Other than ownership, what are the differences between an apartment and a condo?


Other than ownership, what are the differences between an apartment and a condo?

In: Other

Ownership is really the only real difference. That said, in a condo building, there’s usually some kind of owners’ association where the residents as a whole are members and pay dues and the association has the responsibility of taking care of the outside of the building and sometimes minor internal repairs.

Ownership, but it has many side effects. The landlord that owns the building has control of a lot of things, unless you’re in a city like New York with lots of tenant protection laws. The condo owners usually have a more democratic management approach for the association that handles common facilities.

Living may be similar, but the responsibilities of a condo are more like a house. There can be disagreements over who is responsible for items. This is where a well managed condo has a “matrix of duties” that applies. Condos have bylaws that can limit resident behavior. Apartments have rent that can be raised at will unless controlled. Condos have association fees and special assessments. An apartment is a “turn key” operation while a condo can take some involvement to keep things running properly.

This is the main difference — an apartment is rented from a single landlord who owns the building and all units in it as well as all common areas. A condo is individually owned residential units with a homeowners association that owns the common areas.

I guess the biggest difference then would be that a property manager for apartments works for the landlord, while the property manager for a condo works for the residents.

In an apartment the landlord is responsible for maintenance, so when your ceiling fan breaks you call the landlord and they install a new one at no charge. In a condo that responsibility falls on the owner occupant.

The HOA stuff as the others said.

Condos are usually a collection of owners and apartments are a collection of renters. That typically translates into the condos being better maintained, but not always. You have a financial incentive to keep things right. It’s like how you treat a hotel room vs your own place.

I’m also guessing there are a lot more legal entanglements between condo owners than apartment renters. You don’t really hear of someone suing the person upstairs in an apartment but it will happen with condos.