos are units that appear to be single-family residences and have no attached walls with another unit. They stand alone but share the same advantages of condo living. For those who may enjoy the prospect of owning a single-family residence without the hassle of exterior maintenance and lawn care, detached condos may be a great option.
There are currently over 900 condo units for sale in the Hampton Roads region. You can easily search REIN.com for condos by including this specification in your search criteria. Simply add the filters you desire in a home, select the MORE option and include “condo” in the DESCRIPTION field.
We encourage you to connect with one of our 8,000 agents to help you find a condo that’s right for you. If it’s a question of what you can afford, check out our mortgage calculator to help estimate your monthly payments. For local listings you can trust, start with REIN.com.
Start with the Source. Share the Source. REIN.com. https://www.corelogic.com/blog/2019/05/the-state-of-condominium-lending.aspx