What Is the Difference Between a Condo and an Apartment?
What is the difference between a condo and an apartment?
The main difference between a condo and an apartment basically comes down to whether they are individually or privately owned, owned by a corporation, or by a management company.
What is a Condo?
A condominium, or condo for short, is often a property that is shared and contains individually owned units/residences. Coming from a legal standpoint this means basically that when you purchase an apartment you can call yourself a condo owner.
What is an Apartment?
Apartment is a term that almost always applies to a building or buildings with units that are rented out. Most times a corporation runs the complex of buildings and residences. One management company manages all residents versus a private landlord.
More about the difference between a condo and an apartment:
Condominiums usually offer services and facilities to condo owners, such as maintenance repairs, lawn care, pools, gyms and club houses. Many of these services, like clubhouses, exercise facilities, and pools are also offered in apartment complexes, but are not required to be maintained by the owner of each unit.
Condo owners or their tenants must follow all set regulations and policies of the condominium’s homeowners association. This often includes, monthly association fees, requires owners to maintain a specific type of appearance outside and around the premises of the residence and pet restrictions in and around the property of the community.
The difference between a condo and an apartment in this aspect is that apartments are not considered to be in a shared community. This is because fees and maintenance are already included in rental costs and taken care of by the management company.
If you’re a condo owner looking to rent your property, look no further than Legacy Properties-PM. There are special rules to keep the difference between a condo and an apartment clear within communities. As an elite property management company that services Denver, Aurora, Parker, Highlands Ranch, Centennial, Littleton, Westminster and more cities in Colorado, we can help. Call 720.989.1996 or contact us.