the difference between condominium and apartment in USA

Question

Please advise me the difference between condo and apartment.Please explain it in an easy way.Thanks

Pameladale · Accepted Answer

usually in Canada a condo is owned and an apartment is rented....they are very similar in construction but condos have more floors...are usually higher. If someone rents they call it their "apartment" and if they own it they call it their "condo". I hope that helps

Dimsumexpress · Answer

From a professional point of view, a condo is step up from apartment. Condo usually is owned by owners can rent it out. Condo is usually managed by an "HOA" which enforces the CC&R ( rules and regulations). It usually has a club house, a pool and a gym. In recent years, many older apartments were sold to developers who remodeled these old apartments and call them "condo conversions".

Apartments usually are old structures which will cost less to rent and have less rules. There is no telling who your neighbor may be. It could be a cab driver, a retiree or a college grad starting out. Depending in the area and communities, there may have a pool but not a "gym".

Anonymous · Answer

In the US, a condo (condominium) is an owned unit in a building where all the units have been sold to buyers, while an apartment is usually rented in a building which has rental units only. However, sometimes a person rents a condo unit, which blurs the issue. Moreover, there conceivably could be buildings where some of the units have been sold as condo units to buyers, while others remain as rental units only.

When writing or saying his address, a condo owner might refer to the number of his unit as: "apt. ____ ", which again blurs the issue.

A person who owns a condo unit might say: "I'm going back to my condo.", while a person who rents a condo would say instead: "I'm going back to my apartment." Furthermore, some condo owners might say: "I'm going back to my apartment."

The word "apartment" is sometimes used to refer to both an owned condo unit or a rented unit, while the word "condo" is only used for an owned unit.

Dimsumexpress · Answer

Hi, While what you said is true, I would say most people would rather tell their friends they live in a condo than apartment. It is a plain reality. Apartments are much cheaper which are more likely to attract different demographic elements.  Condo, on the other hand, sounds much more appealing and naturally cost more to rent, or buy. I bought a 5 year old condo located in the heart of Silicon Valley which I paid $401,000 for before the crash. At one point, I lost 25% of the value but slowly I am recovering roughly 10%. The HOA costs me $380 a month which covers the club house, gym, water, garbage insurance and management. For that reason, many original owners had bailed out and eventually these condos turned into bank-owned properties. Now many units have been purchased by investers who rent the two bedromm units out for $2000 a month, and it goes quickly.

the difference between condominium and apartment in USA

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