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What's the Difference Between an Apartment and Condo?
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What the difference between an apartment and condo? What's a condo? What's an apartment? Learn the difference between apartment and condo from Robert Rico.
If you live in the city, you see apartments and condos every day. You might not be able to tell the difference between an apartment and condo because (judging by appearance) it could be impossible.
So, what IS the difference between an apartment and condo?
It stumps a lot of people. Even agents. So, here's the answer. The difference between an apartment and condo comes down to who owns the property. Both apartments and condos exist in a building. An entity who owns the building and rents out the rooms will have apartments. An entity who owns the building but sells the rooms, is a condo.
In other words, apartments are rented by the renter. Renters live in these buildings on a contract for a specified period of time and they will pay rent every month. But, condos are purchasable. Instead of renting an apartment, condos are bought – just like a house.
What some people don't know is that the Home Owner's Association (HOA) exists in condominiums. So, how does this affect those living in a condo? Well, let's find out...
Chapters:
00:00 - Introduction
00:23 - What's the Difference Between Apartment & Condo
01:16 - What is HOA?
02:15 - How does HOA work?
02:40 - How does HOA affect the MLS?
04:11 - Final Thoughts
#Apartment #Condo #RealEstateTerminology
If you live in the city, you see apartments and condos every day. You might not be able to tell the difference between an apartment and condo because (judging by appearance) it could be impossible.
So, what IS the difference between an apartment and condo?
It stumps a lot of people. Even agents. So, here's the answer. The difference between an apartment and condo comes down to who owns the property. Both apartments and condos exist in a building. An entity who owns the building and rents out the rooms will have apartments. An entity who owns the building but sells the rooms, is a condo.
In other words, apartments are rented by the renter. Renters live in these buildings on a contract for a specified period of time and they will pay rent every month. But, condos are purchasable. Instead of renting an apartment, condos are bought – just like a house.
What some people don't know is that the Home Owner's Association (HOA) exists in condominiums. So, how does this affect those living in a condo? Well, let's find out...
Chapters:
00:00 - Introduction
00:23 - What's the Difference Between Apartment & Condo
01:16 - What is HOA?
02:15 - How does HOA work?
02:40 - How does HOA affect the MLS?
04:11 - Final Thoughts
#Apartment #Condo #RealEstateTerminology
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