In a unit development, a land owner can choose to use his Sydney property and make it a townhouse, apartment complexes or multiplexes. When done, the owner could either sell or rent it out to someone. The land owner retains ownership to his land, but the individual buildings and/or apartments are now solely owned by their respectful buyers.
There are many unit developments in Sydney where a building or development includes up to a maximum of 40-50 apartments. Each apartment is owned by a different owner but the whole building and common areas such as lobby, waiting room and swimming pools are owned by every resident of the building.
This type of ownership is being highly favoured by many Sydney buyers because unit developments are cheaper than conventional residences, especially for those who are just starting out. It will cost you lesser and it can make your transferring hassle free.
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