When investing in property, it is essential that you are equipped with the requisite information regarding the property before making a final decision. It is without a doubt that not many people can conclusively discuss the differences between a condo and an apartment. However while differentiating the two, one must be in tune with the numerous similarities as well.
An apartment is a portion of a building that is self-contained. A person who rents an apartment is called a tenant, and the tenant is usually limited as to the alterations he can make to the building because he doesn’t own the property. Conversely, a condo is a housing unit that you purchase from a luxurious complex. The most distinctive aspect is that when you buy a condo, you can make any alterations that you seem necessary because the ownership is actually transferred to you. Therefore you can paint and partition your new Condos in Vaughan.The differences are a handful and in a nutshell, this article will articulate the main differences as inferred from the foregoing affirmations.
Typically condos are preserved for investors that are looking to buy and own property in a unique and luxurious neighborhood. Condos are similar to single-family houses that are owned by particular individuals who are not keen on paying rent. Commonly, Condo owners acquire the property through mortgage loans. The owner may decide to utilize the property by living in it, or he may alternatively choose to rent it out. Condos are prime investments, and many owners prefer to rent them rather than transfer ownership to another party. Renting means you can capitalize on the market renting opportunities while preserving ownership of the property.
Contrariwise, ownership is not transferred when you live in an apartment. You are thereby mandated to pay monthly rent so that you retain possession of the property but not ownership. There is never a point that ownership is transferred, but possession is granted to the tenant in consideration of rent.
An apartment is characterized by rules and regulations that you must adhere to in order to sustain your stay in the premises. The regulations include limitations as to renovation and improvement of the premises. Also, it is required that you undertake to repair any damages that are incurred during your stay in the apartment. However, condo owners can alter the property as they desire because they own the property.
Condos usually have committees set up to facilitate general maintenance of the building in which the property lies. The owners of condos have a say in decision making unlike in apartments where the landlord has the only say on issues affecting the building.