The difference is that a condo owner is building equity, paying monthly homeowners association (HOA) dues and is responsible for all interior maintenance, while an apartment renter pays rent each month, doesn’t build equity and relies on the landlord to address maintenance issues. Plus, they're often stacked with cool common amenities from pools to gyms. An apartment is defined as a residence that is rented, often as part of a larger residential building. Apartments are a smart choice for residents who don’t want the responsibility and expense of homeownership. © 2020 Bankrate, LLC. When you buy a condo, you’re buying into the entire community—including its rules on everything from when and where it's OK to let your dogs off the leash to whether RVs are allowed in your driveway. The good news is that you can consider this an extra layer of due diligence to protect your own investment. We are an independent, advertising-supported comparison service. We do not include the universe of companies or financial offers that may be available to you. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Furthermore, these shared areas and amenities are enjoyed by all condo members without the need to maintain them on their own. If you are thinking of buying a flat, it’s almost certain that you will be taking on a Leasehold property but there are flats with freehold. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We value your trust. While largely a nuance, there are some difference in implication between an apartment and a flat regarding the level of luxury of each. Generally, condo fees pay for the maintenance of any amenities outside your personal living space that you share with your neighbors. Some apartment rentals may have a second floor or loft, and for many, climbing stairs is inaccessible. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Yet while condo living might seem carefree, buying one is not necessarily a simple task. Take a look at the differences between these two popular residential options, and the benefits each can provide to you and your family. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Finding the perfect unit to call home is not easy but the whole process can be complicated with the ambiguity of rental terms like apartment and flat. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Learn top tips for avoiding pricey home repairs, Best and worst cities for first-time homebuyers, How to choose between a condo, house, townhouse or apartment, Privacy policy / California privacy policy. The board can regulate everything from the size and number of pets you’re allowed to the ages of the people living in your unit. Remember, you’ll be sharing walls with your neighbors, and perhaps even ceilings and floors. 8 Myths About Renting You Should Stop Believing Immediately, 6 Ways Home Buyers Mess Up Getting a Mortgage, 6 Reasons You Should Never Buy or Sell a Home Without an Agent, Difference Between Agent, Broker & REALTOR, Real Estate Agents Reveal the Toughest Home Buyers They’ve Ever Met, The 5 Maintenance Skills All Homeowners Should Know, Click for complete coronavirus coverage from realtor.com, 5 Things to Consider Before Buying a Condo, Your Primer for Buying Condos, Co-ops and Duplexes, Read our stress-free guide to getting a mortgage, The Property Brothers’ Best Home Office Designs Ever—Including Drew’s Den, Gnarly!

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