afaik it’s essentially an apartment but you own your domicile, and have a stake in the building as a whole along with the other “tenants” who are also co-owners.
An apartment is a structural classification (one of many separate dwellings within the same building, usually flats); a condo is a legal classification for how ownership of a dwelling works (collective ownership of parts of a property, individual ownership of other parts). If a home is both, it’s usually referred to as a condo, so “apartment” usually implies that it’s rented.
That’s an odd distinction to make isn’t it? I’ve only ever heard people refer to apartments as condos or vice versa. Nobody would ever call a townhouse a condo even though I think you’re saying they could/should?
What’s yhe difference between condo and apartment?
afaik it’s essentially an apartment but you own your domicile, and have a stake in the building as a whole along with the other “tenants” who are also co-owners.
And in addition to the mortgage there’s usually a monthly condo/HOA fee to pay for upkeep of common areas and roofs etc
Where do ypu don’t pay HOA feed while renting?
An apartment is a structural classification (one of many separate dwellings within the same building, usually flats); a condo is a legal classification for how ownership of a dwelling works (collective ownership of parts of a property, individual ownership of other parts). If a home is both, it’s usually referred to as a condo, so “apartment” usually implies that it’s rented.
That’s an odd distinction to make isn’t it? I’ve only ever heard people refer to apartments as condos or vice versa. Nobody would ever call a townhouse a condo even though I think you’re saying they could/should?
I live in a townhouse that’s also a condo, and call it one or the other depending on the context. Structurally it’s a townhouse, legally it’s a condo.
rental vs mortgage