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Do You Know the Difference Between Apartment and Condo
The terms apartments and condos may seem similar to each other since they are related to accommodation, but the two are a way different from each other. If you are thinking of buying one of them, it is essential to understand the differences between them before signing a lease.
Getting your own space is a challenging task. During the hunt, you come across diverse listings, including villas, small homes, townhouses, apartments, and condos. It is easy to differentiate houses from flats or apartments, but the problem starts when you have to choose between an apartment and a condo.
Are the two accommodation options differ from one another? If yes, how?
What is an Apartment
In simple words, an apartment can be described as a property owned by a company that you can have on rent. A residential building or a complex may have many apartments that look similar, have the same sizes and common features. In most cases, all the apartments belong to a single owner or a company. Also, all the tenants follow the same accommodation guidelines.
When you choose an apartment to live in, you and other tenants of the complex stay in contact with a property manager, who is responsible for the overall health of the entire building.
What is a Condo
Also known as a condominium, it is a residential unit in a building or within a community. Here, one company or a landlord gets the whole community and makes condos available for sale. The individual decides who can rent a condo, which means a condo is a private property that comes with a more personal rental process than renting an apartment.
What is the Difference Between an Apartment and a Condo
Although the structure itself is enough to tell whether it’s an apartment or a condo, there are plenty of other things that make the two accommodation options stand apart from each other. They include:
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- Ownership
- Guidelines
- Features and amenities
- Maintenance and repair
Ownership
Although both condos and apartments are shared accommodation options within a property, condos can have separate owners. You can buy just one condo, an option that is not available when it is about getting an apartment.
Guidelines
Owners of condos can have their unique rules, while people in rental apartments follow the same guidelines. For example, all apartment tenants are asked to pay rent on a scheduled date. Also, they have to follow rules related to cleanliness.
Features and Amenities
Different condos may have different amenities. On the other side, all apartments of a complex look similar and have the same amenities.
Maintenance and Repair
In the case of condos, their owners are responsible for the maintenance work. When it comes to apartments, the maintenance fee is taken from tenants.
Conclusion
From structure and amenities to guidelines, there are plenty of things that differentiate condos and apartments from each other. Before buying/renting one, match them with your requirements. The best among them is one that suits your accommodation needs.
- Buying a Home
- Condos in GTA
- Investment in condos
