Kanat Sultanbekov on Real Estate: Condos vs. Apartments

 

Kanat Sultanbekov on Condos vs. Apartments: The Difference

Investing in real estate can be confusing, especially if you're a beginner. One of the most common areas of confusion is between different types of units that are packed inside a singular building and share walls. What's an apartment, and what's a condo?

The main difference between an apartment and a condo is their ownership. Although they may seem similar, condos are owned separately. Apartments are generally packaged together under a single deed. Fortunately, it's easy to understand the difference by examining public records and title work.

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What is an apartment?

An apartment is a dwelling unit attached to other units contained within the same building, notes Kanat Sultanbekov. Anything smaller than five units together is generally named by the number of units; two units in one building is typically referred to as a duplex, four units is referred to as a quadplex. But technically, they are also apartment units. Apartments are rented to the occupants, with no ownership option. In fact, you can't own a single apartment individually because it's a component of a larger property with a single deed. So, for instance, four apartment units in one building can be purchased with one deed that can't be divided, explains Kanat Sultanbekov.

What is a condo?

A condo can be many things, depending on how the community wants itself to be structured. Unlike an apartment, each condo unit has an individual title. Upper level condos are divided into "air lots," allowing them to be titled individually.

A condo owner is also a member of a condo association, which takes care of maintenance and repairs involving the shared portion of buildings, like roofs, exterior walls, and any lounge areas.

Differences between a condo and an apartment

There are many condo communities that look identical to apartment communities, but those similarities are only skin deep, says Kanat Sultanbekov. From how decisions about the shared property are made to who owns what, there are several differences between condos and apartments.

Amenities

Apartment and condo amenities can be very similar, especially when modern apartment units are considered. From clubhouses to pools and gyms, both types of communities have nice things to offer residents. Apartments can sometimes offer a few amenities that condos don't, like on-site laundromats or free Wi-Fi. Condos may offer garages for each unit, which most apartments won't do.

If condo residents want new amenities to appear in a community, it's possible to make it happen with enough support from other owners. Apartment residents generally already have the standard amenities, and they have little control over additions or changes.

Maintenance

The maintenance of condos and apartments is very different. Because a single entity owns apartments, the owner is responsible for most of the maintenance, including items that are located inside individual units, like furnaces or dishwashers. Apartment dwellers are still responsible for changing light bulbs and cleaning their units, but most of maintenance tasks both inside and outside the unit falls to any property manager hired for the job.

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Condos, on the other hand, are maintained by the unit owners. An owner, such as a dishwasher, maintains some items. Other items are maintained by the condo association, which is collectively run by the owners of the condo units. Regular maintenance of an on-site pool, for example, would fall to the association, as would groundskeeping or the care of an elevator.

Dues and Rules

Apartment dwellers often have numerous rules that they must agree to before they could lease a unit. The owner of the apartment determines the rules without input from the residents of the units, explains Kanat Sultanbekov. On the other hand, condo rules are determined by the condo association, which is generally controlled by the owners of the condominiums in the community.

For more information on real estate trends, be sure to follow this Kanat Sultanbekov page.

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