The Difference is the Type of Ownership
What is an Apartment?
What is a Condominium?
Common Elements & Community Amenities
Often referred to as ‘common area expenses’, maintenance fees are a monthly charge to each suite in the community that is collected by the Condominium Corporation to cover the costs of those shared amenity spaces. This includes the utilities, regular upkeep, management, administration and insurance for the common element areas.
The Condominium Corporation
Another aspect of condominium ownership that differs from an apartment is the Condominium Corporation. While it is possible to purchase an apartment in some buildings, you are only buying your own residence. When you purchase a condominium, on the other hand, you own the residence where you live and own a share of the community’s common areas and assets. This shared interest in the property is governed by the legal entity of the condominium corporation, which represents the interests of all the owners and is created to administer the operation, maintenance, and repair of the community’s shared amenities and assets.
The Board of Directors
Another difference between apartment and condominium ownership is the administration of the community. When you purchase an apartment, you are buying only the residence itself. Someone else owns the building or community where you reside. In a condominium, the community is managed by a Board of Directors, typically residents in the community, who are elected by you, to manage the day-to-day operations of the condominium corporation and serve the interests of those living within the community.
The Difference In Community
Another essential difference between condominiums and apartments is the type of community. A condominium is not just a residence or a place to reside. It is ownership of the place you call home and the shared ownership of your entire community. It is this distinction that affords owners a greater voice in the governance and management of their communities.