How condominiums are different from other investments?

Written by Posted On Tuesday, 17 June 2014 02:40


Are you planning to invest in real estate, but are confused about which would be a better option to invest upon – apartments or condominiums? If yes, take heart for we are here to help. Unlike what many people may think, condos and apartments are not the same thing. Though it would be really difficult to find out the differences just by looking at them, there are, indeed, significant differences between these two. It's also important to note that there are apartment condos, which are a combined version of condos and apartments.

There are a number of condos for sale in Niagara. But before you invest in them, you should be well aware of the differences between the two types.

How condos are different from other investments in terms of ownership?

This is the major difference between condos and apartments, among many. An apartment building is under a single ownership, which encompasses the complete property as a whole. On the other hand, a condominium is owned by multiple owners who own separate units. An apartment is usually owned by the building developer and they are rented out to tenants. But then, someone can own all the single condo units within a building, and might confuse tenants by operating in the same way as that of an apartment building.

What are the different advantages and disadvantages of a condo and an apartment?

While it is true that the shared areas are owned jointly, by all the members, in a condo, you can change the exterior as well as interior decorations according to your personal preference. Moreover, the expenses for maintaining the shared services like gym, swimming pool, hallways, are made jointly and no one has to bear the total expenses. In fact, the owners of a condo can form a committee to supervise the maintenance of the entire building as well as the shared areas. The best part about condos is that everybody has the common interest of keeping the condo in good shape, and help it retain its value, if not increase it. New Condos for sale in Niagara also match such features to offer the residents value for money. In case you are interested in Grimsby real estate and would like to check condos for sale in Grimsby, you can check a wide variety of options to take your pick.It’s important to note here thatdifferent regions have condos of different styles and price ranges to suit a wide variety of buyers.

On the other hand, an apartment is a single unit in a multi-story building, which you can own and stay in or rent out in order to secure a fixed monthly income. There are different types of apartments available for those who are looking for a living option. If you are on a tight budget, consider a studio apartment or the one ideal for a bachelor, as these are the smallest and can be bought or rented at cheaper rates. These are basically just one room with a living space and a kitchen, and therefore are ideal for those who are living on their own on a stringent budget. There are also one and two bedroom flats, which are bigger and spacious. These are ideal for couples or small families. Those who are going to rent an apartment have to follow the rules, provided by the actual owner. Unlike condos, you won’t get full control over your property. No wonder why many prefer condos over other type of real estate investments.

So, check condos for sale in Toronto or those in Grimsby before taking your final pick.


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