Although technically the main difference between an apartment and a condo is legal, in dozens of communities around the world there are clear differences. In this article we will briefly define each and then explain these differences.
Although they tend to look the same, an apartment is a private unit in a building that is rented and generally does not have any type of community of owners. Also, they do NOT provide additional services to their tenants.
A condominium tends to resemble an apartment; however, they are owned by someone rather than rented. Condo owners typically enjoy a host of benefits, such as swimming pools, gyms and clubhouses, and property maintenance and repairs. A condominium is generally run by an HOA and its residents MUST abide by the rules set forth by this HOA.
To answer the question of which is better for you: apartment rental or condominium ownership, you need to determine if you want to stay in your residence for a long time or if you intend to move a lot for one reason or another. If you are going to move a lot, renting an apartment is the best option for you. But if you want to settle down and love the city you live in, you should at least consider buying a condo. There is more of a community-oriented atmosphere in a condominium complex than in an apartment complex.
For some people, living in an apartment complex is too restrictive and they prefer the much more relaxed atmosphere of an apartment complex. Other people love the more orderly lifestyle that a condominium complex offers. The complexes also tend to be divided into specific communities; like a retirement community or a professional community. If you are undecided about what kind of community you want to live in; or maybe which city you want to live in, it’s a great idea to rent for a while first. You can find many condo owners who rent out their units. This is a great way to get familiar with a specific location BEFORE you spend a lot of money and time buying a unit there.
Another thing you can do if you rent an apartment or condo unit for a while first is save up the money to buy a condo of your own. Renting can be a good thing because you may not want to stay in your current town or city. So why spend the money on a more permanent location when you don’t have to? Take the time to get to know a specific area or complex, get a feel for the community. In the meantime, you can make sure you have a permanent job or your own business before you buy a condo. In other words, do all your homework first. Don’t just go into a blind purchase. You will be very happy that way.