Other than renting vs. owning, whats the actual difference between an apartment and a condo?
That’s really the main difference. You pay condo fees with a condo, plus your mortgage. You pay rent with an apartment. A condo can be any type of building, really. An apartment, a townhouse, a semi-detached… even a detached single family home. If you pay condo or strata fees for maintenance etc, it’s considered a condo. With a rental, you are not responsible for repairs, the owner is. With a condo, you are often responsible for the cost of repairs. Large scale ones will be taken from the reserve fund (the money you pay in condo fees each month). Common area maintenance is taken care of for you either way, usually. If you have a condo, you can have more say in how things are done, by joining the condo/strata committee. In an apartment, it’s up to the owner/property manager/landlord.
