Faced with the growth of the sector, it is no longer necessary to wonder why investing in real estate is so interesting. This success is not limited to European countries, but can be seen in almost every corner of the world.

Recently, the condominium has been gaining momentum. When expatriating to Asia, North America, or even Canada, you are likely to hear this term repeatedly on television or in magazines.

If you are wondering what it is about, this article provides you with the necessary information on the subject.

What is a condominium apartment?

The condominium is nothing other than a building. The apartments that make it up belong to many owners.

According to this definition, one can see a strong resemblance to co-ownerships in France. However, there are some nuances.

The condominium generally consists of buildings with several buildings or floors. They stand out due to the superior quality of decoration as well as the materials.  

The majority of residences include a gym, a flowered balcony, a swimming pool, a concierge service, relaxation areas, a spa, or even a tennis court. So if you are short of decor ideas to arrange a beautiful terrace, recreate the style of the condominium.

Two types of condominium co-ownerships can be distinguished. There is the undivided co-ownership and the divided co-ownership. The latter resembles the French co-ownership which involves a co-ownership trustee to manage the co-owned buildings.

What is the difference between an apartment and a condo?

When choosing a condo, know that you are the owner. This residence is generally purchased by taking out a mortgage loan.

The main difference with a rented apartment is that the owner occupies it. On the other hand, an apartment is rented from another person.

Criteria	Classic Apartment	Condo (condominium)	GPL Apartment (Velux type)
Ownership	Rented from an owner or manager	Individual ownership, can be rented or inhabited	N/A – refers to a roof window with projection
Management	Managed by a company or a single landlord	Managed by the individual owner	N/A
Freedom of layout	Limited according to landlord’s rules	Greater freedom according to the owner	N/A
Maintenance	Provided by the manager	Responsibility of the owner or tenant	N/A
Charges	Included or defined by the landlord	Often subject to co-ownership fees (HOA)	N/A
Type of housing	Unit in a collective building	Unit in a collective building	Roof window with projection opening

In most cases, many apartments belong to a single owner who can be a company or a business.

Conversely, several condos in a single building have different owners. They are managed by a co-ownership association with the assistance of an expert property management agency.

Another difference between a condo and an apartment lies in the question of amenities. Rental apartments usually offer basic amenities.

On the other hand, condos offer more varied amenities such as private outdoor spaces, a swimming pool, a gym, and many others.

What other name is given to a condominium?

When you research the condominium, more and more articles on the web also call it a condo.

These two terms indicate a building whose apartments are owned by multiple owners. Therefore, if you hear about a condo or a condominium, there is no need to look for nuances. They mean the same thing.

What are the advantages and disadvantages of a condominium?

• Renting without additional charges: When you decide to rent a condo, you no longer have to pay a mortgage or a down payment. Also, you no longer have to pay condo fees or expenses related to repairs. These are the owner’s responsibility. All you have to do is pay the monthly rent.
• High rental cost: However, when this accumulates, it becomes quite expensive. Many complain about the expense without owning the property in the end. According to them, renting a condominium remains less profitable.
• Reduction of responsibilities: As for buying a condo, this option offers quite a few advantages. It helps lighten your responsibilities as an owner.
• Shared maintenance: Whether it concerns maintenance work, daily chores, or various repairs, they are included in the co-ownership fees. Every co-owner is required to pay condo or co-ownership fees. These are used to cover maintenance costs each month.
• Significant expenses at purchase: Even though acquiring a condominium provides advantages, it entails large expenses. It is therefore necessary to be accompanied by a professional to avoid making a mistake.

Condominium in other cities and countries

The condominium is gaining ground especially in Canada and in almost all major American cities such as Boston, New York, and Chicago.

That’s not all, it is very developed in Bangkok, Singapore, and several Asian countries. Although it has appeared very recently in Europe, the condo is still little known in France.

Condominium Paris

Recently, this trend has emerged in the capital of France. It continues to attract more and more investors, with seniors proving to be the perfect target. Since they have sufficient purchasing power, they can live in a comfortable residence close to shops.

Condominium Bangkok

The condominium is experiencing huge success in this Thai capital. Its rapid growth continues to attract foreign investors. That is why they do not hesitate to invest significant funds in acquiring condos.