What is the difference between apartments and condominiums? The less amount of land in urban areas has encouraged the development of vertical housings. The term which is often used to refer to such a dwelling is apartments and condominiums. Unlike the flats, each of the units of apartments and condominiums are usually equipped with luxurious amenities such as a swimming pool, a playground and a fitness center.
But in reality, even though physically the same, the term apartments and condominiums have different meanings, especially on the ownership status of the vertical housing. The term “apartment” is used to designate a vertical residential type which is usually rented. Meanwhile, the term “condominium is used for the type which is usually sold and purchased by different individuals, for example the Paya Lebar Quarter. In other words, if you buy a residential unit vertically from the building managers, then you can call yourself as the owner of the condo. Conversely, if you rent the dwelling unit of a condo owner, then you can call yourself as the owner of the apartment.
However, the term condominium is rarer to be used compared to the apartment. Most of the societies in the world prefer to use the term apartment, both for residential acquired on a lease or purchased. The term condominium is only used by certain circles. Both of owners of apartments and condominiums have the same opportunity to sample the facilities that have been provided by the building managers. Both are also equally bound to the rules and regulations, as required to maintain its design unit and forbidden to bring pets. The difference, if the condo owners have to pay dues on a regular basis, then the owner of the apartment no need for status as a tenant. The original owner of the dwelling unit is exactly who will pay it to the manager of the building.
When asked where the best, apartment or condominium? The answer comes back again to yourself. Are you more comfortable settled in the particular dwelling or not? For those of you who are accustomed to sedentary life and love with practicality, then renting an apartment can be a choice. Meanwhile, if you want to have a vertical housing itself and like to establish a close relationship with the neighbors, it can use an option to purchase, which will automatically make you a condo owner.