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At least in the US, apartments are typically owned on a per-building basis, and generally by a company or investor. Buildings where each unit has an individual
by Bellyache5 8y ago
At least in the US, apartments are typically owned on a per-building basis, and generally by a company or investor. Buildings where each unit has an individual owner are typically referred to as condominiums. Buying a condo unit also entails buying an ownership share in the condo association that maintains common areas and such. In an apartment, you just pay your rent and utilities and the landlord is responsible for everything else.
- war1025 8y agoAlso not to be confused with town houses, which are just houses shoved right next to each other, often with an association to cover expenses in the shared areas, but you own the house itself and the property it sits on. We moved into a townhouse a year ago, and the number of people (including our neighbors) that think we live in a condo association is startling. I'm pretty sure part of it is that the realtors here don't understand the difference.
- closeparen 8y ago“Condominium” is the economic relationship; “apartment” is the physical space. There are, for example, condominium detached houses.
- scarface74 8y agoI didn’t think about that. I understand a condo as individually owned apartments. But what makes a separate house a “condo”? Honest question, not trying to be argumentative.
- closeparen 8y agoThe condo association owns the land and building exterior, is responsible for landscaping, etc. Usually in a development with a lot of similar-looking houses close together.