What is a Condo | Difference between Condos & Apartments

Condos

condominiumCondos or condominiums? Well, I have not heard of these two words very often. I’m sure many would have not. Recently when I heard this word, I had to do a bit of research. There are cultural diversities across the globe, and likewise, there are linguistic differences too. In India, we often don’t use the word condo, instead, we use the word apartments or the society. Now to give a clear picture of what condos are, I have created this post. It is just the brief and the main difference between the condo and the apartment.

What are condos or Condominiums?

A condominium, or condo, is a structure made up of several individually owned units surrounded by jointly owned common areas. The condominium is made-up of Latin terms created by joining the prefix con-, which means “together,” with dominium, which means “dominion, ownership.” Therefore, it means “shared ownership” or “co-ownership. Apartments, flats, and condominiums are all the same in a physical sense. The words condos and condominium are primarily used in American, British, and Canadian English. They all refer to a group of rooms on a specific floor that is intended to serve as homes for people and families. But there is a lot more to understand than just linguistic differences.

Differences Between Condos & Apartments

For Example- A condominium is a private property that is rented to renters like you. An individual who becomes the landlord of the property owns the condo unit privately even if it is normally found in a residential structure or neighborhood. Renting a condo is more of a private transaction. The condo owner has complete discretion over who is approved to rent their unit. Let me elaborate a bit,

What Distinguishes a Condos from an Apartment?

condosNothing in terms of physical characteristics. Ownership is the distinction between the two. You now understand that an apartment is located within a complex (comprising other apartments) and is owned by a single entity, frequently a corporation, before being rented to several tenants.

A condo, on the other hand, is owned by a single person and is typically managed by that person directly or by the homeowner association for that particular condo community, frequently with the help of a property management firm. I realize it’s becoming a little complicated, but please stick with me! So, if you rent a condo, the individual condo owner is your landlord, whereas if you rent an apartment, the property manager or the owner of the company becomes the landlord and you might not have as much direct contact with them, once the unit is handed over to you.

A condo probably has a more individualized feel to it because the owner is also the landlord. Granite countertops, stainless steel appliances, and upgraded flooring are likely to be there, along with individual touches. It adds some variation to the community’s condos. If the owner of a condo hasn’t updated anything since purchasing or inheriting the property, which is uncommon, then they are responsible for everything in the building.

There won’t be a unique, individual touch to the kitchen’s color scheme of the flooring selection in an apartment. Unless some apartments are more modern than others, all the units in an apartment building are the same. While many apartment complexes now provide luxurious amenities, the majority of flats still come with more basic features like a laundry room, an outdoor pool, and a gym. Other apartments may even have dog parks, tennis courts, valet trash, and even an indoor mailroom. The neighborhood and apartment’s quality will determine this.

You will experience maintenance problems whether you own a condominium or a flat. The issue will need to be resolved, whether it’s a running toilet or a leaky faucet. The kind of rental you select will determine whether that is done by you, the landlord, or a maintenance crew.

According to a few people, apartments have good maintenance services like garbage collection, bill distribution and everything, which is not mostly seen in Condos.

Why Does the Indian Real Estate Market Don’t Use The Word Condo?

The Indian real estate market uses the term apartment or flats instead of condo. This is because In the Indian real estate market the ownership concept of a condo still needs to be figured out I guess, I mean to say people need to come to the terms of the agreement. But still, we have the concept of gated communities and villas.

Conclusion

Condos and apartments both look the same. I would claim that there isn’t a difference. The only things that change about any given space are perspective and location.

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