"Condominium: The most significant distinction between a condo and an apartment lies in ownership. A condominium, or condo, is a privately owned unit within a multi-unit building. While the individual unit is owned, the common areas of the building, such as hallways, fitness centers, and shared recreational spaces, are jointly owned by all the condo owners in the building. This shared ownership is managed by a homeowners' association (HOA) ."
"Condominium: When you buy a condo, you're investing in real estate. This means you'll have a mortgage, property taxes, and potentially the opportunity for your property to appreciate over time. Additionally, as a condo owner, you'll pay monthly condo association fees. These fees cover the maintenance and repair of common areas, amenities, and sometimes utilities. Apartment: Apartment leases are typically for a set period, often 6 or 12 months, offering more flexibility if you anticipate needing to relocate in the future."
Condos are privately owned units inside multi-unit buildings where individual owners own their unit and share ownership of common areas like hallways and amenities. Shared ownership is overseen by a homeowners' association (HOA) that collects monthly fees to cover maintenance, repairs, amenities, and sometimes utilities. Buying a condo involves a mortgage, property taxes, HOA fees, and potential property appreciation, making it a real estate investment. Apartments are rental units owned by a single entity or landlord and are occupied under fixed-term leases, often six or twelve months, providing more flexibility and fewer long-term financial commitments than ownership.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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