When you are planning to transfer to a city or somewhere urban, you would mostly hear the words apartment and condominium. Such choices would always be there, for condos and apartment are among the most popular choices for city living. That is why it would be beneficial to view the difference of both, and know which would be fitting for you.
It is important to realize the basic advantages and disadvantages of both options you have. To begin with, a condo would simply be understood as kind of a shared property wherein the units are owned by its dwellers. According to property cluster, a condo seen from a legal perspective simply suggests that "if a person buys an apartment, he can say that he owns a condo, as ownership is what differentiates a condo from an apartment. A condo is a kind of accommodation wherein the community supports a condo lifestyle, which includes maintenance repairs, lawn care, club houses, gyms and pools."
On the other hand, an apartment can be considered as a condo, but it differs from the latter because it refers primarily to "a unit in a multi-storied building that is owned or rented out for a fixed monthly rent," said propertycluster. It means that the tenant has no full control over the house or unit. It is the owner of the building who has the last say regarding rules and regulation, and unlike in a condominium wherein rules are set by condo homeowners association.
Having the important details in mind, choosing between a condo and an apartment would definitely lie on your interest of having an ownership or simply living and renting a place. But it if you are determined to settle in an area for good, then it would be for your best interest to live in a condominium or condo and enjoy a sense of long-term ownership.
