One of the most exciting occasions in your life may be when you decide to purchase a house. If you are actively looking for a home, then you can understand how overwhelming the hunt can be. You need to first reflect on a few issues and consider how to strike a balance between your wants, needs, and financial situation. Right from putting a query like ‘Luxury apartment for sale in Dubai’ on Google to visiting various residencies and meeting their owners or brokers, home hunting is a tedious process. There will be times when you have the ideal notion in your head but are unable to articulate what you want precisely. A similar situation where people often exhibit confusion is choosing between a condo and an apartment.
Let us understand what both terms refer to and how they are different from each other.
What is an Apartment?
An apartment is usually one of the most popular types of housing for renters. It usually refers to a building structure made up of several independently styled units. Different apartment complexes feature different amenities, generally including a gym, pool, or laundry facility in the common areas. Moreover, apartments are available in a variety of sizes, ranging from tiny efficiency flats to ones with a couple of bathrooms, and are relatively widespread in cities and metros. If you rent an apartment from a landlord, you do not accrue any equity while paying rent. Though all leases are different, many landlords are in charge of improving or repairing the leased property.
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What is a Condominium?
A Condominium, or condo, in short, refers to a sizable building complex made up of independent units, each of which is separately owned. The structural elements of the outside walls and the inside of a condo are typically owned by the owner. Shared community amenities, including swimming pools, elevators, garages, fitness centers, and outside halls, among others, are owned equally by condo owners. Typically, ownership includes a nonexclusive stake in particular ‘common property that is under the supervision of the condominium. While some condos are housed in high-rise structures, certain markets also provide detached condos.
What is the Difference Between a Condo and an Apartment?
While both kinds of properties are suitable for renting, there are some distinct differences between a condo and an apartment. If you are thinking about buying or renting one of them, then knowing about their difference would help you make the right choice.
The ownership of the two is where the biggest distinction lies. A residential society is owned by a single organization or management of which an apartment is a part. On the other hand, a condominium has a separate landlord for each unit. The property is entirely managed by the landlord. In other words, the owner has complete control over who rents out the house, making it a more intimate and one-on-one experience.
Condos are maintained by a Homeowners Association or HOA. This entity has the power to enact rules and regulations for the condos and charge a predetermined fee from the condo owners. This fee is related to services like maintaining the lawns or managing the exterior portions of the condos. Apartments, on the other hand, usually come under a property management company that decides the common rules and regulations. Unlike HOA fees, the occupants of an apartment pay the maintenance fee for cleaning the common areas and repairs.
Talking about commitment, condos seem to have long-term bonds. This is because you are investing in it and paying monthly installments to own the property. Apartments are usually occupied on rent and hence come with flexible commitments. Once your contract expires, you are free to move wherever you wish.
When it comes to furnishing, a condo probably has a more individualized feel to it as the owner themselves usually live in it. They are likely to include modern amenities like hardwood floors, granite countertops, new appliances, and probably quality paint color on the walls. In other words, it is likely maintained and well-kept. When it comes to an apartment building, all the units in it are the same. As they are usually given on rent, the furnishing may be quite basic, along with the choice of flooring, lighting, and wall color schemes. Moreover, apartments are less likely to be renovated or well-kept.
Now that you know the differences well, decide whether an apartment or a condo is aligned with your preferences and start the hunt accordingly.
