Verified answer

An apartment and a condo are the same thing. The difference is ownership. A condo is a privately owned apartment in a building of similar units. An apartment is a unit in a building of similar units, all of which are owned by a single entity.

Apartment Vs Condo

Condo Vs Apartment

With an apartment, one person (or business) owns the entire building and all of the units inside. You can only rent an apartment -- unless, of course, you want to buy the whole building. Typically an apartment building will have an onsite manager.

Condos are seperately titled to an individual owner. Although you might be renting, the person renting next to you will be paying their rent to a different person. Since condos are owned by individuals, you may not have an onsite property manager. Some owners will live in their condo, others owners will rent out their condo.

individual apartments are usually owned by a management company - not a person. individual condos are usually owned by actual people. if you own a condo, you may/may not have the option to rent it out to someone else due to certain rules, locations and/or the homeowner's association.

note: some condos you see were actually apartments which were converted to condos a few years back during the housing boom. the best condos to buy are actually condos which were actually built to be such: a condo.

a condo cna be rented by the its owner but the owner of a condo doesnt own the entire building just one unit. So the building itself is owned by multiple people. An apartment on the other hand is owned by the same person that owns all the units in a building and the building itsself

Most condos you own but even with the condos you rent you have more freedom to decorate, you can paint the walls, change the flooring etc, most apartments will not allow this

you can't BUY an apartment unless it is a CONDO or a CO-OP.......A CONDO is the closest thing to owning your own HOUSE but you have to pay a montly mantenance FEE for the upkeep. A Co-op is nearly the same thing but you have to get approved by a BOARD and you have a lot of rules etc. It is more like owning STOCK in a coporation complared to owning your own company like a CONDO. Also the co-op is less expensive but the Monthly fee for upkeep is a lot MORE i believe.

You can buy to own a condo and you can rent to own a condo but the condo is most likely better.

In a Condo development each dwelling unit and residence has a separate ownership.

In an Apartment development all the dwelling units and residences on the property are owned by one party or company.