Many people don’t know the difference between an apartment and a condo. If you are also one of them, then don’t worry as you will get a clear idea about it in this piece of writing. If you are looking for a new rental home in Leedon Green or you want to purchase a new property, then it is essential to understand the difference between the two before you take any decision.
What is a Condo?
A condominium, commonly known by people as Condo is a private residence which is given on rent to tenants. A condo is generally located in a community or a residential building, the unit that is owned privately by an individual who also becomes the landlord of that particular property. The owner has the full right to see that who gets approved to the rent particular unit, this is why renting a condo is personal than the process of renting an apartment.
The landlord is not on the site in case of a condo or they don’t live in another condo that is there in the same building. Many people opt for Leedon Green Freehold Condo as per their requirements related to accommodation.
What is an apartment?
An apartment is a rental property which is managed by an owner and not just managed by a property management professional who is also located in the complex of a residential building. The units of the apartment are the same, the owner is also the same, and some guidelines are given to the tenants to follow when they rent any unit in the complex.
All the tenants that live in an apartment, they report to the same property manager who is generally found in the leasing office to assist the current residents and to give other units on lease within the complex.
What is the difference between the two?
Now, the question comes that how an apartment is different from a Condo? When we talk about the physical attributes, there is no as such difference. However, the difference stems from the ownership of the apartment. An apartment is situated in a complex where there are other apartments as well that are owned by a single person/company and after that they are given on lease to different individuals.
When it comes to a condo, it is owned by a person and it is generally managed by the owner on his own or it comes under the umbrella of the condo community association. It generally relies on the assistance of the company that takes care of property management.
This means, when you take a condo on rent, your landlord will be the individual who is the owner of the condo, however when you take an apartment on rent, then your landlord will be the property manager. This is how condos and apartment are different from each other in terms of ownership.
You can live in a condo or an apartment as per the facilities that you need.