Condominium vs Apartment
| Feature | Condominium (Condo) | Apartment |
|---|---|---|
| Ownership | Individually owned by private owners | Owned by one entity (usually a company or landlord) |
| Occupancy | You can own or rent a condo | You can only rent an apartment |
| Management | Managed by a homeowners association (HOA) | Managed by a property management company |
| Maintenance Fees | Condo owners pay monthly HOA fees for shared areas | Renters usually pay no separate fees, maintenance included in rent |
| Customization | Owners can renovate or decorate freely (within HOA rules) | Tenants have limited ability to make changes |
| Amenities | Often have shared amenities (pool, gym, parking) | Usually have similar amenities depending on the complex |
| Responsibility | Owners handle repairs inside their unit | Landlord handles most repairs and maintenance |
| Investment Value | Can appreciate over time; can be sold | No ownership; no resale value |
| Community Rules | Governed by HOA bylaws and regulations | Governed by landlord or property management rules |
In short:
- 🏠 A condominium is owned by individuals.
- 🏢 An apartment is rented from a single owner or company.