Difference between a condo and an apartment
A condo vs an apartment:
Apartments and condos are no doubt two of the extremely popular sorts of residential facilities in a world that is being urbanized at such an alarming rate. Yet, there are many differences between apartments and condos that sets them apart.
What is a condo?
A condominium or a condo is a form of a housing facility where a specified part of this estate, such as an apartment house is privately owned whereas other facilities such as hallways, heating system, elevators, exterior areas, pool, gym are available to all owners and their guests as common property. Each unit of a condominium carries an individual deed of trust and therefore, it is possible for a single purchaser to purchase several condominiums and operate them in such a way that an apartment may be operated in.
What is an apartment?
An apartment is a housing unit which is contained in a building referred to as an apartment building which usually comprises of several apartments. Some apartments can be owned by an owner or an occupier while some can be rented by tenants.
Apartments can be found worldwide, although the term apartment is preferred by the North Americans, the term flat is used to refer to an apartment by UK citizens and also in most commonwealth countries.
Although in Malaysia, the term flat is used to refer to apartments which have lesser quality facilities whereas an apartment could refer to a luxury condominium which are usually more expensive than others.
What is the difference between a condo and an apartment?
Both apartments and condos can be rented and both are known as housing facilities and yet, a condo can be privately owned and they could be rented out to someone else. In this case, it is the owners that are responsible for the maintenance of that area whereas an apartment is owned by its developers and given out on rent to different tenants every once in a while.
A condo is also referred to as a co-operative society and while one possesses the full ownership of the piece he or she is free to perform any sort of changes to the condo interiors according to his or her own wishes. The common areas are jointly owned and the maintenance and other decisions taken in regards of those areas are typically taken by a group of members who are selected by the condo owners themselves. The maintenance charges of those common areas are shared by all.
Often times, it is possible for a developer to purchase an apartment building and convert the individual units of the building in to to condominiums by bringing them up to city code and offering them for sale.
There are different types of apartments. Such as studios, apartments with several rooms and also garden apartments. A studio is usually comprised of one large room which serves the purpose of a drawing room, bedroom, dining room alike and is typically popular among bachelors whereas several roomed apartments and garden apartments are preferred by families with multiple members.
A condo is much more expensive than an apartment and is more suitable for permanent stay in which one does not move around or change residencies often. Apartments are much cheaper and is more suited for those who are constantly on the move and in need of changing one’s residence every so often.