What is the difference between an apartment and a condo?
Question:
Answers:
Ownership.
In a rented apartment, if your neighbor goes away and leaves the water on and floods your unit. You may have some damage to personal property.
If the same thing happens in a condo, you or your insurance company will pay to repair your part of the building.
If natural agencies damage the building you will pay for repairs in a condo.
Apartments are generally rented or leased, and condos are generally owned. Nothing is much different in the structure itself.
apartment- you rent
condo- you own
An apartment is owned by one owner or entity, but a condo is owned by many owners individually. They can still rent them out if they want to (depending on the rules of the building).
in the Philippines as stated in the Socialized housing COde that unit price higher than 1millionPHp then its a condo unit.
You own your condo. I think they're more house-like and a little bit better than appartments. I think condos are also usually quieter
apartment you rent and a condo you own
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