What Is The Difference Between a Condo and an Apartment?

We take a look at the differences between a Condo and an Apartment!

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Ever wondered why some people call their place of residence an apartment and others a condo? I sure did!

Several years ago my curiosity had gotten the better of me (I wasn’t yet licensed as a Realtor). At the time, many of my friends were either buying or renting a place of their own. It was common to hear my renter friends say “come by the apartment this weekend” while the purchasing friends would say “you’ve got to check out the views from my condo”…or something like that.

For the most part I thought I had the terminology all figured out…the renters lived in apartments and the owners lived in condos.

NOT TRUE!

An apartment is a word used to describe the style of building! For example an apartment can take the shape of a high-rise or low-rise.

A condo (or condominium as they’re legally known) is a style of ownership and could come in a variety of forms…townhouses, detached houses, high-rise, low-rise, industrial or even retail! Therefore, a condominium is not defined by its physical structure but rather the way in which owners have agreed to share the ownership of the common elements of the property while retaining individual ownership of parts of the property which make up their units!

Now that we’ve gotten that straightened out, let’s get you a condo of your own…send me an email or give me a call I’d love to help!

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Music

Creative Commons — Attribution-ShareAlike 3.0 Unported— CC BY-SA 3.0

[PurgPurg]

This was honestly not a great way to explain it. Here I’ll try:
Condo: a unit owned by an individual person, rather than the entire complex owning the unit. The landlord can either buy the condo and rent it to tenant, or someone buys a condo for themselves to live in.
Apartment: unit is owned by the whole apartment complex, so the same business owns every unit in that complex, rather than separate individuals owning the different units.

[HimanshuAroraa]

Apartment: Long-term hotel
Condo: House in a building

[jackdawson]

There is a difference in an apartment and a condo. An apartment is someone who runs the whole building and a condo is something that is individually owned by someone; specifically a unit in the building. The owner of the condo does not only have a monthly payment for the unit but also for the HOA meaning the whole building (i.e. trash, parking, pets, other fees)

[Doors]

Main difference-
You: i rent
Her: whats your landlords number
You: i own this condo
Her: sweet show me your bed

[bwilshaw]

In the UK they are both called flats or Apartments, they mean the same thing one just sounds fancier than the other. You either own it or rent it.

[Ineddiblehulk]

We don’t have a difference here in Aus. An ‘apartment’ is just a dwelling within a bigger building. Whether you rent or own it’s still an apartment in an apartment building.

[nat]

ohhh. is that it. I thought condos are always more luxurious than an apartment 😅

[saulramirez]

There are luxury apartments that act similar to condominiums. There is a gym indoor parking garage and sometimes 2 floors within but it is still an apartment not a condo

[pxd]

But how does the payment work?

I know that in an appartement, you're paying for something that is never gonna be yours, is it the same for a condo?

[jessedover]

He says we're gonna slow it down a little bit, but continues to speed talk like hes on, "some heavy duty cocaine".🤯😆😅🤣😂

[vertigo]

In other words, it's useless for the renter. They are all apartments to us.

[annberg]

Thank you for such a clear explanation! I'll recommend your video to my ESL students! Have a good one)

[pattyh]

Hi! Thanks for the video and explanations. I used to live in Vancouver, but how come I remembered that people can own/purchase individual units in apartment as well? Friends in Taiwan asked me that and I couldn't explain that.

[isaiahtarte]

Ik this video was posted a while back, but THANKS FOR THE VID! It was genuinely super helpful.

[harshalgawai]

Which means every apartment in india Is condo??

[-timothe-]

But most importantly, condo sounds like condom, which is hilarious

[habtamuworke]

Thank you for such a clear explanation!

[jayakarpriyadharshan]

Great.. Thanks a lot for the easily understandable explanation

[anthonyp.]

Thanks, clear explanation, you the man 👉🤣👉

[mahoganymoon]

Does it matter how many floors a building has? For e.g there is a 2 level apartment style building that was for sale. Each floor for sale. Would that be classified as a condo since each person will own their own apartment? I was under the impression that it must be a high rise or at least more than 2 levels to be considered as a condo. Please clarify