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Sep 25, 2023 · What’s the Difference Between a Condo and an Apartment? Unlike standalone structures, both condos and apartments are units within a complex (meaning they share walls with their...
- What Is A Condominium?
- How Condos Work
- How Much Are Condo Fees, and What Do They Cover?
- What Is An Assessment?
- Condo vs. Apartment: What’s The difference?
- Condo vs. Apartment: Which Is Better For You?
- Condo vs. House: What’s The difference?
- How to Buy A Condo
- Questions to Ask A Condo Board
What is a condo? Short for “condominium,” a condo is a private residence within a larger building or complex. The first condo in the United States was built in Salt Lake City in 1960, according to Matthew Gordon Lasner, author of “High Life: Condo Living in the Suburban Century.” Since then, this residence style has truly taken off. Currently, ther...
Since a condo is part of a larger residential structure (although “detached condominiums” also exist), condo residents typically share certain common areas and amenities with their neighbors. So what does this mean for a condo owner? It means you and your neighbors might park in a common parking lot or garage. You might use the same rec room or roo...
Average condo fees range from around $100 to $700 per month, although these fees can go much higher based on what amenities they cover. If the condo complex has high-end shared features such as a swimming pool, gym, and spa, condo fees can be several thousand per month. Generally, condo fees pay for the maintenance of any amenities outside your per...
In addition to your monthly condo fees, special assessments might arise. Every once in a while something big (e.g., a roof or an elevator) gives out, and there aren’t enough reserve funds to cover it. In that case, the condo owners will have to pay an extra fee for these additional expenses, typically tacked on to the usual monthly condo fees in sm...
While condominiums and apartments might look exactly the same—a residence in a larger building—the key difference has to do with who owns the property. Condos are homes you can buy, own, and sell when you wish. Apartments are places you can rent, but do not own. Another key difference between a condo and apartment has to do with property’s maintena...
Whether you should buy a condo or rent an apartment can be a tough decision, since each scenario comes with distinct pros and cons. For instance, renting an apartment is great if you’re not sure how long you’ll stay in the area, or don’t want the hassles of maintaining your residence. Buying a condo, however, makes more sense if you plan to stay in...
But what if your real estate debate is whether to buy a condo vs. house? Take a look at the differences between these two popular residential options, and the benefits each can provide to you and your family. 1. Price: Have you asked yourself, “How much does a condo cost per month?” Well, condos are usually more affordable than a house, and are thu...
We totally get why people buy condos: They’re cheaper and require less maintenance than a traditional house (no mowing the lawn). Plus, they’re often stacked with cool common amenities from pools to gyms. What’s not to love? Yet while condo living might seem carefree, buying one is not necessarily a simple task. Here’s how to buy a condo, how it’s ...
“One of the biggest considerations when purchasing a condo is who manages it,” says Nelson. That’s why, before you sign on the dotted line, you should arm yourself with these questions for the condo board to make sure it’s the right fit for you. 1. What are the fees? Most condos have a monthly fee that can range from $200 to $400 (an upscale develo...
Feb 7, 2023 · The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be...
Feb 14, 2019 · The biggest difference between a condo and an apartment is ownership. Condos are typically individually owned and rented out privately, while an apartment is usually owned by a property management company that rents out and manages all of the units.
- Megan Bullock
Jun 28, 2022 · 1. You can rent or own a condo. A condominium, or condo, is a single unit that’s part of a larger complex. Like apartments, you’ll probably share one, two, or three walls with your neighbors. But a different person usually owns each unit.
People also ask
What is the difference between apartment and condo?
What is an apartment complex?
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Are the units in an apartment complex the same?
Feb 23, 2024 · A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other...
Oct 17, 2023 · Sometimes apartment complexes are buildings filled with private apartments or condos. The owner can rent out these apartments but probably have HOA fees that could raise your rent. An apartment complex is more likely to be a high-rise in the city or sprawling property with multiple units.
