Difference between a condo and apartment

If you want a place to live which is affordable and attractive, the best options are the apartments or condo of Las Vegas. But before making any decision, you must know the difference between the two. Both can have similar designs and styles but the actual difference lies in the ownership. In the condo, a person is the owner and other amenities are common between the people which are also associated with same association. An apartment is also owned by one person at one time but the units are leased to other occupants.

There are many benefits of choosing apartments to live in and here are the main reasons.

Flexibility:

When you select an apartment to live in, it is up to your own choice that whether you want to live in for longer time duration or short period of time. Most of the apartments allow the renters to pay the monthly rent. It provides a greater flexibility and convenience to the person living in apartment. You can easily move out of your apartment, whenever you want to.

No worries of maintenance:

It is the responsibility of the owner to maintain the apartment on regular time duration. So you don’t have enough money to repair the apartment. Just share your ideas with the owner and it is responsibility of owner to repair the house after any damage or destruction.

Less expense:

It is quite cheaper to buy an apartment on rent rather than purchasing a complete condo or apartment. The renter will just ask you to pay the security deposit and the rent of the first month, that’s it. For purchasing a condo, you have to pay a heavy amount at one time. Along with this, it is very affordable to pay the rental insurance of the apartment.

Disadvantages:

Short term investment:

Getting an apartment on the rent is considered as a short term investment because after certain time duration, you have bought your own apartment or condo.

Tax deductions:

When you rent an apartment, you become ineligible for any tax deduction that is fixed for the apartment owners.

Increase in rent:

Rents usually increase in a year according to the term and conditions of the rent contract. However, this is not the permanent place for you to live in or you can also not live in apartment for longer duration against the will of owner. Owner can force you to get out of the apartment anytime. Along with this, many apartment owners are very conscious about their apartment. They don’t let you fix or place anything which is not in your favor.

On the other side, the condos are affordable to buy. You can settle with your family. If you own a condo, you can also enjoy the maintenance services free of cost. The association is concerned about the problems and issues of the owners of condos for example damaged furnace and roof leaks. But, you also have to pay fees to the association to carry out its functions and perform duties responsibly.