Condominium

The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment usually a unit within a larger residential building but condos are owned instead of rented.

It's a common misconception that renting a condo is more expensive than renting an apartment. However, this isn't always true. Apartment and condo rates tend to stay competitive and consistent in the same areas. Condos are often more cost efficient with flat utility fees and waived add-ons like HOA fees.

A condominium, called condo for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few.Condominiums are often referred to as a 'common interest development.'

Condos. In a condominium block, the dwellings are owned by different individuals, who team up to make a body corporate, which is also known as an owners corporation.

What's the difference between a house and a condo?Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which it's built.

A condominium is similar to an apartment in that it's an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.

A condominium, called condo for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few.Condominiums are often referred to as a 'common interest development.'

The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment usually a unit within a larger residential building but condos are owned instead of rented.

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you'll still likely have a smaller, more compact living environment than you would in a house.