Apartment or Condo—Which is Better

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Apartment or CondoWhich is Better
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When looking for residential space you find
yourself with two options apartment or condo but
which is the better choice. With both of these
choices there are both advantages and
disadvantages. Both are found in most cities,
and both give you neighbors. The main difference
between an apartment and condo is that you rent
an apartment and are considered a tenant. With a
condo you purchase it and are considered the
owner.
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The apartment is part of a building that could be
one that has a few apartments or it could be a
big multi-storied building many apartments. Each
one is a self-contained independent property. It
could be one, two, or three bedrooms or a studio
apartment. The building is owned by the
developer, third party, or builder.
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Many times there is a landlord who lives in one
of the apartments and takes care of any
maintenance problems that the tenants have. You
cannot make any improvements such as painting
without permission from the owner. When you
renting you will have to have up front a security
deposit and first and last months rent.
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This type of dwelling that is shared and has
separate residential living areas that are owned
individually. It can be an office building, a
complex with multiple units, or apartment house
where each unit in the building is sold to
various people. When you buy a condo or are
looking for luxury condos, you are given
complete ownership. Even though you will be free
to repaint and remodel the interior you will
still have to adhere to the regulations set out
by the condo owners association.
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When you own a condo you become a member of the
condo Home Owners Association (HOA) and part of a
cooperative society. You will be able to use all
the facilities and services provided, which can
include lawn care, gyms, pools, clubhouses, and
maintenance and repair. In many luxury condos
for sale they have common areas like tennis
courts, swimming pools, etc. All of these are
owned jointly by all the condo association
members.
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When owning a condo you will be required to
adhere to the regulations and rules of the condo
association. Generally, the condo board is
elected once a year. They are the ones that
decide on these regulations and rules plus looks
after the different maintenance needs of the
entire condo complex.
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The cost for property maintenance is shared by
the members of the HOA. It is usually paid each
month. There are some condo complexes where the
owners will have to pay a membership fee each
year. Before buying a condo or any other luxury
real estate you need to have the finances to pay
for it or secure financing. You will need the
down payment and closing costs.
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Homes for Sale Luxury Properties Posh
Properties107 Northeast 2nd Avenue, Delray
Beach, FL 33444 [phone]
http//www.poshflorida.com