MilitaryByOwner Staff Writer
The difference between a condominium and an apartment community is purely legal: there is no way to know a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership.
The same building developed as a condominium (and sold in individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). As a practical matter, though, builders tend to build condominiums to higher quality standards than apartment communities because of the differences between the rental and sale markets.
If multi unit living is a good fit for you, when should you BUY that condo or RENT that apartment? Here are some things to consider:
1. The value of a condominium can appreciate at a greater or lesser rate than a home, depending on your area and the local housing trends. It’s a better investment than simply pouring rent payments into your apartment landlord’s pocket, but may or may not pay off more than a house. Over the long haul, houses do tend to appreciate more than condominiums. However, in certain (usually more urban) areas, condominiums are becoming so popular that you may be able to make some money on yours, particularly in the short term.