What defines a condominium is the form of ownership. A making made as being a condominium (and sold in personal models to diverse house owners) could basically be constructed at Yet another site as (for example) an apartment building (the developers would retain ownership and lease specific models to unique tenants).

S.[49] Quite a few Us citizens' initially prevalent awareness of condominium everyday living arrived not from its biggest towns but from South Florida, exactly where builders experienced imported the condominium idea from Puerto Rico and made use of it to promote hundreds of inexpensive homes to retirees arriving flush with hard cash with the urban northern U.S.[forty six]

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Substantial-increase condos may be similar to apartments with regards to style and design and layout, although within an condominium you do not possess nearly anything Apart from your household furniture.

On the other hand, although both equally of these selections Use a great deal in prevalent, there’s one particular key distinction among The 2: homeownership.

There are plenty of differing kinds of condos. Some may be located in significant-increase elevator properties with numerous other units, and Many others are in tiny wander-up structures with just a couple other models.

Simpler to look after. In case your condo is a component of an HOA, solutions like lawn treatment or pool cleansing is going to be managed through the Affiliation.

For many initially-time potential buyers, condos make suitable starter homes precisely given that they don’t possess the maintenance and servicing of the detached dwelling, but you can nevertheless enjoy the benefits of possession and setting up fairness.

Chris Jennings is really a writer and editor with greater than seven a long time of expertise in the private finance and home finance loan Place. He enjoys simplifying complex mortgage topics for initial-time homebuyers and homeowners alike. His function is featured inside a n...

When you research a possible property, listen to whether or not the condo is below ongoing advancements—particularly when it is situated inside a flood zone, as is the case with a few Florida condos.

The HOA consists of a board that you just and one other condo proprietors elected. They be certain that collective tasks like landscaping, snow shoveling, and updates to the home are cared for. 

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Socializing alternatives: Quite a few HOAs organize social situations like pool functions, barbecues and doggy playdates. Moreover, because you see your neighbors in passing, you’re additional probably than not to meet them in man or woman. “Condos are a fantastic destination to meet up with individuals,” suggests Leonard.

Therefore, the only real noteworthy difference between a condominium and an condominium is ownership. A condo is normally anything you very own, while an condominium is a thing you lease.