A condominium also called as condo is a form of real property where a specified part of a piece of real estate is individually owned. The owners of the condo can access the common facilities under legal rights associated with the ownership. Condos involve shared living and shared ownership. The condo consists of amenities and that are jointly shared by the co operative society. The society members also share the maintenance costs. Condos are individually owned apartments and if the owner wants he can rent it to other persons. In a condo, all maintenance activities, including lawn care and roof replacement are taken care by a condo association. The disadvantage with the condos are one may not care for the restrictions imposed by the condo association.
An apartment is a building that is owned by the individual or a company and the renters in the apartment pays rent to the company. An apartment is a multi storied building. An apartment is only a part of the building. The apartments are less expensive than the condos. There are different types of apartments like studios, lofts, duplexes and one bed room, two bed rooms apartments. Apartment living provides many advantages like they have lower maintenance costs, tax deductions in the apartment rentals and renters in the apartments can easily change from one apartment to other.
There are some similarities in between the condos and the apartments like the both are maintained by the professional management. Security is also high in the apartments and condos. Both apartment and condo living gives the advantage of proximity to the business centers and schools and the library. Both are generally located in the center of the city.