Living in a condo or apartment can be a great idea if you are looking for a comfortable and secure lifestyle. But did you know some of the differences between an apartment and a condo? Some of them have very different characteristics, and if you are thinking of investing in one or the other, you should know which ones can benefit you.
In this article, you will learn about the differences between a condominium and an apartment, as well as some of the amenities of condominiums in Grecia, from the hand of advisor Patricia Barrantes.
Condominium or apartment? What are the differences?
Ownership and management:
In condominiums, each owner owns an individual unit (house) and shares in the common areas (such as swimming pools, parks, restaurants, trails, etc.).
Apartments, on the other hand, are usually part of a building under a single owner or management. Residents may be tenants rather than owners, but condominiums are available for sale.
Costs and maintenance:
In condominiums, owners pay a fee to cover the cost of maintaining the common areas. In apartments, these costs are usually included in the rent and are the responsibility of the building owner.
Autonomy for residents:
Condominium owners are free to modify their homes (as long as it is within the condominium rules), but in an apartment, residents must abide by the landlord’s rules and cannot modify the structure without permission.
Rules and regulations:
In condominiums, rules are set by a condominium association; these are decisions about maintenance, renovations, or living standards and are made by consensus.
In apartments, rules are set by the owner or building manager and tenants must abide by them.
Investment value:
Whether you buy a condominium or an apartment, both are long-term investments. In a condominium, the owner assumes the additional costs of common maintenance, while in a self-contained apartment, the owner has greater control over expenses and management decisions, although they do not have the amenities and services of a condominium.
Amenities and services:
Condominiums offer amenities such as gyms, swimming pools or social areas, the maintenance of which is paid for by fees. In condominiums, the availability of services depends on the management and is usually more limited than in luxury condominiums.
Who is an apartment or condo for?
In the case of buying a condominium or apartment, the groups of people who may be interested in investing in condominiums are the following
- Families or couples looking for personality.
- Long-term investors
Whereas in the case of buying an apartment:
- Professionals or singles who prefer autonomy.
- People looking for a central location.
- Investors in search of profitability.
In the case of renting, the target groups for renting a condominium would be the following
- Families or couples
- Foreigners or executives who will be there for a short period of time.
- People looking for comfort and exclusivity
While those interested in renting an apartment would be:
- Students or young professionals
- People in transition
- Employees with high mobility.
In summary, living in an apartment or condominium is a unique experience and quality of life, but one that meets a variety of needs and amenities. While condo living can be comfortable for privacy and personalization, apartments also offer flexibility and proximity to the city.
At Nativu, our catalog of condos and apartments available throughout the country has different price ranges to suit different needs. In Nativu Grecia, the condos that are part of our catalog have the quality of being comfortable, safe and full of amenities, discover our selection of condos.
