In this article, I will describe difference between condo and apartment in a very simple way. The main difference between two is ownership.
It is very important to know the difference between condo and apartment before taking a house on rent. Condo and apartment have some similarities like same lifestyle, facilities and living space.
Condo Vs Apartment
Condo and apartment are same in terms of looking.
Condo is owned by an individual while apartment is owned by property management firms.
Condo have less limitations compared to apartments.
Condo provides more freedom to customize your rented house while apartments have rules and regulations.
Prices of rent can fluctuate in condo while prices of rented apartments normally constant for 1-2 years.
Apartments offer more amenities than condos do, so the maintenance fees are greater for apartments.
Apartments provides shared services such as gym and swimming pool while condo doesn’t provide these services.
The condo owner is responsible for the maintenance and repair of the unit, while property management firm is responsible for the maintenance and repair of the apartment.
Condos are often owned by their owners for the long term, whereas apartments are usually rented for the short term.
Condos can be financed with a mortgage, but apartments are typically rented without requiring financing. Apartments may be subject to additional regulations and restrictions compared to apartments.
Condos can offer more privacy as each unit is privately owned and residents have more control over who enters the unit. Apartments may allow the landlord or owner to have more control over access to the unit.
Condo owners may have more flexibility to customize their units to their liking, while apartment residents may be subject to restrictions on renovations and alterations.
A condo’s resale value can be affected by the overall condition and popularity of the building or complex, but a apartment’s resale value is typically independent of its tenants.