Final thoughts on condo vs. house vs. renting. Most people would prefer renting in a place professionally managed by a company because they are expected to be more organized and experienced in dealing with different situations (maintenance, paying the rent, fees). Condo vs apartment? In a condo, you’ll probably be a part of the condo community’s homeowners association (HOA). Condo owners pay regular monthly or quarterly fees to their associations. When it comes to buying property, townhouses and condos throw a unique curveball to the equation and the definitions of each might seem to blur on your first look. Both condos, as well as apartments, have their own set of pros and cons. There may also be a Homeowner's Association to manage building fees for the upkeep of areas outside of individual units. Condominiums are often one of the best options for building equity in cities and urban areas since single-family homes … Condo vs Townhouse: What's the difference and which should you choose? But, if you love hanging out by the pool yet want to live in a smaller, tight-knit community, a condo … Condominium associations play a significant role in the lives of most condo owners. Most often, those looking at condos are choosing to do so because they want to invest their money into owning property. Learn about the difference between condos and apartments and which is a better fit for your needs. The decision to rent vs. buy a home can impact your life for years to come. Condo or Townhouse vs. House Situated on their own lots, detached homes often provide owners with the most freedom when it comes to improving the … Condominium vs Apartment: Which Should You Choose? For example, what is the difference between a condo and an apartment? Plain and simple, the major difference between an apartment and a condominium – or “condo”, for short – boils down to ownership. As you can see, there are advantages and disadvantages to each housing type. For example, if a plumbing fixture starts leaking, it’s the responsibility of the owner or manager to fix it, not the tenant. Both condos and apartments have benefits, and at first glance, the two may seem to be a lot alike. Condos (or condominiums) are usually owned by a single individual while an apartment is normally owned by a developer or consortium. An association, run by a board of directors, maintains the common areas, services, and amenities, and is comparable to a neighborhood homeowners association (HOA). But unlike a condo owner, an apartment tenant has no responsibility for the interior either. Unless, when we say ownership, costs of renting, and amenities then there possibly be differences. However, living in a condo has its advantages as well. Apartments are owned by a property management company, leasing company or individual who owns an entire building or a series of units. The greatest difference between a condo and an apartment cost-wise is the way you pay rent, utilities, and additional fees.