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Apartment vs. Condominium


August 20, 2015

When in the market to find a new place to live, an apartment or a condominium is a great place to start.  An apartment is a building that is completely owned by a single owner, most times a corporation, and individuals are able to rent or lease the individual units.  A condominium is different in the sense that it is a unit that the renter actually owns while the rest of the building and the common areas are owned equally amongst all the other condo owners under an association umbrella.

Apartments: Ownership is not the only difference that an apartment building shares with a condominium.  The features and advantages also differ between the two.  When a resident rents an apartment they have more flexibility and a few options available that condominiums don’t provide.  For instance, when an occupant rents an apartment they can choose what type of lease they would like, be it short-term or long-term, as well as sometimes having the option to rent month to month.  Thus giving tenants the flexibility of being able to move out without substantial financial repercussions.

Condominiums: Besides the fact that purchasing a condo means the occupant owns the unit, there are other advantages to buying a condominium rather than renting an apartment.  One of the biggest advantages of a condominium purchase is affordability.  Contrary to popular belief, condos are rather affordable, with the exception of properties located in highly desired areas.  Hence, procuring a condo in a reasonably priced area is a great first step for first time buyers looking to own a home.

Tim Allen a South Beach expert in Miami and Continuum condos for rent, brought this update to you.  To learn more about the Continuum condos for sale contact him at (305) 588 2451.