Apartment vs. Condominium

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Difference between Apartment and Condominium

A place that you own and have as a possession makes you feel so comfortable. Flats are one such source. Living in a building with people of different communities and sharing their experiences makes you far more confident. A flat can be easily available and reasonable as well. Right for families to bachelors and groups mostly prefer flats since it's safer as well. Flats have been always popular and would remain it to be so for years ahead. The real estate property in today's scenario where working people and others are mostly investing are the flats either the apartment or the condominium.

Apartment
Condominium

Characterization

An area specified as in itself as a complete house in a construction is defined as the apartment. Mostly it's well organized and as well facilitated to give comfort to the resident. The rented apartment in a building would designate the apartment building in that particular building. In every way, the tenant can utilize the apartments i.e. either he/she can own it or rent it.

To differentiate an apartment with a condominium, it can be simply identified by the fact that the specific areas of the apartment are utilized by the owner for example the hallway or the exterior areas etc. This utilization of areas is authorized by the legal rights to the owner. In the scenario where in a property, the entrance to the apartment and the landlords property is same, it would be defined as the condominium. It's more like the property owned by the owner instead of renting.

Advantages

The apartment rented is the safest place to stay as most of the buildings are well facilitated with the security. The entire apartment can be kept safe by the guard of the building watching it day and night.

Since condominium does not differ much from the apartment, it has also the advantage of the safety issue. Since the owner himself/herself owns the property and utilizes it, he/she would be concerned about the safety as much as it is required.

Cost

An apartment is at an appropriate rate depending upon the size of the apartment. Apart from the size, the focus remains at the location. The location makes a huge difference since it gives an easy access to the resources available around.

In terms of cost, the condominium has the similar criteria to fall on. In some areas, condo have additional costs related to association fees which provide for maintenance of the grounds and building amenities.

When investing in a real estate, certain criteria should be kept in mind in order to make it suitable for oneself.

  • An apartment is an easier access to have independent household as well as the facilities with less of interference.
  • Secure are both the categories of real estate.
  • Sometimes, to keep in mind the affordability, a condominium can be an option.
  • Apartment and condominium can be the source of living for all the working people out there.

Live the way you want to and where ever you want to, decide on what you actually want from the location of your living spot. The best choice can be made among the apartment and the condominium. So go for your choice!!

Which housing option is most appealing?
  • Apartment
  • Condominium
 
 

Discuss It: comments 1

  • Guest
  • Andy wrote on May 2010

I live in a condominium, which I "purchased" about four years ago. In addition to my mortgage, I must also pay monthy dues to our Homeowners' Association, which pays for insurance, the night security guard, landscaping, and pool maintenance, etc.

We also have to follow certain rules in our community regarding any upgrades made to our individual units, type and size of pets, etc.

In our complex, however, several people own condos which they use as investment / rental property. As such, they "rent" their units out to other people.

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