What is the difference between condominium and apartment?

Condominium (Condo):

- Ownership: In a condominium, each unit is individually owned, while the common areas are shared and managed by a homeowners' association (HOA).

- Costs: Condo owners typically pay monthly HOA fees that cover shared expenses like maintenance, insurance, amenities, and landscaping.

- Decision-Making: Condo owners have a say in decisions regarding the building's management and maintenance through the HOA.

- Resale Value: Condo prices can be affected by various factors such as HOA fees, building amenities, and location.

- Financing: Condo purchases often involve obtaining a specialized mortgage product called a "condo loan."

- Amenities: Condos often offer shared amenities like swimming pools, gyms, and community rooms.

Apartment:

- Ownership: In an apartment building, the entire building is owned and managed by a landlord or property management company.

- Costs: Tenants of apartments pay monthly rent that covers the cost of living in the unit and may include utilities.

- Decision-Making: Tenants generally do not have decision-making authority regarding the building's management.

- Resale Value: Apartments do not have individual resale values since tenants do not own the units.

- Financing: Renting an apartment does not involve financing.

- Amenities: Apartments may have shared amenities like laundry facilities, playgrounds, and parking lots.