As a young real estate agent I learned I had to quickly determine the difference between an apartment and a condo. Many people do not understand that there really is a difference between these two different types of living arrangements. As I studied to pass my licensing exams using real estate practice exams I learned that people didn’t understand the difference between apartments and condos. Let’s take a minute and really break down the difference between a condo and an apartment and why it matters to you.
What is an Apartment?
For many years Apartments were large buildings that people lived in and rented. An apartment is usually owned by one person and rent it out by many other people. All princess change of the year it is pretty common for people to still only rent apartments. The owner of the apartment is going to be the landlord technically. The person who lives inside is called the tenant.
What is a Condo?
Cardinals are a lot like apartment building. In fact a lot of condos are apartment buildings. Condos however are owned by the tenant. Unlike an apartment building, condos are owned by the people who live inside of them not by the person who owns the building. Oftentimes apartment buildings are actually condos. Looking from the outside there really isn’t a difference. However, if you only apartment that you live in you can call it a condo because it is something of your possession.
Which is better?
There is no one way or another that is better than the other. If you were looking for Home Ownership and want to make an investment in the property, then you’ll want to purchase a condo. If you were looking for someone to live for term and do not want to make a financial investment in this home it would be best to rent an apartment from a landlord.
There are many cases that can be made on either side of the spectrum. Is it better to be a homeowner or is it better to rent. Do you want to have to take care of the ground around your home, or do you want to have that be part of your monthly rent? Depending on where you live In the United States you may be interested in owning a condo. On the coastline band in large cities condos are very popular. People like being able to live in a condo and also have the convenience of an apartment building. They like that they do not have to care for a yard, but they own the home they are living in. There is no way to say which of these living arrangements is going to be better, it is simply something that you were going to have to take the time to study and decide which is going to make the most sense for yourself.