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If you’re planning to move into the city or any urban area, you will be faced with various housing options. Two of the most common are condominiums (or condos) and apartments. These two are often used interchangeably by mistake and so today we’ll clarify things up for you.
Tomato or To-MA-to?
In truth, you can hardly tell these two apart by just looking at them. They can both be in high-rise buildings, or in smaller ones that are just several storeys high. What really sets them apart are the laws and rules that govern them.
So why are they so popular?
High-rise condos and apartments are common in urban areas because they take up less space and they’re able to accommodate more people.
As for the people themselves, these two types of housing are popular in urban areas because they are a lot cheaper than buying a piece of land and actual property. They also work well with people on the go, or people who are just looking for temporary housing as they pursue their careers in the city.
What is a condo?
A condominium, technically speaking, is a collection of individual home units along with the land on which they are located. Condominiums are a type of housing tenure in which a specific part of real estate (called a unit) is owned by an individual, while the adjacent facilities such as elevators, hallways, and recreational areas, are in the control of the association of owners who represent their joint ownership of the entire piece.
The association or condominium board usually imposes strict rules and guidelines regarding the use of facilities as well as with some aspects of each unit. Some of the most common rules include mandatory maintenance fees, color and design restrictions, as well as pet restrictions.
What is an apartment?
Apartments can also occupy a part of a building just like a condo. It can be owned by an owner or rented out to tenants. There are also rules that govern the use of an apartment. This will be under the supervision of the landlord, the property manager, or the owner of the unit itself.
What’s the difference?
The basic difference of these two all boils down to ownership. When a unit is sold to an individual and when each unit has different owners, then the building can be classified as a condo. However if any unit is rented out to a tenant then in that case, the unit can be considered an apartment.