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Just wondering, right now I pay rent and live in an apartment complex. But my friend at work told me I should look into purchasing a condominium instead? What’s the difference between an apartment and a condo? I know apartments you pay rent every month? But Condos have like condo fees every month too right? Isn’t it about the same thing?
You buy condos. You rent apartments. You can can rent condos too. Usually your rent is the mortgage.
A 30 room appartment is owned by a single entity or person. A 30 room condo can have up to 30 people paying to own their particular slot in said condo.
The maintenance is the same though. The lawn will be cut, the snow shoveled, the water pipes will be maintained.
You can just nail a picture to a wall without much of a fuss in a condo.
you pay condo fees for tax & maintenance of common areas
condo fees are way cheaper than rent and youre buildin equity as you pay mortgage
if your stove or ac fails youre prolly payin yourself where a rental should be fixin it on the landlords dime
An apartment building is literally a block of flats filled with individual living spaces. A condo is a massive building which you own the entire living space of.
A condo has two floors typically. And a little patch of a yard. Everyone has their own ground floor door. Where as apartments are stacked to limitless floors.