The primary distinction lies in ownership. A condominium is individually owned by private residents, whereas an apartment can either be owned or rented, typically under the management of a property owner or company.
Condominiums generally have higher upfront expenses, including the purchase price, HOA fees, and property taxes. Apartments, on the other hand, are more flexible for short-term living, often involving monthly rent payments.
The choice depends on your priorities. If you’re looking for long-term investment and property ownership, a condominium might be the ideal option. However, if you prefer flexibility and lower initial costs, renting an apartment could be a better fit.
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