Are Condos Just a Fancy Apartment?

Whenever you do ask anyone what a condo is? Most will reply you that it is an apartment, but you are the owner of it. So, if you are deciding to live in either condos or apartment, there are a few things you should look at.

What really a condo is?

Condo or condominium is a residence which is owned privately by an individual or a family in a building of different units, and someone owns each unit. Mostly you are going to find condos in larger buildings, but there are also few detached condos. The most common thing in a condo is that there are common areas which are shared by all. There are yards, rec rooms, gyms, garages, etc. and every owner of the condos shares these things. This process also makes the keeping up of home much easier.

To maintain all the conveniences, there is a condo board made through electing in between condo owners. The board hires pool cleaners, landscapers, and persons for repairing other things or person fixing things whenever needed. Except for things inside your unit, which you got to take care of, the other things are taken care of by the board.

How to decide if you need a condo?

If you desire to own a real estate but don’t like to bother about maintenance and yard work, condos are best for you. The advantage of buying condos over apartments is that condos are better built and are better maintained, whereas, apartments aren’t, as they are rentals. Moreover, over time you will gain equity as a condo’s owner over your unit, so why waste your money on rents.

Moreover, mortgage rates are low these days, a person paying $2500 as rent, can easily buy a condo on $500,000 by taking help from the bank. The mortgage payment will almost remain the same.

The deciding factor between condos and apartments

A lot of people want life to be independent. They don’t like to be told what they can do and what they can’t do. This is why condos are the best. You live in your own space, and you have your own privacy on your space. The condo board decides on the regulations you have to follow, so before buying condos, you can go through the rules and regulations and decide whether to buy this condo or you can look somewhere else.

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