A condo is very similar to an apartment — a single residence that's self-contained and is grouped with other alike residences.
But condos are treated as individual pieces of real estate and can be owned independently, whereas apartment groupings typically have one singular owner for all units.
Condos lie somewhere in between a rental home and an owned home — they can be either. Since condos are owned independently from neighboring, similar units, many of them are occupied by the person who actually owns the unit.
However, owners of condos do sometimes rent the individual units out. The choice is entirely up to the property owner.
Renting a condo isn't for everyone, but certainly offers benefits not found in all apartment rentals. Here are some of the pros and cons of renting a condo.
On the inside, a condo could look similar to an apartment.
You might be wondering what actually sets a condo apart from a regular apartment or rental home. Despite the differences in ownership, condos are typically managed by a homeowner's association (HOA).
This management supervises the condo regardless of whether the owner lives in the unit or if it's rented out. HOA fees must be paid regardless of the status of the condo, which is partially why condos are usually more expensive to rent than apartments.
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