Condos or Apartments: The Difference

Everyone has their own personal preference regarding everything be it something as simple as the way they organize their closet to their choice of preferred cuisine and even their choice of living space. Very few millennials now are opting for houses, in fact apartments and condos are now trending. You can find multiple ongoing condominium projects like Perla Towers building themselves around you. However, if you are not share between the two options, we will discuss the difference between the two in detail below.

The key difference between a condo and an apartment in ownership. Once you are done paying for a condo, you have complete ownership of the unit permanently. With apartments you have ownership till you are meeting your monthly rent or till your lease expires; then you have the option to either renew it or look for another place.

With condos you have to pay the same monthly deposit along with an added homeowner’s association fee. With apartments, you have to pay the same monthly rent, however, once your lease expires and you are looking to renew it, you have no control if the price of the rent is higher than your previous lease.

Apartments do not carry the same luxuries and added amenities that come with a condo which may or may not include things like a pool, a fitness center, security cameras/guards etc. Lastly, as someone who lives in an apartment, you do not have a lot of say or power in case you are looking to change anything. With condos, you become a member of the Homeowners Association which grants you a certain degree of power when it comes to any changes or decisions you want in your building. If you are interested in Perla Towers and its upcoming project, you can visit their official website for more details and information.

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