Difference Between Condos & Apartments

When someone says the word condo, our brains automatically picture a high-rise apartment unit with a balcony and Pinterest type vibe. However, this may not always be the case.

Types of Ownership 

In the world of Real Estate there are two main types of property ownership - Freehold and Condominium. 

With freehold ownerships, you are the sole owner of the building and property outlined on the survey. With a condo ownership you are a part owner of the entire condo complex or apartment building with private use of the individual unit. All amenities, hallways, outdoor space are co-owned with the other owners. 

What is an Apartment? 

An apartment is essentially a style of Real Estate. It is a single unit in a larger apartment complex. The reason all apartments are condos is because in order to access the individual units you need features such as elevators, hallways, stairwells and a shared entrance into the foyer. These features all require upkeep which the condo corporation manages as well as the individual owners would collectively pay into a community fund which helps cover the associated maintenance costs. 

Some use the word “apartment” to refer to high rise rentals. 

Types of Condos

Condominium corporations vary in Real Estate styles -  from high rise apartments, to townhouses, and commercial buildings. Even gated communities with single detached homes can be considered as a form of condo ownership. When someone mentions that they’ve just purchased a brand new condo it can be a whole wide range of options. So be sure to continue the conversation by asking “what type of ownership is this property?”

As you can see the word ‘condo’ is often misassociated with a condo unit in a high rise apartment building. When deciding on your needs and wants in a new purchase, be careful of what you mean by “no condos” or “only condos”. You could miss the chance to see the home that works for you.