Condos and apartments might appear quite similar on the outside, with several dwelling units and shared facilities housed under one roof. In both cases, exterior maintenance and upkeep are provided for the residents. The key distinction is one of ownership, and this distinction affects both tenants and potential purchasers. Here is a closer look at the differences between an apartment and a condominium complex in Miami.
Understanding the Difference
A condominium is a unit inside a condominium complex in Miami owned by a single person who may choose to reside in the property themselves or rent it out. The owners of the condos will vary, so a complex is made up of several different owners instead of a single one.
An apartment is a unit in a structure that a landlord owns. The landlord owns the entire residential apartment complex and rents out individual flats to people who live there.
Renting Condos or Apartments
Condo communities, such as One Park Tower by Turnberry, will consist of a mix of owners and renters since condo complexes restrict the number of units that may be rented at any particular time. The homeowners’ association comprises condo owners and is responsible for maintaining the common spaces. Thus, they are often kept in good condition.
Condominium structures may provide more upscale facilities than apartments do. In contrast to renting through a faceless property management firm, renting a condo directly from the owner may result in your developing a closer bond with your landlord.
