For example, some rules ban pet ownership, parties, and sub-letting your flat without permission. The most significant difference between the two is ownership. Moonlight Bay on Lake Keowee, a 65-home HOA located on the picturesque shores of Lake Keowee, faced a common set of challenges in managing its operations efficiently.
- Condos are more than 14 percent more expensive today than they were one year ago, according to NAR — an almost identical increase with single-family homes in terms of percentage of purchase price.
- During this period, you’ll want to carefully read through the community’s covenants, conditions, and restrictions, or CC&Rs, as well as penalties for not following them.
- The amount depends on the state of the building , the size of the unit, the type of amenities offered, and reserve budgets.
- You can buy this apartment for a base price of Rp3,600,000,000 (Rp24,000,000/SqM).
Doing so will help you decide which one is better suited to your requirements. There are several units contained within a complex that is leased out to individual tenants. In today’s guide, we will tell you everything you need to know about the difference between an apartment and a condo. Understanding the terms and their differences can help you make the right choice when selecting a suitable future home. Find out more on the property management services we offer here. We exclude Leasehold data from this market analysis because Leasehold properties do not compare with regular Fee Simple properties.
Condo FAQs
The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association or its equivalent. Unit owners pay condominium fees to the condominium association. These fees generally include the cost of insuring the building, shared utilities, and a reserve of funds for future maintenance of the building. They may also include the fees the association pays to a management company for the daily operation of the development.
- A historic mansion converted into condominiums in Chicago, U.S.
- While older ones may not have the most modern appearance, they tend to be more spacious; newer units, on the other hand, look much better but may have less space.
- This arrangement allows you to generate income from your investment while still retaining ownership rights.
Whether you choose a private condo or a condo share, both options offer unique advantages that cater to different lifestyles and preferences. Consider your needs, budget, and long-term plans to determine which type of condo ownership is right for you. Additionally, condos are often located in desirable areas, such as city centers or beachfront locations, offering convenient access to amenities, entertainment, and transportation. The proximity to shopping, dining, and cultural attractions can enhance your lifestyle and provide a vibrant living experience. Miranda Crace is a Senior Section Editor for the Rocket Companies, bringing a wealth of knowledge about mortgages, personal finance, real estate, and personal loans for over 10 years.