What is the difference between a Condo and an Apartment?

Apartments and condominiums are both liveable places of the people especially in the big cities where owning their own land is not possible. An apartment is a type of housing where people have ownership of the place. It can only be dwelt in once it is fully paid. A condominium, on the other hand, can be lived in at lease.

A required down payment must be fulfilled and people or families can start living in even though it is not yet fully paid. The owners of an apartment are only allowed to rent their apartment when paid fully while condominium owners are allowed to have their condominium be rented even though it is not yet fully paid.

Some people may assume that the condo and the apartment are the same, but actually, they have some differences that should be noted so that you will understand their differences. The condo is known to be managed by one association, but a separate owner owns each condo unit.

The apartment may sometimes be one big house, but separate people may rent the different portions of the home. There are usually some common areas in an apartment that will be shared by all the renters. In condominiums, there are also some common areas that can be availed by the condo unit owners, but they will have their toilet and bath. They will also have their kitchens.