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Apartment vs Condo: 4 Key Differences, Explained

Over 30 million Americans live in an apartment, and this number has been mostly increasing since the 1960s. The demand for condos has also been increasing, and it seems that more than ever, people are moving away from housing and towards rental properties.

What is the difference between apartments and condos, though? What is an apartment? What is a condo? Is one of them better than the other? Not really.

The question of apartment vs condo is a personal one. Which one seems like a better fit for your current situation? 

Deciding which one is right, though, means learning more about them and how they differ. We'll discuss their differences in this article.

1. You Buy a Condo; You Rent an Apartment

The biggest difference between a condo and an apartment is that tenants actually own their condo. They do, however, still have to make a monthly payment.

At the very least, you'll need to pay an HOA fee, even if you've paid off the condo. If the condo is not paid off, there will be a mortgage payment, the same as there would be for any house.

2. Condos Have HOA Fees

HOA fees are fees charged by the Homeowners' Association that allow residents of condos access to the various activities and amenities offered by the Homeowners' Association. Unfortunately, these fees are required even if you have no intention of using any of the building's extras.

Apartments, meanwhile, do not have any of these fees. One of the biggest benefits of living in an apartment is that any amenities the building might have are usually considered to be part of the package. You're less likely to find many extra activities in an apartment complex, though.

3. Condos are Your Responsibility

Another key difference between a condo and an apartment is that apartments have landlords. In an apartment setting, landlords need to provide certain maintenance services to their tenants. This mostly amounts to making sure the space is livable.

Keeping a condo clean and in working order is almost entirely the responsibility of the tenant.

4. It's Harder to Evict Someone from a Condo

While owning and maintaining a condo is often costlier and more responsibility than renting an apartment, there is a definite upside. Since you own the condo, getting evicted is often much harder than getting evicted from an apartment.

The circumstances are often more complicated for a condo eviction, and it's not uncommon for lawyers and legal officials to get involved.

Apartment vs Condo: What You Should Know

The debate of apartment vs condo will likely continue for generations, and we'll likely never get a definitive answer. The best one is decided on a case-by-case basis, depending on your circumstances.

To make the decision, it's important to know how condos and apartments compare. We've discussed some of the biggest differences in this article, but you can never know too much about real estate.

If you want to know more about apartments or are looking for one, please visit our site. Feel free to contact us if there's anything you want to know.

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Mar 9