What is the Difference Between Condo Buildings and Apartment Buildings?

December 8, 2019 sharp:admin

While to some this may seem very obvious, a lot of people are not aware that condo buildings and apartment buildings are not the same. Truthfully, before getting my real estate license I thought that they were the same thing but they are actually completely different.
Condo buildings are buildings where you are able to buy and own your home
while apartment buildings are units that are all rentals. In some condo buildings you are able to rent out your unit if the building allows, but it is still considered a condo.
When you are living in a condo building you have the responsibility of paying for property taxes as well as assessments. Assessments varydepending on the building and is a monthly fee that goes towardsthe building and helps with the upkeep of the building. Apartment buildings on the other hand you are just required to pay the rental fee, which is usually monthly. While paying property taxes and assessments are not the most exciting thing, owning your own condo is a great advantage because you are building equity, owning your own condo is also an actual investment and counts towards your net worth.

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