What's the difference between a condominium and an apartment? Or is there even a difference?
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ANSWERS: 5
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A condo is a longer term lease. You can own a condo I think, whereas with an apartment, you can lose it very suddenly.
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You own a condo, you rent an apartment.
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a condo is like an apartment, but you own it, whereas an apartment is owned.
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A condominium is usually a lot bigger,more luxurious and expensive to own or rent.
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A condominium is s owned much like a single family home. Many former apartments are now condominiums. There have been no physical changes to the property. The difference is only the actuall owner of the property. An apartment building is owned by a landlord who rents each individual apartment to tenants.The same building can be converted to condominiums simply by selling out individual apartments to the occupants. The individual owners collectively are responsible for maintenance and sevices (paid by the occupants through a condo fee). Each owner can change the interior of their condo in any manner they wish where a tenant of an apartment may not.
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