Home Realestate 8 Differences between an Apartment and a Condo

8 Differences between an Apartment and a Condo

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If you are having a milestone in your life, deciding where to live and where to have a very fresh start in your life, but you still don’t have enough money to buy a house, you might consider living in an apartment or in a condo. This terminology can be rather confusing to many people, as not everyone deals with real estates, and not everyone can say the difference between the two. It is why we made the list for you, with all of the possible differences between apartments and condos, but also with some of the most useful information that you should know about them. Changing your place of living is a big deal, so you should definitely do it smart, without rushing into anything. Before making a final decision, make sure to read this list. Here we come.

  1. Don’t expect the difference in style

Both apartment and condos may come in various styles, sizes, or anything else, so if you expected this to be one of the differences, you were wrong. But, continue reading.

  1. Ownership is the key

We can let you wait so long, but we’ll tell you immediately! Ownership is the main difference when it comes to apartments and condos. To simplify it, the condo is owned individually, while the apartment building is completely owned by a single owner or a corporation, and the individual units can be rented to people.

  1. Renting an apartment allows you short or long-term plans

Yes, this is also a difference between apartments and condos. It may also go in favor of apartments, because, if you don’t have a lot of money and you are not sure how long you want to stay in one place, the apartment is always the answer!

  1. Condos bring much more security

This is something that you should also take into consideration. When living in a rented apartment, you basically depend on the owner. If the owner decides to do something else with the apartment, you will need to move out.

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  1. Buying a condo is much cheaper than buying a house

The condo is definitely a long-term investment, and while you pay your monthly rent for your apartment, the moment you stop living there, everything is gone and you don’t have any rights. Plus, buying a condo will cost you much less than buying a house.

  1. Maintenance differences

While living in an apartment, you don’t have to worry much about the maintenance, as that is usually the owner’s obligation. However, as you are the owner of a condo, all worries are on you, and you need to make sure that everything functions perfectly fine.

  1. Rent and mortgage differences

The main difference between the rent and mortgage is the fact that the rent can increase, while mortgage doesn’t increase after you take out the loan. This is also very important, so think about it!

  1. Condos are still not very popular on the real estate market

If you own a condo, you must be aware that, if you plan to sell it one day, it will not be that easy as selling a single family house. On the other side, if you decide to move out from your apartment, you don’t need to worry about that!

So, what is your choice?

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