It's easy to differentiate between a flat and a home, but have you ever thought about the difference between condominiums & apartments? In terms of specifications and rent rate they're almost similar.
Although from a few perspectives they're quite different from each other. So which kind of property is suitable for you? Know the difference now! Let's understand how these two properties operate & understand its significance!
A condominium or "condo" is a private residence leased out to the tenants. It is usually located in a sophisticated neighborhood and the unit itself is privately owned by a person who becomes the "landlord" of that property. It is a cluster of buildings of similar sizes standing tall together with great amenities.
On the other hand, the floor number of an apartment building is not a constant value. Usually apartments don't have multiple types of use. To create a home is the primary concern from this kind of property. Hence the expenses to operate an apartment is much less than a condo.
Though in many countries a condominium and an apartment are considered to be the same, they have significant differences between them. Reasons of their differences are given below-
Condos are large privately owned complexes and the designs of every building in a society are usually the same. Most of them are almost skyscrapers, which means they're very tall towers. The area of condos is spacious compared to apartment buildings. On the other hand, apartments don't tend to have a fixed number of stories. They can be five and they can be ten as well.
The principal attractions of a condominium are facilities and functionality. Condominiums tend to have gyms, halls for societies, play areas for kids, and mega stores. In a residential apartment building, these extra facilities and amenities may not be present. However, at present residential apartments also have modern facilities like parking, backup generator and lifts etc. to attract customers.
For people living in urban areas and mega cities like Dhaka, safety and security are a major concern. Thus, if you have more people living in a complex, you can understand that having tighter protection is obvious.
You are likely to see several guards at the entrance, CCTV cameras and other modern security controls in place while walking by a condo. Its management authorities have more resources than residential apartments and use them to prevent glaring errors.
Some see buying a property in condominiums as the opportunity of a lifetime. Residential apartments on the other hand can be found everywhere, and they are the main source of accommodation for the masses.
For that, condominiums have a price tag that is not available to everybody due to the exclusivity and rare qualities. But there are different categories of apartments for different classes of people in case of apartment buildings.
Though it might sound like the points favours condominiums the most. But it is actually dependent on the preferences of people. Both of them have attractive specs but you should always research more when buying a property. Know the difference and choose wisely!
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