Difference between Condo and Apartment

Key difference: There are several differences between an apartment and a condo. However, the one main difference between the two is based on ownership; condos are usually purchased on a loan and owned, whereas apartments are typically rented.    

Nowadays, ‘apartments and condos’, these two forms of residential facilities, are becoming very popular around the world. The reason for the rise in their popularity is based on less space and provision of accommodation for a large number.  Both forms of accommodations offer their own pros and cons. Although, physically it is impossible to distinguish between the two, there are certain differences between an apartment and a condo.

A condominium, or condo, is a form of housing tenure and other real property, where a specified part of a piece of real estate usually an apartment or house, is individually owned.

Condominiums come with a lot of advantages; the main advantage being the complete legal ownership over the unit. Although, the shared areas of the hallway or stairs are jointly owned by other members in the building, one is allowed to change the interior or exterior of their homes according to their liking and taste.

In addition, in condominium buildings, the maintenance of shared amenities such as hallways, gyms and swimming pools, is a joint expense and shared by everyone in the building. It helps to maintain and upkeep the high standards and allows the condo to retain its value. Also, the owners have the option to elect a residential society that oversees the maintenance of shared areas and the building altogether. Everyone has the same interest at heart; keeping the building or complex in proper shape, in order to increase or maintain their housing value.

An apartment or a flat is a self-contained housing unit that occupies only a part of a building; it is usually taken on rent.

‘Apartment’ is a term that is usually applied to a unit in a building that is rented. Also, a purchased apartment can legally be called a ‘condo’, whereas any apartment for sale does not fit the traditional idea of condo ownership.

An apartment is a unit within a multi-story building; this could be owned or could be rented out for a fixed monthly income. There are a variety of apartments available as options for those looking for living accommodations. There are ‘studio apartments’, or ‘bachelor apartments’ are the smallest available options. These comprise of one room with space for a kitchen and modest living space, this space is best suited to individuals living on their own. Also, there are one and two bedroom apartments, which are bigger and appealing to couples or small families. However, there are terms and conditions to be abided by the renter, which are kept by the actual owner. Also, the renter generally does not get full control over the property.

Comparison between Condo and Apartment:

 

Condo

Apartment

Definition

A condominium, or condo, is a form of housing tenure and other real property where a specified part of a piece of real estate, usually an apartment or house, is individually owned.

An apartment or a flat is a self-contained housing unit that occupies only a part of a building; it is usually taken on rent.

 

Type

It describes a type of ownership.

It describes a type of dwelling.

Notion

It is usually purchased.

It can be owned and rented.

Size

They are big in size and provide many facilities.

They are smaller and offer less service.

Seller

The developer of the property sells individual units called condos.

The owner rents out apartments to individuals or people.

Called as

‘Condo’ is what one calls their ‘apartment’ which they own.

An ‘apartment’ is the same thing when it is rented.

Legal

It is the legalized property of the owner.

It is not the legalized property of the owner.

Property deed

It carries an individual deed of trust for each unit.

It carries a single deed of trust that encompasses the properties as a whole.

Expense

It is one time expense, which can be brought on loan.

It may be considered expensive, as it has a fixed monthly rent.

Ownership

Generally, they are owned by the purchaser, which can be lived in or be rented out by the owner.

They are usually owned by the building developer and rented out to tenants.

Better option

If a person is permanently looking to stay at one place for a long period of time, condos are the best option.

If a person is always moving, rented apartments are the best options.

Image Courtesy: pitchengine.com, rentseeker.ca

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