I was asked this week, while showing condos, “what’s the difference between an apartment and a condo?“.
Well, not much.
An apartment and a condo are really the same thing, with one difference – a condo is owned by an individual, and typically has a homeowners’ association that governs ownership of the entire complex, whereas an apartment is rented and not owned by any one individual. In the Blacksburg area, for instance, units at University Place are condos because they are owned by individual owners and for sale, while units at Terrace View are apartments because they’re only for rent. Of course, condos can also be single-family, or townhouses, if the ownership structure is set up as a condominium.
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