When looking for residential space you find yourself with two options; apartment or condo but which is the better choice. With both of these choices there are both advantages and disadvantages. Both are found in most cities, and both give you neighbors. The main difference between an apartment and condo is that you rent an apartment and are considered a tenant. With a condo you purchase it and are considered the owner.
The apartment is part of a building that could be one that has a few apartments or it could be a big multi-storied building many apartments. Each one is a self-contained independent property. It could be one, two, or three bedrooms or a studio apartment. The building is owned by the developer, third party, or builder. Many times there is a landlord who lives in one of the apartments and takes care of any maintenance problems that the tenants have. You cannot make any improvements such as painting without permission from the owner. When you renting you will have to have up front a security deposit and first and last month’s rent.
This type of dwelling that is shared and has separate residential living areas that are owned individually. It can be an office building, a complex with multiple units, or apartment house where each unit in the building is sold to various people. When you buy a condo, you are given complete ownership. Even though you will be free to repaint and remodel the interior you will still have to adhere to the regulations set out by the condo owner’s association. When you own a condo you become a member of the condo Home Owners Association (HOA) and part of a cooperative society. You will be able to use all the facilities and services provided, which can include lawn care, gyms, pools, clubhouses, and maintenance and repair. In many condos they have common areas like tennis courts, swimming pools, etc. All of these are owned jointly by all the condo association members.
When owning a condo you will be required to adhere to the regulations and rules of the condo association. Generally, the condo board is elected once a year. They are the ones that decide on these regulations and rules plus looks after the different maintenance needs of the entire condo complex. The cost for property maintenance is shared by the members of the HOA. It is usually paid each month. There are some condo complexes where the owners will have to pay a membership fee each year. Before buying a condo you need to have the finances to pay for it or secure financing. You will need the down payment and closing costs.
About the author: This article is penned by Lora Davis for Posh Properties, a real estate company that has the best ocean front properties and luxury condos for sale in the State of Florida. If you are looking for luxury properties then we are the best real estate agents that can help. Visit the website to discover a number beach front properties, we'll help you clinch the deal on the best possible terms.