There
are so many similarities in apartment and condo living. Due to these
similarities, people are often confused between both. However, the main
difference between living in an apartment and living in a condo is that of
ownership. You own a condo whereas; you do not own an apartment. Apart from
this major difference, there are many other differences discussed later in this
article.
What is a Condominium?
A
condominium is a one unit property. If you purchase a condominium, you must
picture a community living. Condominium
owners share
rights with other fellow residents. Swimming pool, garden, gym, may be a
church, playground etc are commonly shared between condo owners. In order to
maintain shared parts of the community, a committee is set.
This is an
association elected as well as selected with the help of condo residents. They
are responsible for all of maintenance and repairing works in shared parts of
the property. They will charge a particular amount of money. It is an
obligation of every condo owner to pay these monthly charges, often known as
maintenance charges.
In order
to live peacefully in a condominium, one must have to check community association
of the condominiums. Usually, it is because of inability of the association
that most of the condominium buildings suffer serious issues of water,
drainage, plumbers etc. Community association has set a list of rules and
regulations in order to maintain discipline in the community. It is duty of
every resident to abide by these rules and regulations.
According
to Dean Graziosi, you can rent your condo to a third party. But, before renting
your condo, you must consult condo association. Once you have signed rental
agreement with your tenants, it is duty of the tenant to abide by association's
rules and regulations. In most of the cases, tenants will pay maintenance
charges to the association, unless there is an important clause mentioned in
the agreement that suggests vice versa.
What is Apartment?
Apartments
are single buildings with multiple units, units are usually owned by different residents.
Apart from the ownership difference between a condo and an apartment, there are
mostly no associations within an apartment building. Unlike condos, there are
no shared property pieces in apartments. Usually, apartments lack individual garages.
According to Dean Graziosi, there are many types of apartments:
Duplex Apartments:
This
type of apartments consists of two portions build above one another. Both
pieces of the property are connected with the help of a staircase, going up from
living room or dining room of the apartment.
Studio Apartment:
This
type of apartment consists of a single room, used as both living room and
bedroom. There is a sofa-cum-bed attached with the main wall or available as a
single piece.
A Cold Water Apartment:
This
type of apartments is generally situated in old areas of the city or town. They
do not contain modern equipments.
An Efficiency Apartment:
These
are small one room apartments. They are fully furnished and usually come with a
small kitchenette and washroom.
Railroad Apartments:
This
type of apartments is built in a sequence, i.e. you have to pass from door of
one room to enter into the other room.
Which is Better: Condos Vs
Apartment:
According
to Dean Graziosi, it is choice of resident solely. Dean Graziosi is an expert realtor. According to him people are
often confused between a condo living and an apartment living. Dean is serving real estate business for more than two decades.
During these long decades, he has dealt with all property types. His expert
opinion on purchasing and selling property, legal issues related to real estate
and starting your career as a realtor are highly valued by American people.
Dean has
also written books on real estate topics. Totally
Fulfilled and Profit from Real Estate
Right Now are New York Times bestsellers. Dean suggests his clients to read
all about both types, apartment and condos. If you are up for a well-maintained
and disciplined lifestyle, you can choose a condo. Whereas if you prefer a
comparatively cheap lifestyle with a small space, perhaps one room, apartments
are ideal for you.
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