I asked this question in a question, but no one answered me! Go figure. So, like, what IS the difference? I've always thought they were the same thing!!!!!!!!!
2007-09-16 07:58:04 · 23 answers · asked by . 1 in Entertainment & Music ➔ Polls & Surveys
Apartments are for rent, condos are to buy.
2007-09-16 08:00:45 · answer #1 · answered by Shades of Grey♥ 7 · 5⤊ 0⤋
An apartment is a place to live that you rent from the owner. A condo is purchased by you. It may be in a building with other condos. However when you make a monthly payment, you are building equity and you may take out a mortgage or home equity against it. You are then able to take the interest on those loans off of your income tax. Apartment living is good if you don't have plans to stay in an area very long as long as you don't have a lease but you can be asked to leave and you have to. Owning a condo has advantages over owning a house because usually the yard and certain other things like outside window washing or whatever are included. You must read the condo owners contract carefully. You may not have as many right as with owning a piece of property and a house. However to me living in a condo would be a lot like living in an apartment. People going and coming at all hours, having parties, having to be sure you don't disturb others etc. Hope this helps
2007-09-16 15:08:15 · answer #2 · answered by mittens 1 · 0⤊ 0⤋
An apartment is owned by a person or corporation that offers a place with the understanding that you are transient or short term. The landlord may or may not do repairs, lawn care, and deal with loud neighbors. You can't paint, bring in companions (furry or otherwise) and you can be evicted in a set time for any reason they think up. You can leave when you want and usually pay month by month.
A condo unit is usually larger, owned by a corporation made up of (or directed by) each owner. You purchase one like you buy a home, owning your section. Repairs, lawn care and disputes are handled by the condo staff. You can redecorate as you please on the inside (with the exception of removing walls) and can have companions (some places don't allow pets over a certain size so read the contract) as long as they don't constitute a nuisance. You have to be voted out, which can be horrendous for everybody, and never unexpectedly turned out. You have to sell the condo, just as though it's a house, and usually have a payment each month, just like those who own a house. Think of condos as tiny houses, made up to look like apartment complexes.
2007-09-16 15:08:07 · answer #3 · answered by Jess 7 · 1⤊ 0⤋
Apartments leases aren't as strict and expensive as a condo's lease. Condo's you buy, while you rent apartments...I think condos are like mortgages---buying to own rather than leasing like an apartment. Condo's do the upkeep like lawn mowing, maintenance, but so do apartments (that aren't run by slumlords, that is.) Condo's are often nicer as far as design and sometimes in better neighborhoods, therefore they're more expensive. There's a bunch of other stuff I missed, but those are the main differences.
2007-09-16 15:04:31 · answer #4 · answered by Mama Nuveau 4 · 0⤊ 0⤋
Apartment - as in, you rent a unit in an apartment complex. Basic floorplan, probably, and generally built for economy. Could be in a tall building, or not. Condo - a step up, perhaps. Probably looks like an apartment, maybe with similar amenities, only you own the unit (or you rent it from an individual owner rather than a complex). Sometimes you hear of buildings "going condo". That means it was an apartment complex before, but the owner decided to sell off the units individually.
2007-09-16 15:01:58 · answer #5 · answered by surfcarolinagurl26 3 · 2⤊ 0⤋
An apartment is a rental that you will never own. A condo is an apartment-type dwelling that you have a mortgage on or have the possibility of owning. Some apartment buildings "go condo": which means you have to buy it or move out.
2007-09-16 15:03:26 · answer #6 · answered by wwhrd 7 · 0⤊ 0⤋
The answers above just about cover it. I might add, ownership of a condo is the same as home ownership...you pay taxes, you control the interior decor (often the outside appearance is governed by a owners committee), and you are free to sell at whatever price you can get. The benefits include: lawn care included in membership dues, usually pools, weight rooms, other amenities not found with many apartments, security, and often oncall repair services contracted by the owners committee. Often an ideal alternative to single family housing for busy professionals or retired people who have not the time nor energy to devote to home upkeep.
2007-09-16 15:12:36 · answer #7 · answered by claudiacake 7 · 0⤊ 0⤋
Apartments are always for rent and smaller, also usually one level and you have someone above or below, and on either side. Condo's are usually mortgaged, and they are multi level and as big as a house. They usually have a garage, and a small lawn area that is usually maintained by a homeowners assoc. And, they only share a wall, if anything. Condo's are usually higher in price and value.
2007-09-16 15:08:05 · answer #8 · answered by C M 3 · 0⤊ 0⤋
Ownership. A condo owner owns their unit, a piece of the pie. They pay taxes and claim interest on their tax forms, as if they owned a house. An apartment is owned together -- it can be many owners in partnershipm but they act as one owner. People (lesees) pay the ownership (lessor) to rent the apartment.
2007-09-16 15:03:06 · answer #9 · answered by marie 7 · 0⤊ 0⤋
An Apartment you rent a Condo you buy***.
2007-09-16 15:01:06 · answer #10 · answered by CJ 3 · 1⤊ 0⤋
people who live in condos usually own condo, like a house, but even though they own the building they are still renting the land, people that live in apartment usually rent them and they down own the building or the land
2007-09-16 15:04:14 · answer #11 · answered by Anonymous · 0⤊ 0⤋