Real Estate

Condos And Apartments: Knowing The Difference

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When most people are asked about the difference between condos and apartments, they get confused. The thing is that the terms condos and apartments are used interchangeably because everyone believes that they are both the same thing, and at most, that condos are probably bigger in size compared to apartments.

The two happen to share one crucial difference which we are going to talk about below. So, if you are interested in learning the difference between condos and apartments are and what each of them offer, you can keep on reading below.

• Both condos and apartments consist of multiple shared units in the same building. However, the sole difference between the two is the fact that you can “buy” a condo permanently, so in simpler words, its property ownership. Apartments on the other hand, are rented and you have the apartment to yourself just until the end of your lease. So, condos are a permanent option, apartments are not.
• Apartments and condos also offer different amenities. Condominiums offer amenities like pools, fitness centers, 24/7 surveillance etc. Apartments do not offer all of these amenities or luxuries. However, condo owners then have to pay for these amenities monthly through the additional Homeowner’s Association fees.
• Apartment owners cannot get renovations done in their unit. Condo owners can get them done however, they do have to run by major renovation projects with the HOA first to avoid complications.
• Condo owners have to pay for their maintenance and fixing jobs from their own money. However, in apartments, the landlord covers the cost of maintenance and repair jobs.
So, make sure that you carefully consider all these options and contact your real estate agent for further details before you make your decision. If you are currently interested in checking out condos, you can contact Edge Tower Condos to book a tour.