Condos are just like apartments but are not apartments. Many points or factors help us to distinguish between condos and apartments. The main difference between these both is that condos are managed by the Homeowner’s Association, but each unit has its own detach owner whereas in apartments, there are single units, but there are no individual owners. You can purchase a condo in piermont grand ec launch, but you cannot buy an apartment.
Let us know some of the points of difference between the condos and the apartments which are as follows:-
- Rules and regulations
In condos, the condo community has its own specified rules and restrictions that are needed to be followed by the members of the condo society. In apartments, there are only some rules that are set by the company, and those rules are applied in all units.
Amenities in both condos and apartments differ slightly as not everyone buys a condo, so condo community provides pretty standard amenities than apartments like swimming pools, fitness centres, etc.
- Maintenance and insurance
Once you buy an apartment, you have to maintain it by yourself, and also you are responsible for insuring your apartment. But in condos, the maintenance is done by the condo community, and it just fixes an amount per month for the maintenance and insurance fees.
- Overall costs
In apartments, the rate increases according to the market or the units available, whereas, in condos, the amount will be fixed and will increase after some time. Also, the overhead costs like maintenance and insurance are less in apartments and more in condos.
Many points differ between the condos and apartments, but you need to choose the one that is suitable for you also check out the points as mentioned above.