Monday, January 6, 2014
The difference between a Condo and an Apartment
"Both forms of accommodations offer their own pros and cons. Physically, it is impossible to distinguish between the two, it is the law which defines the two that help us in making the differences more clear. Essentially one could say that a condo is collection of individually owned apartments that could be rented out to someone else and where the owners are responsible for the general maintenance of the area whereas an apartment is owned by the developers and given out on rent to different tenants.
The advantage of living in a condo (very often known as a co-operative society) is that you have full ownership of your house that is you can make changes to the interiors or the exteriors according to your whims and wishes which is not really possible in case of an apartment. While you own your house, common areas such as hallways, swimming pools, tennis courts etc are jointly owned by the members of the society and the maintenance expenses are shared by the members. Very often a team of members is elected by the condo owners which are part of a residential society and are responsible for the decisions to be made regarding the common areas and the general maintenance of the condo.
An apartment or a flat is generally a small part of a multi storied building which can be owned (by the one occupying it or the developer of the multi storey) or could be rented out for a fixed monthly rent. Different types of apartments are available ‘“ studios that are essentially one large room apartments comprise of common drawing, living and bedroom are very popular amongst bachelors. There are also two or three room apartments or garden apartments which are more popular amongst small families of four or five members. In case of a rented apartment you are bound by the owner’s rules and usually do not have full control over the house you are living in.
In general, condos prove to be the better option if one is looking to permanently stay at one single place or at least not move for a considerable amount of time. An apartment, on the other hand, proves to be a better option if you are always moving. The reason being buying a condo for a short period of time would prove to be more expensive as compared to paying a fixed monthly rent for the time one occupies the apartment."