If you’re planning to purchase a condo, then this is the best idea to live in a condominium. If you realize that you love the area where you’re renting, you could be lucky and find the opportunity to buy the unit or a different one in a similar construction.
Apartments and condos have many similarities, and people often get confused. People think they are different words for the same purpose. But this isn’t true.
So, have a look at the important differences to each property that could make one more appropriate than the other for you based on your needs and choices.
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Regarding structure and layout, there’s almost no physical no difference between them, both are individual living places within the larger building or complex, and they vary in size and design based on the building.
With flats, the entire building or units is owned by a single person or company. With condos, each unit is owned by one individual or company.
In an apartment, your landlord is the property manager of this construction. In a condominium, your landlord is the person who owns that specific condo.
Both circumstances have their benefits and drawbacks. Handling the property manager of this building is simple but less private. Additionally, dealing with specific owners is more private but can be more demanding.